As per newly released data by Future Market Insights (FMI), the Sneakers Market is estimated at USD 72,232 million in 2022 and is projected to reach USD 1, 39,876 million by 2032, at a CAGR of 6.8% from 2022 to 2032.
Attribute | Details |
---|---|
Estimated Sneakers Market Size 2022 | USD 72,232 Million |
Projected Sneakers Market (2032) Market Size | USD 1, 39,876 Million |
Value CAGR (2022 to 2032) | 6.8% |
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Sneakers are classified as shoes made especially for playing sports or engaging in other forms of physical activity. They are referred to as the category of footwear that has a rubber or synthetic sole that is flexible. Cloth, leather, or synthetic alternatives make up the upper part of the shoes. These shoes are frequently worn as daily shoes.
The demand for more comfortable and cutting-edge footwear is one of the main drivers driving the growth of the global sneakers industry, along with peoples' better lifestyles and rising disposable income. Additionally, there are countless chances for market expansion due to the growing preference for stylish, branded, and high-fashion footwear among all age groups and the accessibility of easily customizable and cutting-edge features in footwear.
In addition, the expanding population and increased interest among young people in fitness and sports are boosting market demand. These factors, coupled with growing health and wellness concerns, are driving individuals to participate in a variety of physical activities.
Customers are not required to wear trainers, unlike other shoe styles including brogues, high heels, and court shoes. There's no need to put up with a little discomfort at first because the shoes will eventually become more flexible and conform to the contour of your foot when someone opts for sneakers. The instant someone puts on the correct pair of sneakers, it can feel like they are walking on clouds.
Nobody is going to get popular wearing shoes that smell bad. So it's crucial to give the feet room to breathe. When they don't, they become drenched in sweat, and warm, moist environments like that are ideal for the growth of fungi and bacteria.
Naturally, this condition results in smelly feet. The greatest option for consumers is to choose sneakers composed of breathable materials like mesh. These offer excellent value for the money, especially since people won't need to buy new sneakers as frequently.
Running for the train, jumping up and down at a concert, and many other activities may be done while wearing sneakers, which is one of their key advantages. One of the reasons sneakers are such a popular option is the freedom to move quickly and safely when walking, running, and jumping. Flexibility is essential. Shoes like sneakers can be worn anywhere, including the workplace, the bar, and the rave. Even a wedding can be attended in them.
Consumers' decisions to buy sneakers are also influenced by the fashion choices of the celebrities and athletes they admire. Since different actors and athletes are well-known in different countries and regions, manufacturers of footwear and other athleisure clothing use different brand ambassadors in various nations according to their level of popularity.
Nike has employed Justin Timberlake as a brand ambassador for a while now. Puma's merchandise now features Selena Gomez as a brand endorsement. Customers are also psychologically influenced by this since seeing or remembering their stars also makes them think of the companies they support. In the projection period, this mentality generates pull-based sales of athleisure wear products.
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The sneakers market is growing exponentially in India
Hype feeds nicely into the status-driven nature of Indian society. Of doubt, it has a niche, but the potential consumer market is far wider than it first appears, especially in light of the way hype items function as stocks with fluctuating prices. This industry has grown exponentially during the previous three years, but a peak is still around five years away.
In the last ten years, the resale market has expanded from a small niche to a multibillion-dollar industry, and India's digital playground has shown to be favorable to this sneaker culture. People may stand in line for hours for popular and limited-edition sneakers.
Unique sneakers, however, are becoming more than just collectibles because of their growing popularity and growing acceptance as works of art. There is a lot of buzz surrounding the buying and selling of sneakers, and while there is a sizable audience who are buying to sell, fewer people are buying to wear.
Nike is taking action to stop the growth of sneaker resellers and bots.
In order to stop resellers from buying its products and reselling them on the secondary market using automated technology or software, Nike, the shoe company, established new restrictions for USA online sales this month.
Earlier iterations of Nike's rules already forbade purchasing goods to resell. The corporation can, however, reject orders placed by bots according to the new regulations. Nike further stated that it has the authority to deny refunds, impose restocking fees, and terminate user accounts when it suspects them of reselling. Additionally, the business stated that it reserves the right to refuse orders if a customer's account has too many returns or buys more products than is allowed.
Made-in-China brands are gaining popularity in China
No matter how much history Adidas and Nike have accumulated, it's possible that their dominance in Chinese shoe culture is coming to an end. The market value of the key players demonstrates how quickly the Made in China brand has grown.
In addition, issues with the supply chain of the shoe business brought on by the pandemic and Chinese restrictions are altering the long-established global equilibrium. Unquestionably, China is moving quickly in its development strategies. In fact, it's almost shocking when you think that nearly 50 years of history have passed between Adidas, Nike, and the two Chinese rivals Anta and Li-Ning.
Adult sneakers will contribute a major share of the sneaker market
The adult sneaker segment is the largest in the sneaker market. Due to growing awareness surrounding fashion, sneakers are becoming more and more popular among adults. Growing adult health concerns have led to a desire for fitness activities, and an increase in disposable income is directly fuelling demand for more comfortable sneakers.
Sneakers are mostly preferred by men
Comparatively, men tend to use sneakers more as they are engaged in ample physical activities in their day-to-day life. Sneakers provide comfort as well as safety to some extent. Whereas, women have a lot of options in footwear and are very conscious about their fashion. They tend to choose matching footwear for their clothing and prefer to wear certain footwear for designated occasions and events. While men search for options that can be combined with any type of attire which is fulfilled by the use of sneakers.
Offline retail stores are anticipated to contribute majorly to the sneaker market
Store-based retailing will have the most number of consumers in the sneaker market as compared to the online segment. The customers purchasing sneakers are highly concerned about the fitting and the look after wearing them. The retail stores benefit the customers as they can try out their preferred brand of sneakers and choose from a variety of options.
Manufacturers are; working hard to create sneakers that are completely novel for consumers to use. These factors have revitalized the worldwide sneaker market, and demand is rising.
For Instance:
Nike is planning to launch a new variety of Air Adjust Force x Ambush sneakers which come in an interesting color combination of university blue and habanero red. This is the extension of the series air force one which is admired by populations throughout the world.
Attribute | Details |
---|---|
Forecast Period | 2022 to 2032 |
Historical Data Available for | 2017 to 2021 |
Market Analysis | USD Million for Value |
Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania & Middle East and Africa(MEA) |
Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, Russia, South Africa, Northern Africa GCC Countries, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia & New Zealand. |
Key Segments Covered | Product Type, Application, Consumer Orientation, Sales Channel, and Region. |
Key Companies Profiled | Adidas Group; Nike Inc.; New Balance; ASICS; PUMA SE; Under Armour, Inc.; Li Ning Company Ltd.; ECCO; China Dongxiang (Group) Co., Ltd.; 361 Degrees International Limited.; Vans; Converse |
Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Customization & Pricing | Available upon Request |
The market was valued at USD 72,232 million in 2022.
Adult sneakers are estimated to contribute a significant share of the sneaker market.
By 2032, the market is expected to be worth USD 1, 39,876 million.
The industry is expected to surge at a 6.8% CAGR.
The sneakers market is growing exponentially in India.
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