The Sneakers Market is estimated at USD 72,232 million in 2022 and is projected to reach USD 1, 39,876 million by 2032, at a CAGR of ~6.8% from 2022 to 2032.
One of the key factors fuelling the growth of the sneakers market is the spread of e-commerce sites around the world. Every age group is becoming more inclined toward stylish, branded, and high-fashion footwear, and the rise in disposable income is driving up demand for more inventive and comfortable footwear, which is accelerating market growth. Increased consumer preference for online media due to its flexibility and population-wide rise in health and wellness concerns are other factors that are influencing the market.
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Additionally, the market for sneakers is benefited by population growth, swift fashion trends, internet and smartphone penetration, and people’s bettering lifestyles. Additionally, the ease with which customised and cutting-edge features may be added to footwear creates lucrative prospects for market participants over the projection period of 2022 to 2032.
On the other side, it is anticipated that the accessibility of locally produced, duplicated, or fake items will restrain market expansion. The COVID-19 epidemic is expected to complicate the raw material supply chain, which will pose a problem for the sneakers market.
Key Takeaways from the Sneaker Market Study
- In terms of sales channel, offline retailing is likely to dominate over the forecast period. Whereas, consumer tastes are evolving, and instead of shopping offline, customers are turning to online retailing, which is prompting manufacturers to expand their online presence in the market. One of the major factors driving the growth of the online sales channel is the availability of a wide range of sneakers online.
- Women’s sneakers are in great demand and are rapidly increasing. Major footwear companies are targeting women’s sneakers, and the market is being bolstered through distinct advertising and branding.
- In the case of regional analysis of regions like the North America and Asia is expected to gain traction in the sneaker market.
“The demand for sneakers is rising in almost every part of the world. This type of footwear are preferred by people from every age group and is expected to grow at a rapid pace in the forecast period.” Says an FMI Analyst.
Impact of COVID-19 on the Market
The COVID-19 epidemic wreaked havoc on a multitude of industries throughout the world, including the footwear sector. Due to the discretionary nature of footwear, it was one of the most severely impacted businesses by the pandemic, as a consequence of the combined effect of outlet closures and austerity with regard to rapidly deteriorating economic conditions. Due to the accessibility of online commerce and doorstep delivery, the shoe industry has recovered, with a rise in demand in post-covid conditions.
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Who is winning?
Leading players operating in the sneaker market 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., Vans, and Converseamong others.
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Future Market Insights, in its new offering, provides an unbiased analysis of the sneaker market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the Sneakers Market by Product Type (Adult Sneakers, Children Sneakers) By Application (Sports, Lifestyle, Competition) By Consumer Orientation (Men, Women) By Sales Channel (Multi-brand Stores, Independent Small Stores, Online Retailers and Other Sales Channel) & Region – Forecast to 2022-2032.
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Sneakers Market by Category
By Product Type, Sneakers Market is segmented as:
Adult Sneakers
Children Sneakers
By Application, Sneakers Market is segmented as:
Sports
Lifestyle
Competition
By Consumer Orientation, Sneakers Market is segmented as:
Men
Women
By Sales Channel, Sneakers Market is segmented as:
Multi-brand Stores
Independent Small Stores
Online Retailers
Other Sales Channel
By Region, Sneakers Market is segmented as:
North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA
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