According to the latest data from Future Market Insights (FMI), the Sneakers Market is valued at USD 72,232 million in 2022, with projections indicating a significant surge to USD 1,39,876 million by 2032. This growth is forecasted to occur at a Compound Annual Growth Rate (CAGR) of 6.8% over the decade.
The sneaker industry is experiencing a phenomenal surge, fueled by a potent combination of fashion, function, and global trends. This explores the key factors driving this dynamic market:
- Enduring Popularity: Sneakers remain a global fashion staple, transcending age groups and demographics. Their enduring popularity is a testament to their versatility and style.
- Lifestyle Shift, Sneaker Boom: The growing emphasis on active lifestyles and athletic participation is further propelling the sneaker market. Consumers are seeking comfortable, stylish footwear that complements their active pursuits.
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- Innovation is Key: With such robust growth anticipated, the industry presents a wealth of opportunities for innovation in design, technology, and materials. Brands that embrace cutting-edge advancements will be well-positioned to thrive.
- E-commerce Revolutionizes Retail: The proliferation of e-commerce platforms has revolutionized sneaker shopping. Consumers now have unparalleled access to a vast selection of brands and styles, driving market growth.
- Branded for Success: The rise in disposable income fuels demand for designer and brand-name sneakers. Consumers are increasingly seeking premium footwear that reflects their personal style and brand preferences.
- Comfort Meets Style: The desire for stylish yet comfortable footwear is a key market driver. Manufacturers are responding with advancements in materials and design, offering a perfect blend of fashion and function.
- Digital Natives Drive Demand: The increased consumer preference for online media platforms and the growing smartphone penetration further influence the market. Social media trends and online influencers play a significant role in shaping sneaker culture.
- A Healthy Outlook: The population boom, coupled with a growing focus on health and wellness, creates a positive outlook for the sneaker market. As people prioritize active lifestyles, the demand for performance footwear will continue to rise.
- Customization Craze: The ability to personalize and customize sneakers with cutting-edge features creates exciting opportunities for brands. Catering to individual preferences and offering unique design options will be a key differentiator in the coming years.
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.
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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.
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
- Converseamong
- others.
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Get More Valuable Insights
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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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