Sports Footwear Industry: Increasing Trend of Eco-friendly Shoes Will Create Several Growth Opportunities, says Fortune Business Insights™
The global sports footwear market size is projected to reach USD 102.76 billion by the end of 2027. The increasing investments in the research and development of low cost and efficient products will bode well for market growth. The increasing number of sporting events across the globe will have a huge impact on market growth. Sports footwear have evolved tremendously over the past few decades. With more experimental studies and innovations, there have been major advances in the build and quality of sports footwear across the world. The rising demand for the product has been pivotal to the growth of the market in recent years. The increasing demand has resulted in the presence of numerous local brands as well as globally operating companies. The massive investments in manufacturing as well as marketing of sports footwear will create a huge platform for rapid market growth. The constantly rising demand makes it easier for smaller companies and this is a major reason why there are numerous start-ups as well as small scale brands across the world. The increasing market competition will bode well for the growth of the global sports footwear market in the foreseeable future.
Ban on Sporting Events during the Covid-19 Pandemic to have a Negative Impact on Market Growth
The recent coronavirus outbreak has had a negative impact on all major industries, barring a few healthcare sectors. The rapid spread of the disease has compelled governments across the world to implement strict measures to curb the negative effects. These measures have limited business operations and with social distancing practices in place across all major countries, it has become increasingly difficult to operate seamlessly. Accounting to increasing Covid-19 cases, sporting events have been shut down in the past few months. With strict shutdowns on global sporting events, the demand for sports footwear has gone down drastically in the past few months. Having said that, the efforts put in lift the bans will provide opportunities for companies to recover.
Increasing Number of Product Innovations and Variants will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. It is observed that the global market has shaped up as a highly competitive space, with several large scale companies operating in numerous countries across the globe. With increasing demand for the product, these companies are coming up with newer strategies, with innovations and product variants among the leading marketing strategies. In July 2020, FILA announced the launch of a new range of sports footwear, making it available for sale on the company’s website with retail store limitations in the ongoing pandemic. The company introduced GH3ONE3 collection of sports shoes as well as a few other limited edition variants. The efforts taken to lift lockdowns across the world have certainly encouraged the company and such new variants are likely to accumulate in the coming years.
List of companies profiled in the report:
- Nike Inc. (Beaverton, U.S.)
- Adidas Group (Herzogenaurach, Germany)
- MIZUNO Corporation (Chiyoda City, Japan)
- Puma SE (Herzogenaurach, Germany)
- Under Armour, Inc. (Baltimore, U.S.)
- Sketchers, USA Inc.( Manhattan Beach, U.S.)
- Fila Holdings Corp (Seoul, South Korea)
- Converse (Boston, U.S.)
- Diadora S.p.A. (Caerano di San Marco, Italy)
- ASICS Corp. (Chuo City, Japan)
Industry Developments:
February 2019 – Xiaomi announced the launch of a new sports footwear range, ‘Mi Men’s Sports Shoes 2,’ in the Indian market.