Global Sneakers Market
The GMI Research forecasts that the Sneakers Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the increasing disposable income, which leads to a demand for more comfortable and innovative footwear, expanding preference for trendy, branded, and fashionable footwear, and rising concerns relating health and wellness
Introduction of the Sneakers Market
Sneakers are the shoes mainly designed for sports or other types of physical exercise and are extensively used as everyday footwear. The term defines a kind of footwear that has a flexible sole made up of synthetic material or rubber, and the upper portion is composed of leather, or cloth.
Key Players of the Global Sneakers Market:
- adidas Group
- 361 Degrees International Limited
- PUMA SE
- Nike Inc.
- New Balance
- Under Armour, Inc.
- Li Ning Company Ltd.
- China Dongxiang (Group) Co., Ltd.
Sneakers Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The uplifting lifestyle of consumers, along with the accelerating disposable income, resulting in the need of more innovative and comfortable footwear, are the key drivers contributing to the growth of the global sneakers market. Also, other factors like rising preference in favor of trendy, high-fashion, and branded footwear and easy accessibility of innovative and customized characteristics will strengthen the market share. The augmenting population, coupled with the increasing concerns about health & wellness, is stimulating people to be involved in physical activities. The inclination regarding fitness and sports will drive the market growth.
The enlargement of e-commerce platforms, growing preference regarding custom designs, and surging fashion trends will raise the market’s demand. The emergence of 3-D printing on sneakers, accelerating internet and smartphone penetration leads to increasing impulse for online platform as it offers flexibility to consumers, which in turn will propel the sneakers market size. However, the easy availability of fake or copy products produced by the local manufacturers will hamper the market growth. Moreover, the widespread outbreak of coronavirus pandemic is negatively impacting the market due to the temporary halt of factories and delay in the release of modern collection. The factories and production slamming in China have disturbed the supply chain of raw material, thereby obstructing the market growth. As per the sneakers market report, it is predicted to recover in 2021 while elevating remarkably from 2022.
Type Segment Drivers
Based on type, adult sneakers are projected to expand at a faster CAGR during the forecast period. This is due to the high adoption of sneakers, primarily because of the increasing consciousness about fashion. Moreover, the rising health concerns resulting in escalating proneness for fitness activities and an increase in disposable income is promoting the market growth.
Distribution Channel Segment Drivers
On the basis of distribution channel, Non-Store Based retail segment is expected to witness a higher CAGR over the forecast period attributed to intensifying sales of sneakers led by the capability to propose the flexibility to users to buy, better comfort, and ample of products.
Based on the regional coverage, North America is expected to grow at a faster CAGR during the forecast period due to the changing lifestyles, rising fashion awareness, and growing disposable income, inclining customers towards comfort rather than price. Moreover, the fuelling health concerns and easy availability for customized and innovative sneakers are some other factors bolstering the sneakers market size.
Sneakers Market Segmentation:
Segmentation by Type:
- Children Sneakers
- Adult Sneakers
Segmentation by Distribution Channel:
- Store-Based Retail
- Non-Store Based Retail
Segmentation by Region:
- North America
- United States of America
- Asia Pacific
- Rest of APAC
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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