Sneaker Market Size, Share, Growth, and Industry Growth by Type (Adult Sneaker and Children Sneaker) By Application (Competition, Amateur Sports, and Lifestyle) Regional Forecast to 2028

REPORT OVERVIEW

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The global sneaker market size was USD 91.01 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with sneakers experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 138.13 billion by 2028, exhibiting a CAGR of 7.2% during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Sneakers are shoes mainly considered for sports or other practices of physical workout, but which are now also often used for daily wear. The word commonly defines a form of footwear with a bendable sole prepared from rubber or synthetic material and an upper part made of leather or artificial materials. Patterns of such shoes include athletic footwear such as tennis shoes, basketball shoes, cross trainers, and other shoes worn for particular sports.

The increasing eagerness and awareness concerning the health welfare of sports and fitness events, the prosperous retail e-commerce segment globally, and the increasing disposable income of customers are projected to be the significant developments fueling the market growth. Youths are getting keen on implementing a healthy routine and are therefore contributing keenly to sports activities. People have started appreciating that sports and fitness events can help guarantee good health and decrease the threat of chronic illnesses such as cardiovascular diseases, depression and diabetes.

COVID-19 Impact: Supply Chain Disruption to Hinder Market Progress

Sports brands and sneakers manufacturers have certainly not experienced a year like 2020. Before the COVID-19, global sneakers sales had been increasing progressively, with profits expanding every year. Governments have resorted to lockdowns and stopped production units due to the COVID-19 outbreak. Although no manufacturing company has been spared, the pandemic's impact has not been consistent. However, sales crumpled to the lowest levels during a pandemic, as global demand fell amid the lockdowns. Sneakers were on sale at lower prices, while markets considered initiative customer engagement on social media.

LATEST TRENDS

"Trendy Sportswear to Bolster Market Progress"

The increasing demand for stylish, fashionable, yet comfy footwear across age groups is a key factor driving the global footwear sector. Customers are gradually choosing trendy sports shoes that include essentials of sports design, in agreement with the athleisure style. The growth in popularity of sports and fitness activities such as swimming, aerobics, yoga, and jogging. The number of females joining in fitness and sports events, attractive and comfortable sports footwear best for daily sports activities is becoming enormously popular. The global demand for cycling and running footwear is focused on the constant shift concerning more active routines.  Moreover, athleisure has become progressively popular, impelling millennial parent's sports footwear choices.

Segmentation

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• By Type Analysis

By type, the market is segmented into Adult Sneaker and Children Sneaker.

The adult sneaker is the leading segment in the global market. This is due to the increasing adoption of sneakers among the adult population due to growing awareness connected to the style. The growing concerns for health among the adults is foremost to preference towards fitness activities and progress in the disposable income is straight gushing the demand for sneakers with improved comfort.

• By Application Analysis

Based on application, the market is classified into Competition, Amateur Sports, and Lifestyle.

DRIVING FACTORS

"Increasing Innovation to Facilitate Industry Progress"

The growing consciousness of health hazards such as type 2 diabetes, obesity, and high blood pressure is boosting various sports and physical events among consumers which are supporting the market growth. Manufacturers are aiming more for improvements in athletic footwear and 3D printing is likely to play the main role in the growth of the athletic footwear market. The rising popularity of customization and personalization in athletic footwear such as NikeId by Nike, Inc. is playing key role to enhance the sales of athletic footwear across the globe.

"Rising Adoption of Social Media for Marketing to Magnify Market Growth"

The upsurge has been observed in the number of consumers of numerous social media platforms along with an increase in internet dispersion. Most key companies in the footwear market organize on encouraging their products and services on these social media platforms.

Social media marketing is one of the key strategies accepted by several companies including the wearable products market, on informing awareness about their product offerings among target customers on social media networks. Therefore, over social media marketing strategy, the global sneaker market sights a dangerous prospect in gaining traction.

RESTRAINING FACTORS

"Government Regulations to Impede Market Progress"

With the resellers leveraging bots to categorize bulk buying of announcements, it’s become harder for retailers to put sneakers on the feet of those who actually want to wear and collect them. 

REGIONAL INSIGHTS

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"Customization and Innovation to Bolster Growth in North America"

North America is likely to dominate the sneaker market share because of the owing to the changing lifestyles, growing fashion consciousness, and high disposable income, which is leading to a preference for comfort rather than price among the customers. Moreover, the rising health concerns and easy accessibility for customized and innovative sneakers are some other factors driving the growth of the sneakers market in this region.

Asia Pacific is expected to have a sizable market share. The increasing disposable income and rising saturation of e-commerce are projected to show the main role in driving the demand for sneakers in the global market. The growing interest in contributing to several sports events, comprising the Asian Games, the ACC Asia Cup, and the ICC Cricket World Cup, is improving the growth of the regional market.

KEY INDUSTRY PLAYERS

"Major Players Acquiring Start-Ups and Expanding Consumer Base to Improve Market Position"

The market for sneakers is very competitive, with a slew of major businesses vying for a larger slice of the pie. The defense and homeland security industry's severe safety and regulatory rules are projected to limit new entrants. Companies are using digital and social media marketing to inform people about new inventions and product launches. The e-commerce network has been rising majorly over recent years, and it is one of the desired channels for the major manufacturers operative in the market. ​ 

INDUSTRY DEVELOPMENT

• January 2022: NIKE, Inc. entered into a conclusive contract to procure Converse, Inc. The entire worth funded for 100 % of the equity shares was roughly US$305 Mn plus the supposition of assured working capital charges at the time of the transaction’s consummation.

List of Market Players Profiled

• Adidas (Germany)
• Nike (U.S.)
• New Balance (U.S.)
• Under Armor(U.S.)
• ASICS (Japan)
• MIZUNO (Japan)
• Puma (Germany)
• Lining (China)
• Ecco (Denmark)
• Kswiss (U.S.)
• Skecher (U.S.)

REPORT COVERAGE

The research covers various topics, including demand, product development, revenue generation, and sterile vial sales across regions. Considering sales during the forecast period, an optimistic and cautious scenario has been used to fully estimate the market. The survey also takes into account price point comparisons by region with the global average price.