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Sports Shoes Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global sports shoes market was valued at USD 85.2 billion in 2022 and is projected to expand at a CAGR of 8.3% from 2023 to 2030. Growing popularity of sports activities and increasing consumer preference for athleisure are among the major factors driving the market. Furthermore, rising consumer interest in the latest innovations, such as 3D printing technology and improved cushioning, is creating a favourable environment for the market’s growth.
Increasing consumer preference for comfort and style is driving the demand for advanced sports shoe designs. For instance, in August 2021, Nike launched a new design of sports shoes, the Air Max 270 React, which is a combination of the Nike React foam and the Air Max 270. This design offers a unique combination of cushioning, responsiveness, and comfort to the consumer. Similarly, in 2021, Reebok announced the launch of the Reebok Zig Kinetica, which is a combination of style and comfort. The shoe is designed with an innovative ZigTech sole that provides cushioning and energy return.
The increasing demand for eco-friendly and sustainable footwear is propelling the demand for the market as well. For instance, in January 2021, Adidas launched a new range of trainers made from recycled ocean plastic, which is expected to drive the demand for sustainable footwear. Similarly, in April 2021, Nike announced the launch of its Space Hippie collection which is made from up to 75% recycled material. The company also announced that it has used its Space Waste Yarn technology, which is a blend of recycled plastic bottles and fabric scraps, to make the shoe.
The rising trend of online shopping is providing an impetus to the market’s growth. The availability of a wide variety of sports shoes online is creating a favorable environment for the market growth. Furthermore, the availability of various offers on these products is boosting online sales. For instance, in February 2021, Adidas launched its own website for the Indian market, which offers various discounts and offers on its products.
In addition, the increasing number of innovative product launches to cater to the growing product demand from customers is expected to further support the growth of the market. For instance, in March 2021, Puma launched its new RS-X3 running shoe. The new shoe features a high rebound foam midsole and a textured outsole for added grip and stability. Furthermore, the shoe is designed with a unique upper material that provides superior breathability and comfort to the user.
Product Insights
The running and jogging segment held the largest market share of around 36.2% in 2020. Increasing health consciousness among individuals and rising demand for running shoes designed for sports activities are the major factors driving the growth of this segment. According to an article published by the Cornell Chronicle, in March 2019, running is the most popular physical activity in the world. Furthermore, increasing number of sports events, rising popularity of marathon events, and the development of technologically advanced running shoes are some of the factors boosting the demand for running and jogging shoes.
The basketball segment is expected to witness the fastest CAGR of 8.9% over the forecast period. Increasing popularity of basketball and rising demand for basketball shoes are driving the growth of this segment. According to an article published by the National Basketball Association (NBA), in June 2020, basketball is the second most popular sport worldwide after soccer. Furthermore, the rising number of basketball academies, increasing number of basketball tournaments, and the increasing popularity of basketball video games are some of the key factors driving the growth of the basketball segment.
Distribution Channel Insights
The department stores segment is expected to remain the largest distribution channel with a market share of over 41.6% in 2022. These stores offer a wide range of shoe brands to customers, which makes them the ideal destination for customers looking for sports shoes. Department stores also offer customers a variety of discounts and promotional offers, which makes them a popular shopping destination. In addition, department stores are convenient and have a wide reach, which makes them the preferred shopping destination for customers.
The e-commerce segment is expected to witness the highest growth rate of 12.2% during the forecast period. The increasing penetration of smartphones and internet across the globe is one of the key factors driving the growth of this segment. Online shopping platforms offer customers a wide range of products to choose from, which makes them a preferred shopping destination for customers. In addition, online stores offer customers attractive discounts and promotional offers, which makes them a popular shopping destination for customers.
Type Insights
The running segment accounted for the highest revenue share of 45.2% in 2022. The increasing fitness consciousness among the population is driving the demand for running shoes. Also, the introduction of performance-enhancing running shoes with innovative technologies such as Adidas’s Boost cushioning is boosting the market growth. Furthermore, the increasing trend of sports activities such as marathons and other endurance events is also propelling the demand for running shoes.
The basketball segment is expected to expand at the highest CAGR of 8.2% over the forecast period. The increasing popularity of basketball games, especially among teenagers and young adults, is driving the demand for basketball shoes. The increasing participation in tournaments and other competitive sports activities is boosting the market growth. Furthermore, manufacturers are launching advanced basketball shoes with innovative technologies such as Nike’s FlyKnit technology to enhance the performance. This is further driving the market.
Regional Insights
Europe is expected to be the largest market in terms of revenue due to the presence of both local and international players in the region. The presence of prominent players such as Nike, Adidas, and Puma in the region is expected to drive the market in the region. The increasing popularity of sports activities and growing demand for sports shoes among athletes is further expected to drive the market in Europe.
Asia Pacific is expected to witness the fastest growth over the forecast period. The region is home to a large population, which is expected to provide a major boost to the market in the region. Increasing disposable income, rapid urbanization, and changing lifestyle are some of the major factors driving the market in the region. Furthermore, the presence of several international and local players in the region is further expected to drive the market in the region.
Financial Projections
In this part of the sports shoes business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your sports shoes business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a sports shoes business comes from sales of sporting footwear and related products such as apparel and accessories. Here you will find a list with a description of each of them and other potential sources of profit such as discounts, bulk orders, subscription services, and sponsored events.
Projecting Expenses
In this section, all the regular expenses related to keeping the sports shoes business running will be described. The list of operating expenses includes expenses for purchasing supplies and inventory, rent, wages, advertising, and maintenance and repairs. Other expenses such as taxes, insurance policies, and legal fees should also be taken into consideration.
Key companies & market share insights
Some of the key companies operating in the sports shoes market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In July 2022, Nike Inc. launched the Air Zoom Gravity, a new style of shoes designed to provide better performance on the field.
– In August 2022, Adidas AG launched the Quickforce series of shoes designed to provide better grip on a variety of sports surfaces.
– In October 2022, Reebok International launched the X-Force series of shoes providing superior comfort and cushioning.
Some of the prominent players in the sports shoes market include:
– Adidas AG
– Reebok International Limited
– Nike Inc.
– New Balance, Inc.
– Puma SE
– Under Armour, Inc.
– Asics Corporation
– Skechers USA, Inc.
– VF Corporation
– Fila, Inc.
Global Sports Shoes Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global sports shoes market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Running Shoes
– Basketball Shoes
– Football Shoes
– Training Shoes
– Tennis Shoes
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Multi-Brand Stores
– Specialty Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the Global Sports Shoes Market?
[A]: The global sports shoes market is driven by several factors such as increasing participation in sports activities, rising disposable income, and changing fashion trends. Additionally, product innovation, technological advancements, and the emergence of online retail channels have all contributed to the growth of the global sports shoes market.
[Q]: What are the Challenges Faced by the Global Sports Shoes Market?
[A]: The main challenges faced by the global sports shoes market are the increasing competition from local and unorganized players, rising raw material costs, and the availability of counterfeit products.
[Q]: Who are the Major Players in the Global Sports Shoes Market?
[A]: Major players in the global sports shoes market include Nike, Adidas, Puma, Anta, Li-Ning, and Under Armour.
[Q]: What is the Potential of Product Innovation in the Global Sports Shoes Market?
[A]: Product innovation is key to the success of the global sports shoes market. Companies are utilizing the latest technologies to create advanced sports shoes that offer superior performance, durability, and comfort. Companies are also focusing on incorporating unique features such as lace-less designs, 3D printing, and ultra-lightweight materials to improve the aesthetic appeal and functionality of their products.
[Q]: What are the Growth Opportunities in the Global Sports Shoes Market?
[A]: The global sports shoes market is expected to witness significant growth in the coming years due to increasing demand for sports shoes from emerging economies, the growing popularity of online retail, and the increasing focus on product innovation. Additionally, the increasing penetration of smart sports shoes and the rising popularity of athleisure is expected to drive the growth of the global sports shoes market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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