Authored By: Sarah
11 Jul 2024

 Sneakers Market to grow by USD 29913.36 million between 2023-2027

According to a research report “ Sneakers Market” by Product (Adult sneaker, Children sneaker) Distribution Channel (Offline, Online) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 29913.36 million at a CAGR of  6.89% during the forecast period. In the dynamic sneakers market, innovation is a critical differentiator, setting apart high-performance products from competitors. Advanced fabrications, groundbreaking designs, and cutting-edge technology elevate sneakers to premium price points. Consumers seek innovative, top-tier offerings tailored to various sports, including basketball, football, rugby, trail running, golf, and more. Key players such as Nike Inc., Adidas AG, New Balance Athletics Inc., PUMA SE, Skechers USA Inc., Under Armour Inc., and ASICS Corp., leverage technology to deliver sport-specific footwear, catering to diverse customer needs..

Browse market data tables, figures, and in-depth TOC on “Sneakers Market” by Product (Adult sneaker, Children sneaker) Distribution Channel (Offline, Online) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2027.

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By Product, the Adult sneaker segment is projected to dominate the market size in 2024.

The sneaker market encompasses brick-and-mortar establishments where consumers can buy sneakers directly. Despite the surge in online shopping, traditional retail outlets retain a substantial market share, offering consumers an engaging and interactive shopping experience. This sector has witnessed innovation, with experiential retail concepts gaining traction. For instance, Adidas AG's new flagship store in India, launched in September 2021, provides consumers with a fully immersive shopping experience, featuring personalized product customization, exclusive product launches, and interactive sports areas.

By Distribution Channel, Offline  segment is expected to hold the largest market size for the year 2024.

The global sneakers market's adult segment experiences intense competition and continuous development. Factors such as increasing disposable income among working professionals and Millennials have driven a surge in demand for premium, fashionable sneakers. Brands are vying for market share in this lucrative sector, with Adidas' NMD_V3 silhouette range collaboration with Ranveer Singh targeting urban consumers willing to pay a premium for trendy footwear. Keywords: global sneakers market, adult segment, competition, development, disposable income, working professionals, Millennials, premium sneakers, fashionable sneakers, lucrative market, collaboration, urban consumers.

APAC is forecasted to hold the largest market size by region in 2024.

In the APAC region, the sneakers market is experiencing significant expansion due to the increasing population and surging demand for fashionable and functional footwear. This growth is primarily fueled by the burgeoning sports and fitness trend, as a growing middle class engages in these activities, leading to heightened consumer interest in sportswear. Notable brands such as Nike Inc, Adidas AG, and Puma SE are reaping the benefits, with Nike's Asia Pacific and South America footwear segment generating a substantial revenue of USD4 billion.

The Sneakers Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, 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.
  • Wolverine World Wide Inc.
.

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Research Analysis Overview

In the dynamic world of footwear, sneakers hold a significant position in both online and offline retail markets. The sneaker market employs two primary approaches: Top-Down and Bottom-Up. Top-Down focuses on market trends and consumer spending on high-fashion sneakers, while Bottom-Up considers the demand for specific types, such as Athletic Footwear, including Nama sneakers, Low-top sneakers, and Mid-top sneakers. Online retail platforms have revolutionized the industry, offering consumers easy access to a vast array of options, from Genuine shoe brands to Counterfeit brands. Consumers, including fitness enthusiasts like Gym-goers, Rock climbers, and Athletes, seek out Sneakers made from Sustainable materials for their Fitness-related activities. Customized features add value to the market, catering to individual preferences. The sneaker market encompasses various categories, including Textile & Other Footwear and Leather Footwear. Brands strive to maintain their authenticity amidst the proliferation of Counterfeit products. Consumers' increasing awareness of Fashion trends and the desire for Branded sneakers further fuels market growth.

Market Research Overview

The sneakers market encompasses a wide range of footwear designed for various fitness-related activities and fashion trends. Performance indicators of this industry have shown historical developments in both online and offline retail sectors. Third-party sources and independent outlets provide valuable insights into consumer spending on textile & other footwear, including athletic footwear like lace-up sneakers and athletic sneakers. Branding and product innovation have played significant roles in the sneakers market. From luxury goods and genuine shoe brands to counterfeit brands, consumers seek out both stylish products and sustainable materials. The resale market for sneakers, particularly high-fashion sneakers and branded sneakers, has gained popularity. Sports design influences the sneakers market, with consumers looking for customized features in their footwear. Fitness facilities and gym-goers, rock climbers, and athletes all contribute to the demand for various types of sneakers, such as low-top and mid-top sneakers. Carbon-plate running shoes, like the ASICS Metaracer and Nama sneaker, represent recent product innovations in the market. The Statista platform provides valuable data on the sneakers market, including national statistics and trends. Both bottom-up and top-down approaches are used to analyze the market, considering factors like consumer preferences, industry developments, and economic conditions. Synthetic leather and other materials are used in the production of sneakers, reflecting the industry's commitment to innovation and sustainability.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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