Sneakers Markets to show a CAGR of 7% between 2018 and 2024
Sneakers are shoes primarily designed for sports or other form of physical exercises, they are also known as athletic shoes, tennis shoes, jogger’s, gym shoes, runners, and takkies, but sneakers are considered to be more fashionable. Nowadays, people wear it even as a part of casual attire since it is more comfortable and cool. Eventually, they are similar to any athletic shoe with a flexible sole made of rubber or synthetic material and the upper part is made of canvas. Examples of such athletic footwear are basketball shoes, tennis shoes, cross trainers among many others.
The global sneaker market
stood at the valuation of US$ 62.50 Bn in 2017 and is projected to reach around US$ 98 Bn by the end of 2024. The market is expected to grow at a healthy CAGR of 7% during the forecast period of 2017 to 2024 as per the report “Global Sneakers Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2017 to 2024
” seen on DecisionDatabases.com
Sneakers have been a part of American culture but now they have successfully implanted their presence across the world and are highly in demand from people especially, from the young millennials. Mainly, changing preferences towards a healthy lifestyle, increasing participation of the young population in sports and fitness activities and increasing inclination for branded & high-fashion footwear is driving the market of sneakers
They are more popularly worn by teenagers, but as long as comfort is concerned, anyone can use them since they are more trendy as well as comfortable wear. Sneakers have become both sports necessity as well as fashion statement. Sneakers were the first-ever type of shoes made out of rubber sole in order to replace the cacophony noise created by wooden sole shoes used much before and were completely silent upon walking and that's what gained the hype in the market.
Increasing participation in athletic activities along with the growing sense of fashion consciousness among consumers is further boosting the market growth. Furthermore, the large number of sales channels and the rising importance of internet retailing is adding impetus growth to the market. Also, expansion of portfolio to enter a new market is further stimulating the market for sneakers.
Asia-Pacific region is ruling the market of sneakers owing to the large number of adult population, and rising disposable income in the region. In addition, active participation of government in encouraging sports activities, and the rising awareness about a healthy lifestyle is a major factor driving the market of sneakers. North America being the matured market stood second globally, growing number of athletes and the need to stay active & fit are some of the major factors expected to boost the growth of sneakers market in the region. Latin America is projected to grow at a steady pace during the forecast period due to the growth in footwear manufacturing in the developing economies such as Brazil and Mexico. Moreover, the Middle East and Africa are expected to grow on the account of the expansion of new firms along with the adoption of smart strategies such as collaboration and acquisition by companies. Moreover, rising demand for fancy and comfortable sneaker is likely to provide more opportunity growth in the years to come.
On the other hand, increased incidence of counterfeit products, rising competition from the local market along with the increasing price of raw material is expected to constrain the market growth.
Some of the major players involved in the market are Adidas, Airness, Alden Shoe, Nike, Lining, Reebok, Ariat, ASICS, UGG, Ecco, Keds, and Kickers
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