Sneakers Market Share, Size, Trend, Demand, Analysis by Top Leading Player and Forecast Till 2032
The Sneakers Market size 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.
One of the key factors fuelling the growth of the sneakers market is the spread of e-commerce sites around the world. Every age group is becoming more inclined toward stylish, branded, and high-fashion footwear, and the rise in disposable income is driving up demand for more inventive and comfortable footwear, which is accelerating market growth. Increased consumer preference for online media due to its flexibility and population-wide rise in health and wellness concerns are other factors that are influencing the market.
The market for trainers also benefits from the expanding global population, quick fashion fads, widespread use of the internet and smartphones, and improving lifestyles. Additionally, throughout the forecast period of 2022 to 2032, market participants will benefit from the simplicity with which personalised and cutting-edge features may be put to footwear.
On the other hand, it's projected that the availability of things that are locally manufactured, replicated, or phoney will limit market growth. The raw material supply chain is predicted to become more complicated as a result of the Covid-19 pandemic, which will affect the market for trainers.
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Key Takeaways from the Sneaker Market Study
• In terms of sales channel, offline retailing is likely to dominate over the forecast period. Whereas, consumer tastes are evolving, and instead of shopping offline, customers are turning to online retailing, which is prompting manufacturers to expand their online presence in the market. One of the major factors driving the growth of the online sales channel is the availability of a wide range of sneakers online.
• Women’s sneakers are in great demand and are rapidly increasing. Major footwear companies are targeting women’s sneakers, and the market is being bolstered through distinct advertising and branding.
• In the case of regional analysis of regions like the North America and Asia is expected to gain traction in the sneaker market.
“The demand for sneakers is rising in almost every part of the world. This type of footwear are preferred by people from every age group and is expected to grow at a rapid pace in the forecast period.” Says an FMI Analyst.
Impact of COVID-19 on the Market
The COVID-19 epidemic wreaked havoc on a multitude of industries throughout the world, including the footwear sector. Due to the discretionary nature of footwear, it was one of the most severely impacted businesses by the pandemic, as a consequence of the combined effect of outlet closures and austerity with regard to rapidly deteriorating economic conditions. Due to the accessibility of online commerce and doorstep delivery, the shoe industry has recovered, with a rise in demand in post-covid conditions.
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Who is winning?
Leading players operating in the sneaker market 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, and Converse among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the sneaker market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the Sneakers Market by Product Type (Adult Sneakers, Children Sneakers) By Application (Sports, Lifestyle, Competition) By Consumer Orientation (Men, Women) By Sales Channel (Multi-brand Stores, Independent Small Stores, Online Retailers and Other Sales Channel) & Region – Forecast to 2022-2032.
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