Sneakers Market size is set to grow by USD 34.75 billion from 2024-2028, Increasing premiumization due to introduction of more innovative sneakers to boost the market growth, Technavio

NEW YORK, July 16, 2024 /PRNewswire/ -- The global sneakers market  size is estimated to grow by USD 34.75 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.44%  during the forecast period.  Increasing premiumization due to introduction of more innovative sneakers is driving market growth, with a trend towards use of environment-friendly materials to manufacture sneakers . However, volatile cost of raw materials  poses a challenge. Key market players include Adidas AG, Allbirds Inc., ANTA Sports Products Ltd., ASICS Corp., Berkshire Hathaway Inc., Boardriders, Deckers Outdoor Corp., ECCO Sko AS, 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., and Wolverine World Wide Inc..

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Key Market Trends Fueling Growth

The global sneakers market is experiencing a rise in demand for eco-friendly products due to increasing environmental consciousness among consumers. Key competitors in the market are responding by integrating sustainable materials into their manufacturing processes. For the past five to seven years, recycled polyester, eco-friendly rubber, Eva Foam, organic cotton, and synthetic leather have been popular choices. Adidas, for instance, is reducing environmental impact by focusing on water conservation and sustainability. Other competitors are following suit, using eco-friendly materials to minimize negative effects on the environment. These efforts are expected to fuel the growth of the global sneakers market. 

Sneakers continue to dominate the footwear market, with athletes, rock climbers, and fitness enthusiasts leading the trend. Athletic sneakers, also known as lace-up footwear, remain popular due to their sports design and functionality. Brands are innovating with synthetic leather and textile materials, creating stylish products that cater to both fitness trends and fashion. Offline retail outlets and online platforms alike see high consumer spending on athletic footwear, leather footwear, and textile & other footwear. Statista reports show a top-down approach to consumer behavior, with branding playing a significant role in consumer decisions. However, bottom-up trends, such as customized features and sustainable materials, are also gaining traction. Mid-top and low-top sneakers dominate the market, with brands like Team Vitality and Nike leading the way. Consumers seek genuine shoe brands to avoid counterfeit products, while high-fashion sneakers offer a luxury alternative. Fitness-related activities continue to drive demand, with consumers looking for footwear suitable for various sports wear and gym activities. 

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Market Challenges

• In the sneakers market, global manufacturers like Nike, Adidas, and PUMA face profit margin challenges due to rising raw material costs and increased competition. The emergence of local players has intensified price wars, forcing price reductions and decreased profit margins. For example, the price increase of EVA, a material used in footwear soles, raises sneaker prices and impacts profitability. Additionally, transportation costs add to the financial strain. These continuous profit margin fluctuations pose significant challenges to the growth of the global sneakers market. The inability of competitors to immediately adjust prices to cost fluctuations and consumer preference for affordable footwear further hinders market expansion. Keywords: sneakers market, profit margins, raw materials, competition, local players, price wars, EVA, transportation costs.
• Sneakers market faces various challenges in the dynamic world of footwear. Athletes and rock climbers require performance-focused athletic sneakers, while gym-goers seek stylish, synthetic leather products. Fashion trends influence consumer spending on branded sneakers and high-fashion sneakers. Sportswear brands innovate with sports design, lace-up footwear, mid-top, and low-top sneakers. Offline retail outlets compete with online retail in a top-down and bottom-up approach. Consumers demand customized features, sustainable materials, and fitness-related activities. National statistics from Statista and independent outlets reveal consumer trends. Counterfeit products pose a threat to genuine shoe brands. Sustainability and fitness facilities are key considerations for consumers. The sneakers market continues to evolve, with a focus on product innovation, branding, and consumer preferences.

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Segment Overview 

This sneakers market report extensively covers market segmentation by

1. Product 
• 1.1 Adult sneaker
• 1.2 Children sneaker
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Adult sneaker-  The adult sneakers market is a thriving and dynamic industry, with increasing demand driven by various demographic and socio-economic factors. Key factors fueling growth include rising disposable incomes among working professionals and millennials, the popularity of streetwear culture, and a shift towards sustainable footwear. Brands are competing to capture this lucrative market through collaborations, unique designs, and eco-friendly production. For instance, Adidas' NMD_V3 collaboration with Ranveer Singh targets urban youth, while Nike's SB Dunk range appeals to skaters and millennials. Allbirds Inc.'s use of sustainable materials also resonates with eco-conscious consumers. The rise of e-commerce and social media has further fueled demand, enabling consumers to make informed decisions and access limited edition sneakers. For example, Adidas' UltraBoost Uncaged has generated significant buzz on social media. These factors are expected to drive the growth of the global sneakers market during the forecast period.

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The global sneakers and footwear market is thriving with rapid urbanization and increasing disposable incomes driving demand. Sneakers, particularly, are witnessing robust growth due to evolving fashion trends and a shift towards casual wear globally. Key players are innovating with sustainable materials and digital customization to cater to diverse consumer preferences. The footwear market, encompassing athletic, casual, and formal segments, continues to expand, driven by e-commerce growth and rising health awareness. Emerging markets in Asia-Pacific and Latin America are poised for significant growth, presenting lucrative opportunities for market expansion and innovation.

Research Analysis

Sneakers, a versatile and trendy footwear category, encompasses branded and high-fashion options, catering to various consumer segments. From fitness enthusiasts engaging in fitness-related activities to rock climbers and athletes, sneakers are a must-have. Counterfeit products pose a challenge, with consumers often mistaking them for genuine shoe brands. Customized features add value, allowing consumers to personalize their footwear. Sustainable materials, such as leather and textile, are increasingly used to create eco-friendly sneakers. Mid-top and low-top designs cater to different preferences, while Nama sneakers offer a unique, minimalist approach. Online and offline retail channels offer diverse options for consumers, driving significant consumer spending in the Athletic Footwear, Leather Footwear, and Textile & Other Footwear markets. Luxury goods and fashion trends continue to influence sneaker designs, making them a desirable investment for many.

Market Research Overview

Sneakers, a type of lace-up footwear, have gained immense popularity among consumers for their comfort, style, and versatility. From branded sneakers to high-fashion ones, the sneaker market caters to various segments. However, the industry faces challenges with counterfeit products, which undermine the value of genuine shoe brands. Customized features add uniqueness to sneakers, making them popular for fitness-related activities and fashion trends. Sustainable materials like synthetic leather and textile are increasingly used to create eco-friendly sneakers. Mid-top and low-top sneakers cater to different consumer preferences. Fitness facilities, gyms, and sportswear brands are major offline retail outlets, while online retail is growing rapidly. Product innovation and branding are key strategies for companies. Consummers' spending on athletic footwear, leather footwear, and textile & other footwear continues to rise. The sneaker market follows a Top-Down and Bottom-Up approach for market analysis using platforms like Statista and independent outlets or third-party sources. Athletes and rock climbers also contribute to the market's growth. Luxury goods and sports design are integral to the sneaker industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Adult Sneaker
• Children Sneaker
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio