As more people are participating in various sports activities, demand for the sports footwear is likely to rev up globally. Moreover, growing demand for performance enhancing footwear in the sports industry is predicted to boost demand for the sports footwear in the upcoming years. According to a recently compiled report by Fact.MR, the global sports footwear market is projected to reflect a CAGR of 5.5% over the forecast period, 2017-2022.
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Factors Fuelling Growth of the Global Market
Growth of the global sports footwear market is bound to several macro-economic and micro-economic factors. Increasing participation of the youth population continues to fuel demand for the sports footwear globally. As demand for the sports footwear is increasing, manufacturers in the sports industry are increasingly focusing on the integrating enhanced technology that provides comfort to the sportsmen, and fitness professionals.
Demand for the smart sports footwear is projected to remain high in among athletes for running purposes. Further, the sports shoe manufacturers are increasingly focusing on the offering shoes that are designed according to a specific sport activity. Leading manufacturers such as Adidas, and Nike are increasingly offering sports shoes designed for specifically for fitness and sport activities such as Run Fast series, Running series, Running Ultra, and Basketball shoes.
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Demand for sports footwear also continues to increase in the fitness industry globally. As the fitness professionals need to track their fitness regime, and calories burned, manufacturers are mainly focusing on integrating fitness trackers in the sports footwear. Growing demand for smart sports footwear among the athletes, sportsmen, and fitness professionals is likely to impact growth of the global market positively.
Smart sports footwear is likely to witness considerable demand among the diabetic patients globally. Growing need to track the blood and sugar level, daily regime, and heart rate is likely to rev up demand for the smart sports footwear.
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Although the overall outlook on growth of the global sports footwear market looks positive, several factors such as adverse impact of the radiation generated attributed to the wearable technology is projected to dip growth of the global market in terms of sales. Communicating with the wearable devices generate radiation, and the end users need to wear these technology most of the time while performing activities. These factors are likely to impact growth of the global sports footwear market negatively.
Tracking & Gym to Represent a Dominant Segment
As people are becoming more conscious about their fitness, demand for the sport footwear is likely to increase in the fitness industry. Tracking & gym sport footwear products are likely to sell more than the other sport footwear globally. Currently, the tracking & gym product type segment is projected to represent more than US$ 6,000 Mn by 2023-end. By end users, the men segment is projected to represent relatively high growth in terms of revenue, recording more than US$ 9,000 Mn by 2017-end. Sales of the sports footwear products will continue to witness significant growth through the modern trade channel. The modern trade sales channel segment is projected to account for more than US$ 7,000 Mn by 2023-end.
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Major players in the global market of sports footwear are Adidas AG, Nike, Inc, Puma SE, Under Armour, New Balance, Skechers USA, Brooks, Asics, Fila Korea, and Yonex.
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