PUBLISHER: Allied Market Research | PRODUCT CODE: 1140392
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140392
The global sneaker market size was valued at $131.1 billion in 2021, and is projected to reach $215.6 billion by 2031, registering a CAGR of 5.26% from 2022 to 2031. The volume of global consumption shows a tendency of people of all ages wearing these as casual and fashionable footwear. To meet the demands and budgets of various customers, the market offers a range of footwear in a variety of colors, styles, and prices. In order to stand out and draw in more customers, firms on the fiercely competitive sneaker market invest heavily in marketing and brand development. The global sneaker oligopolies face fierce competition from several small companies, especially in developing countries.
The global sneaker market is analyzed on the basis of product type, end user, price point, category, distribution channel, and region. By product type, the market is divided into low-top sneakers, mid-top sneakers, and high-top sneakers. By end user, the market is divided into men, women, and kids. By price point, the market is divided into luxury and economic. By category, it is classified into private label and branded. By distribution channel, the market is divided into supermarket/hypermarket, specialty stores, brand outlets, e-commerce, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The impact of the COVID-19 outbreak was moderate on the growth of the global sneaker market. Rise in internet penetration and surge in e-commerce sales contributed toward the growth of the market. However, trade restrictions and lockdown resulted into halting of production and manufacturing units. Conversely, the recovery of the sneaker market is expected in near future.
One of the main drivers of high-end sneaker demand in developing nations is a large population coupled with increased disposable income. Other elements driving the general expansion of the sneaker market include an increase in online sales, novel product introductions, appealing marketing, and promotional tactics. The biggest obstacles facing market players are rising raw material prices and growing environmental concerns. The market is expected to present appealing business prospects, nonetheless, as a result of shifting customer lifestyles and rising online retailing penetration.
The key players operating in the sneaker market have adopted product launch, business expansion, and merger & acquisition as its key strategies to expand their market share, increase profitability, and remain competitive in the market. The major players operating in the global sneaker market are 361 Degrees International Limited, Adidas Group, ANTA Sports Products Limited, Asics Corporation, Crocs Retail, Llc, Ecco Sko A/S, New Balance Inc., Nike, Inc, Peak Sports, Puma SE, Skechers U.S.A., Inc., Under Armour, Inc., VF Corporation, Wolverine World Wide, Inc, Xtep International Holdings Limited.
Key Benefits For Stakeholders
Key Market Segments
By Product Type
By End User
By Price Point
By Category
By Distribution Channel
By Region