12% CAGR in the Sneakers Market attributed to increased premiumization from innovative product introductions reports Technavio

NEW YORK, Feb. 15, 2024 /PRNewswire/ — The Sneakers Market is estimated to grow by USD 29.91 billion from 2022 to 2027. The market is estimated to be growing at a CAGR of 6.89% during the forecast period. The increasing premiumization due to the introduction of more innovative sneakers drives the growth of the sneakers market during the forecast period. Innovation plays a vital role in the global sneakers market because of the fact that it enables products to be differentiated from competitors on a market and increases the performance of sports participants. Currently, customers demand innovative, high-quality products that deliver high performance. Also, advances in technology have enabled market competitors to introduce sport-specific footwear for basketball, football, rugby, trail running, golf, and other sports. For instance, Nike’s Jordon footwear is manufactured with the technology of flight speed, which makes it easy for basketball players to get their feet moving on fast cuts and movements. Hence, such factors are expected to escalate market growth during the forecast period. For Comprehensive details on the market size of the historic period(2017 to 2021) and forecast period (2023-2027) – View Sample report

The sneakers market report includes information on the product launches, sustainability, and prospects of leading vendors, including Adidas AG, Allbirds Inc., ANTA Sports Products Ltd., ASICS Corp., Berkshire Hathaway Inc., Boardriders Inc., Deckers Outdoor Corp., ECCO Sko A S, Fila Holdings Corp., Mizuno Corp, New Balance Athletics Inc., Nike Inc., On Holding AG, PUMA SE, Skechers USA Inc., TBL Licensing LLC, Under Armour Inc., Veja Faire Trade SARL, VF Corp., and Wolverine World Wide Inc. 

Vendor Landscape
The sneakers market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances and the price of the products –The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now

• The volatile cost of raw materials challenges the growth of the sneakers market during the forecast period.
• The use of environment-friendly materials to manufacture sneakers is an emerging trend shaping the sneakers market. Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View Sample Report

Sneakers Market – Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

This report extensively covers segmentation by product (adult sneakers and children sneakers), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

• The growth by the adult sneakers segment will be significant for overall growth during the forecast period. This segment is a highly competitive and rapidly evolving industry. There has been a significant increase in the demand for sneakers among adults over the years. This is driven by several demographic and socio-economic factors, such as the rise in disposable incomes among working professionals and Millennials. Hence, such factors boost the segment growth during the forecast period.
• APAC is estimated to account for 36% of the growth during the forecast period. Gain instant access to 17,000+ research reports.  Technavio’s SUBSCRIPTION platform

The global sneakers market continues to surge, driven by the proliferation of online platforms and robust industry growth. Consumers across age groups seek fashionable sneakers and covet branded and high-fashion options, influenced by rising disposable income. Comfort remains paramount, driving demand for comfortable sneakers boasting innovative features. However, the industry grapples with challenges like copied or counterfeit products, threatening brand integrity. Amidst this landscape, local manufacturers compete by offering customized features and innovative designs. Players vie for share, introducing cutting-edge technologies and styles to captivate consumers. As the industry evolves, emphasis on authenticity and unique offerings underscores the dynamic nature of the sneakers sector.

In the industry, population demographics play a pivotal role, particularly the segment focusing on young population. With a growing emphasis on health and wellness, fitness-related activities have surged, propelling demand for athletic footwear. Sneakers, with their versatile designs, cater not only to sports enthusiasts but also to the broader consumer base seeking comfort and style in daily casual wear. Key players, including renowned companies and emerging brands, vie for dominance, leveraging online platforms to reach wider audiences. Valuation reflects the soaring popularity of sneakers, driven by innovative features like elastic sole construction and the use of synthetic material and rubber for enhanced performance. As sales soar, the sneakers sector continues to evolve, reflecting dynamic consumer preferences and lifestyle choices.

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The footwear market in APAC size is expected to increase by USD 55.92 Billion from 2021 to 2026, and the growth momentum will accelerate at a CAGR of 8.36%. 

Table of Contents

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentation by Product
7 Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.

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SOURCE Technavio