Athletic Footwear Market report, published by Allied Market Research, forecasts that the global market is expected to garner $114.8 billion by 2022, growing at a CAGR of 2.1% during the period 2016 – 2022. Asia-Pacific accounted for the highest revenue in 2015, followed by Europe.
The segmentation by type includes sports shoes, running & walking shoes, hiking & backpacking shoes, and aerobic & gym wear shoes. Running & walking shoes accounted for the maximum market share of 40.7% in 2015, due to their widespread adoption as daily wear shoes by consumers, worldwide. North America exhibited the highest penetration of aerobic and gym wear shoes in 2015, owing to consumers involvement in gym and dance classes in countries such as the U.S. and Canada. Within the sport shoes category, soccer accounted for the momentous market share of 28.5% in 2015, due to growing popularity of the sport across the globe.
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Asia-Pacific would lead the market throughout the analysis period, followed by Europe. The market in APAC is expected to witness the highest growth driven by the increasing disposable income, rising health awareness, and increasing demand for fashion footwear.
Key Findings of Athletic Footwear Market:
- Asia-Pacific is a lucrative market in terms of growth on account of increasing disposable income, rising health awareness, and increasing demand for fashionable athletic footwear
- Men segment is the highest revenue-generating segment in the global athletic footwear market followed by the women segment
- Tennis shoes are expected to be the fastest moving shoes segment within the sport shoes market, followed by soccer shoes
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Product launches, joint ventures, partnerships, and acquisitions and mergers have been the key growth strategies used by existing market players to increase their business and market share. The key companies profiled include Asics Corporation, Adidas AG and Puma SE, VF Corporation, Nike, Inc., FILA, Inc., New Balance, Inc., Skechers Inc., K-Swiss, and Wolverine World Wide, Inc.