As per newly released data by Future Market Insights (FMI), the Tennis Shoes Market is estimated at USD 157.4 million in 2022 and is projected to reach USD 244.5 million by 2032, at a CAGR of ~4.5% from 2022 to 2032.
Tennis is gaining traction as a form of sports in every generation, as a result, there is a rise in the demand for tennis shoes globally. Top companies manufacturing the tennis shoes are coming up with state of the art technology to implement the experience and functionality for tennis professionals. Hard court tennis shoes will have a large amount of buyers as there more number of hard courts available in comparison to grass and clay courts.
Moreover, the key players are adopting marketing strategies in a view to collaborate with tennis players and celebrities to enhance their reach in the market and to increase the acceptability of their brand among consumers. The rise in number of novel designs and patterns which fulfils the demand for tennis shoes enthusiasts worldwide will facilitate the development of tennis shoes market globally.
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Key Takeaways from the Tennis Shoes 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 tennis shoes online.
- Tennis has numerous health benefits, including better aerobic fitness, muscular fitness, anaerobic endurance, and flexibility. Tennis competitions are being used to promote the sport in schools and universities. All of these things increase the population’s need for tennis shoes.
- On a regional basis, North America dominates the global the tennis shoes market and is likely to continue to do so throughout the forecast period. The market’s supremacy is partly attributed to customers’ extensive product awareness and the region’s growing tennis playing population. North America is distinguished by a high level of disposable money, a growing health consciousness, the enormous popularity of tennis, and a high demand for high-quality items.
“The competitors in the global tennis shoes market have used various development strategies to improve their tennis shoes market share, capitalise on market opportunities, and boost profitability, which will continue to benefit the market.” Says an FMI Analyst.
Impact of COVID-19 on the Market
In the current circumstances, the immunisation campaign and the decrease in COVID-19 cases worldwide have helped to normalise the situation. Governments have lifted the blockade, easing the supply chain’s issues. Tennis shoe market demand is reaching new heights as customers adopt tennis as a regular workout regimen to maintain their health, and tennis shoe producers are expected to recover their losses in the next 1-2 years as demand for tennis shoes grows. To deal with the aftermath of the COVID-19 pandemic, consumers are keen to explore new tennis shoe products and maintain a healthy lifestyle.
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Who is winning?
Leading players operating in the Tennis Shoes 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 Converse among others.
Tennis Shoes Market by Category
By Playing Surface, Tennis Shoes Market is segmented as:
- Clay Court
- Hard Court
- Grass Court
By Consumer Orientation, Tennis Shoes Market is segmented as:
- Men
- Women
By Sales Channel, Tennis Shoes Market is segmented as:
- Hypermarket/Supermarket
- Wholesalers/Distributors
- Specialty Stores
- Multi-brand Stores
- Independent Small Stores
- Online Retailers
- Other Sales Channel
By Region, Tennis Shoes Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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