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Athletic Footwear Market Size
Athletic Footwear Market size is poised to grow with a lucrative CAGR from 2024 to 2032, driven by the upward trend in sports & fitness activities. The ongoing research on enhancements and developments is contributing to the increasing adoption of athletic footwear by customers seeking ideal type of shoes for sports activities to prevent leg, muscle, hip, knee, and back injuries.
Several companies operating in the athletic footwear industry focusing on launching new footwear to cater to the demand for customized offerings in line with staying ahead in the competitive landscape. To illustrate, Lululemon in 2023, introduced its new footwear line- Blissfeel 2. The latest addition is developed to meet customized demand for females to offer a better fit and feel.
However, inflation and other economic concerns have massively impacted consumer buying behavior, especially in the U.S. According to a survey conducted by AlixPartners, nearly 43% of women and 30% of men have deprioritized footwear purchases, negatively impacting the industry growth. Moreover, the changing individual preferences, high competition, and environmental concerns associated with manufacturing materials and processes may slow down the industry expansion.
Athletic Footwear Market Trends
Rising advances in materials, design, and performance technologies to continuously redefine athletic footwear for enhancing comfort, durability, and functionality. Cutting-edge features, such as responsive cushioning, lightweight materials, and biomechanical support are increasingly attracting consumers seeking high-performance sports shoes.
Several shoe brands are also making R&D investments to introduce innovative features into their sports protective equipment, including shoes to gain a competitive edges, as tech-savvy consumers are increasingly prioritizing footwear with latest advancements, further augmenting the industry outlook. For instance, in August 2023, ASICS, launched the latest edition of its flagship running shoes, the GEL-KAYANO 30, combining advanced adaptive technologies with its extensive dedication to user testing, biomechanical science, sustainability, and ongoing innovations.
Athletic Footwear Market Analysis
Based on gender category, the men's athletic footwear industry is poised to grow notably over 2024-2032. The growth can be attributed to the rising preference for lightweight sports as they come with mesh fabric layers for enabling air circulation and durability. Besides, the increased participation of male athletes at major sporting events is encouraging shoe companies to consistently introduce new men's footwear. Additionally, major brands are expanding their product lines with diverse styles, technologies, and collaborations for appealing to a broader consumer base for addressing varied preferences, particularly for men. For instance, in February 2024, Lululemon launched its first men's footwear brand and casual shoe to expand its presence in the competitive sports apparel market.
The athletic footwear market share from the online retail segment is expected to garner substantial momentum up to 2032. Footwear companies are gradually showing interest in expanding their e-commerce reach. Notable brands, including Nike and Adidas, are selling their products online with the direct-to-consumer business model. The growing prominence of the DTC models to help manufacturers connect directly with customers, create a personalized shopping experience, and build a trustworthy relationship.
The North America athletic footwear market is anticipated to record substantial gains between 2024 and 2032 driven by the expanding penetration of e-commerce in the U.S. and Canada. Of late, the millennial and Gen Z population in the region is investing heavily in sports shoes. Prominently, the involvement of sports players in baseball, football, basketball, and tennis is encouraging industry players to boost the manufacturing of sports footwear. Moreover, the rising health consciousness, increased participation in fitness activities, and the growing athleisure trends are expected to contribute to heightened product demand across the region.
Athletic Footwear Market Share
Some of the major athletic footwear industry players are -
- Nike
- Puma
- Reebok
- New Balance
- Asics
- Saucony
- Van
- Converse
- VF Corp
Major conglomerates engaged in the athletic footwear industry are focusing on organic and inorganic strategies, partnerships, acquisitions, and mergers to expand their operations, reduce their environmental footprint, and boost production more efficiently. To illustrate, Reebok emerged as a prominent market player due to its innovative designs and performance-oriented footwear. The company is emphasizing collaborations with athletes given the emerging fitness trends to solidify its influential position.
Athletic Footwear Industry News
- In February 2024, Nike announced plans to launch its latest creation, the Nike Air Max Dn, comprising a dynamic footwear design revolutionizing the utilization of air in cushioning technology for providing an unprecedented balance of cushioning, resilience, and durability.
- In September 2023, New Balance, a Boston-based sports footwear and clothing manufacturer, inaugurated a new retail concept in London for targeting the younger consumers.