Escalating Sports Events and Advancement in Footwear Technology is Expected to Drive global athletic footwear market, according to our research report Global Athletic Footwear Market Outlook 2023.
Global athletic footwear market is segmented into end-user such as men, women and kids. Among these segments, men’s footwear market is expected to grow exponentially in terms of demand over the forecast period on account of increasing participation in sports events and availability of advanced athletic footwear at affordable prices. The global demand of athletic footwear is estimated to increase in near future on the back of factors such as rising concern towards health and fitness and increase in personal disposable income of the population which leads to spend more on premium footwear. The global athletic footwear market is predicted to account for USD 115.6 Billion by 2023 and is anticipated to flourish at a CAGR of 2.3% over the forecast period i.e. 2016-2023.
Asia-pacific is expected to be the most opportunistic and revenue generated market in near future on the back of spiked demand for athletic footwear and rising investment in footwear industries in order to manufacture good quality and affordable footwear for the consumers. Rapid urbanization across the region and growing trend of fashion athletic footwear is expected to bolster the demand for athletic footwear in Asia-Pacific region.
Advancement in footwear technology:
Footwear manufacturers are focusing on innovative products in order to manufacture advanced technology and affordable athletic footwear. Rising advancement in material and soul technology, adoption of new technologies in footwear industries and introduction of athletic footwear equipped with sensor technology are some of the key elements driving the market growth of athletic footwear. Continuous improvement and rapid research and development in footwear industries in order to enhance the comfort of consumers are gaining traction across the globe.
Rise in Sports Infrastructure:
Increasing sports facilities across the globe on account of rapid urbanization and increasing investment in sports events are increasing the number of participations and sports persons every year. Rising popularity of athletics and soccer is swelling the demand for athletic footwear across the globe. Growing government initiatives towards the modern sports infrastructure in urban regions is precisely increasing the interests towards sports and athletics which is further expected to foster the growth of athletic footwear market in near future.
Although, lack of awareness in under-developed nations, slow adoption of advanced and innovative technology athletic footwear, fluctuations in raw material cost, and availability of low cost substitute is anticipated to hamper the growth of market in future. Further, presence of stringent regulations from government authorities on the use of synthetic rubber and rising concern towards disposal of footwear contains toxic materials are the factors curbing the market of athletic footwear in near future.
The report titled “Global Athletic Footwear Market Outlook 2023” delivers detailed overview of the Global Athletic Footwear Market in terms of market segmentation by Product Type, by Distribution channel, by End-user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the vendors of the global athletic footwear market which includes company profiling of Adidas, Nike, Puma, Converse, Wolverine Worldwide Inc., and Vans, etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the global athletic footwear market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.