Sneakers Market

Sneakers Market was valued at USD 72 billion in 2019 and is expected to grow at a higher CAGR rate during forecast period(2020-2027).

Sneakers refer to the types of shoes that are mainly designed for sports or other types of physical exercise and are widely used as everyday footwear. The term sneakers define a kind of footwear that has a flexible sole made up of synthetic material or rubber, and the upper portion is made up of synthetic substitutes, leather, or cloth.

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The major factors that are fuelling the growth of the global sneakers market include the improving lifestyle of people and increasing disposable income, which is leading to a requirement for more comfortable and innovative footwear. In addition, the growing inclination towards trendy, branded, and high-fashion footwear among every age group and easy availability of customized and innovative features in the footwear will create innumerable growth opportunities for the market. Moreover, the growing population, along with the rising concerns regarding health and wellness, is encouraging people to indulge in several fitness activities, and increasing inclination of the young population towards fitness and sports are further energizing the demand of the market.

The proliferation of e-commerce platforms, shifting preference towards custom designs, and rapid fashion trends are paving the way for the growth of the sneakers in the market worldwide. The advent of 3D printing on the sneakers, increasing penetration of the internet, and smartphones are leading to a rise in the preference for the online medium as it provides the flexibility to the users to choose, which in turn, is further proliferating the growth of the global sneakers market. The factors that are restraining the growth of the global sneakers market include the easy availability of copied or fake products that are manufactured by local manufacturers. Furthermore, the ongoing COVID-19 pandemic is adversely impacting the growth of the market. The temporary shutdown of factories and the delay in the new collection release is the major factors affecting the growth of the market. The shutting of factories and production in China has disrupted the supply chain of raw materials, thereby impacting the market. However, the market is expected to bounce back in 2021, while growing at a significant rate from 2022 onwards.

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Based on type, the adult sneakers segment is expected to increase at a higher CAGR during the forecast period owing to the high adoption of sneakers among the adult population as a result of rising awareness related to the fashion among this population. In addition to this, the increasing concerns for health among the adults is leading to inclination towards fitness activities and growth in the disposable income is directly surging the demand for sneakers with enhanced comfort.

Based on the distribution channel, the Non-Store Based retail segment is anticipated to grow at a higher CAGR over the forecast period as a result of an increase in the sales of sneakers from this distribution channel as a result of its ability to offer the users the flexibility to buy, enhanced comfort, and a wide range of products.

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Based on the region, North America region is expected to grow at a higher compound annual growth rate during the forecast period owing to the changing lifestyles, growing fashion consciousness, and high disposable income, which is leading to a preference for comfort rather than price among the customers. Moreover, the rising health concerns and easy accessibility for customized and innovative sneakers are some other factors driving the growth of the sneakers market in this region.

Various notable players operating in the market include Adidas Group, Nike Inc., New Balance, ASICS, PUMA SE, Under Armour, Inc., Li Ning Company Ltd., ECCO, China Dongxiang (Group) Co., Ltd., and 361 Degrees International Limited, among others.

Key Developments:

• • In 2019, Adidas Group launched limited-edition sneakers represented as VIT.01 shoe in collaboration with Team Vitality. Through this launch of shoes with Team Vitality, the company planned to strengthen its position as a pioneering and innovative sports brand.
  • In 2020, ASICS launched a trio of sports shoes in a VR showroom, and it also includes the first carbon-plate running shoes named as ASICS Metaracer. This is a distance running shoe that comprises of enhanced stability, redesigned mesh upper to keep the feet cool, and also redesigned toe-spring shape to decrease the strain.

The global sneakers market has been segmented on the basis of type, distribution channel, and region. Based on the type, the market is segmented into children sneakers and adult sneakers. Based on the distribution channel, the market is segmented into store-based retail and non-store based retail.

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Key questions answered in this research report:

• • At what pace is the global sneakers market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global sneakers market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global sneakers market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various distribution channels of sneakers, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Sneakers Market by Type

• • Children Sneakers
  • Adult Sneakers

Global Sneakers Market by Distribution Channel

• • Store-Based Retail
  • Non-Store Based Retail

Global Sneakers Market by Region

• • North America Sneakers Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Distribution Channel
    • US Market All-Up
    • Canada Market All-Up
  • Europe Sneakers Market (Option 2: As a part of the free 25% Customization)
    • By Type
    • By Distribution Channel
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Sneakers Market (Option 3: As a part of the free 25% Customization)
    • By Type
    • By Distribution Channel
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Sneakers Market(Option 4: As a part of the free 25% Customization)
    • By Type
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Sneakers Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • adidas Group
  • Nike Inc.
  • New Balance
  • ASICS
  • PUMA SE
  • Under Armour, Inc.
  • Li Ning Company Ltd.
  • ECCO
  • China Dongxiang (Group) Co., Ltd.
  • 361 Degrees International Limited