Athletic Footwear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The athletic footwear market is projected to register a CAGR of 7.15% during the forecast period, 2021-2026.
The COVID-19 has had a strong impact on the athletic footwear market during its onset; however, with the presence of online shopping and doorstep delivery, the category witnessed a pace in demand over the mid-months of 2020. Barriers to movements of goods have forced the market to rely on domestic production and local manufacturing. However, more consumers joined the fitness bandwagon after the lockdown measures were lifted in many of the countries. Owing to this, the demand for athletic footwear surged, keeping the market afloat during the year-long pandemic period. Branded shoes have gathered more fan base on social media websites, but the impact of counterfeit products still prevailed largely, as consumers seek low price, better design, and suitable durability from such footwear.
Over the medium term, the athletic footwear market will be affected by various changing trends in various regions. Furthermore, the athletic footwear market will also be affected by the innovations made by market players in product development, for instance, smart footwear that calculates the calories burnt.
The increasing awareness about the importance of fitness and the increasing involvement of countries in sports and games are also driving the market. In terms of regional growth, North America is the highest revenue-generating region in the market, followed by Europe. Stronger distribution channels also drive the growth of the market.
Running Shoes to Witness a Significant Growth Rate
The consumers in the global market are unwillingly getting adapted to a very sedentary lifestyle, which has recently alarmed the need for getting involved in activities, like running and walking, which will help them manage health. This is the major reason for the growing popularity of running shoes among consumers in the market. The increasing urge to maintain health among consumers is also coupled with a fascination for premium and customized shoes. This is escalating the revenues generated from the product category, which may further elevate customers' trust and loyalty. The brands offering running shoes in the global market are competing with other brands because of their ability to connect with consumers through the use of influential admirable figureheads and an extremely effective distribution network.
Middle-East and Africa is the Fastest Growing Market for Athletic Footwear
Middle-East and Africa is the fastest-growing region in the global athletic footwear market. The increasing concern about health and fitness among the population is the major driver in the market. South Africa is one of the leaders in the market, holding approximately more than 15% of the market, followed by Saudi Arabia (as per the analysis of Mordor Intelligence). The customers in the Middle East are ready to pay premium prices for goods; the factors they look for are quality and durability. Manufacturers in the region are also focusing on quality and cost-effective production and efficient distribution of goods, owing to which the Middle-East and African region has a greater potential for athletic footwear, and players are penetrating into the region with various products and different distribution channels. Athletic CO. is one of the popular companies operating in the Middle Eastern countries.
The athletic footwear market is competitive with the presence of various regional and global players. Companies compete on different factors, including product offerings, price, material quality, and marketing activities, to gain a competitive advantage in the market.
Similarly, vendors are introducing athletic footwear specifically designed for and targeted at women and kids. On the other hand, certain players have been expanding their geographical presence by acquiring or merging with the manufacturers in foreign markets.
Companies are using digital and social media advertisements to make consumers aware of the new product launches in the market. The e-commerce channel has been growing majorly over the recent past, and it is one of the preferred channels for the major players operating in the market. Adidas AG, Nike Inc., and Puma SE are some of the major players operating in the market studied.