TMCNet: High Penetration of Athleisure Footwear Driving the Global Sports Footwear Market Until 2020, Says Technavio

[July 18, 2016]

High Penetration of Athleisure Footwear Driving the Global Sports Footwear Market Until 2020, Says Technavio

According to the latest market study released by Technavio, the global sports footwear market is expected to grow at a CAGR of more than 2% during the forecast period.

This research report titled 'Global Sports Footwear Market 2016-2020' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

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The report categorizes the global sports footwear market into six major product segments. They are:

  • Cleats
  • Running shoes
  • Court game shoes
  • Gym and training shoes
  • Athleisure
  • Others

Global athleisure footwear market

The athleisure footwear segment accounted for a market share of over 27% in the global sports footwear market in 2015 and is expected to maintain its dominant position in the market during the forecast period. Athleisure sports footwear includes footwear that can be used for both athletic and leisure purposes. Currently, the market is highly penetrated by this particular segment and the trend is expected to continue during the forecast period as well. The market for athleisure footwear is expected to grow at a CAGR of 1.6% during the forecast period.

The athleisure segment is gaining speedy popularity among high-end premium vendors such as Lanvin, Jimmy Choo, and Tommy Hilfiger, to expand their portfolios to include varieties of casual sports footwear, alongside sports footwear vendors like Nike, Adidas, and Converse.

According to Arushi Thakur, an industry expert from Technavio, "The growing adoption of casual sports footwear has primarily stemmed from a rise in fitness consciousness among consumers, who are incorporating athletic sporting activities like running as a part of their lifestyle. Skechers is one such vendor that has increased its market footprint with its specialty casual sports footwear at a fraction of the price."

The growing preference of the US population for inexpensive sports footwear has paved the way for a new market space for vendors that offer economical casual sports footwear to conumers who intend to use them on a daily basis and for a shorter period of time.

Global running shoes market

The running shoes segment was the second largest segment in the market in 2015 with a market share of 21%. The increasing purchasing power of consumers in developing economies, and a growing consciousness about leading a healthy lifestyle and maintaining physical fitness are key factors that are driving people to take up running. As a result, vendors have started investing in innovative marketing campaigns to increase the popularity of their products and to address the growing demand for running footwear. For example, the Women's Race Series, organized every year by Nike, was held in 20 cities in 2015. Nike+ Run Club arranges running events, such as marathons and triathlon all over the world, which help increase brand awareness.

"Stability shoes have the maximum penetration in the running footwear segment. This kind of footwear provides additional comfort, especially for foot and joint pains, and help in preventing injuries by offering extra support. A number of global footwear manufacturers are also focusing on launching customized products, especially for the geriatric population, keeping in mind their age-related foot ailments," asserts Arushi.

Vendors are also designing modern footwear with advanced functionalities that focus on comfort. The New Balance 2040v2, for instance, is a running shoe that comes with comfortable cushioning, high-quality material, and modern design. Another modern trend in running is the use of barefoot lightweight running shoes. Owing to their lightweight design, these shoes result in efficient running and reduce the chances of injuries.

Global gym and training shoes market

The gym and training shoes segment occupies the smallest share of the global sports footwear market and is anticipated to grow at a CAGR of almost 3% by 2020. However, the demand for these shoes is expected to increase during the forecast period, attributed to the growing health-consciousness among consumers. The market is driven by fitness and gym enthusiasts, as they are the largest consumer segment for fitness footwear. Some of the major factors boosting the demand for gym and training shoes is the rising obese population worldwide, the growing need for physical fitness, and the increasing number of corporations encouraging their employees to focus on physical fitness by providing gymnasium facilities within company premises.

The growing number of health clubs and gyms well-equipped with fitness equipment and trainers are also boosting the demand for gym and training shoes. The number of memberships in such gyms and health clubs grew at a CAGR of 1.84% between 2010 and 2015.

The top vendors highlighted by Technavio's research analysts in this report are:

  • Adidas
  • ASICS
  • New Balance
  • Nike
  • Skechers

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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

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