Global Sneakers Market To Grow At A CAGR Of 6.8% Between 2019 And 2027

According to a new market report published by Credence Research, Inc., “Global Sneakers Market (By  Category (Adult and Children), By Type  (Low Cut , High Ankle, Mid Cut, Slip-on, and Others (Platform etc.), By Distribution Channels (Brand outlet, E-commerce, Supermarkets and Hypermarkets  and Others (Factory Outlets))- Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global Sneakers Market is expected to witness a growth of 6.8% CAGR during the forecast period from 2019 to 2027.

Product Insights

The global sneakers market expected to grow efficiently, growing at a CAGR of 6.8% during the forecast period from 2019 to 2027. Sneakers have become everyday style in all age groups globally. The athleisure trend is driving the sneakers market. Major companies are focusing on producing sneakers using innovative technologies. For instance, according to the statistics of under armor, it is producing footwear including technologies like anafoam, UA clutch fit and charged cushioning. In addition, major manufacturers are aiming towards providing sneakers for their female customers, driving the overall sneakers market among the female population.

The sneakers market is segmented based on category, type, materials, distribution channels and geography. Based on category, the adult segment led the market in 2018 and is likely to dominate the market during the forecast period from 2019 to 2027. The young population is nowadays is more inclined towards a healthy lifestyle by participating more in fitness and sports activities. Moreover, increasing demand for branded footwear and trends in fashion is one of the key factors which is driving the market. Furthermore, based on geography, the sneaker market was dominated by North America in 2018. Because of the presence of top players in that region such as Nike, under armour and more.  The region is expected to continue with its control during the forecast period from 2019 to 2027.  In North America, the U.S. dominates the sneaker market. For instance, according to the data by ADIDAS AG, North America holds largest market share in the sporting goods industry, having a total market share of 40%. The North America region shows the biggest market opportunity for Adidas and other top brands in the near future. Growing brand awareness is one of the key factor driving the sneakers market.

Competitive Insights:

Major players in the sneakers market include Nike, Inc., ADIDAS AG, Puma SE, Under Armour, Inc., ASICS, New Balance Athletics, Inc., Mizuno Corporation, Li Ning Company, ECCO Sko A/S, K-Swiss, Inc., Skechers USA, Inc., Anta Sports Products Limited, 361 Degree International Limited, Xstep  International Holdings Limited, Peak Sportswear Ltd and lotto Sport Italia among others. Major manufacturers are working on key strategies such as the development of new products, technology expansion and brand awareness via promotional activities and marketing.

 

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