Skating Shoes Market Growth And Competitive Dynamics With Market Share Analysis, Trends And Forecast
The Skating Shoes Market size is estimated at USD 863 million in 2022 and is projected to reach USD 1,217 million by 2032, at a CAGR of ~3.5% from 2022 to 2032.
Skating has more physical benefits than ever, and competitive figure skating is becoming more popular. There will be several development prospects due to the increased accessibility and product visibility of online retailing. The increase of market participants will be hampered by the high infrastructure costs for winter sports, the risk of skating-related accidents, and the drop in skate activity since the pandemic. While the major businesses partner with well-known skateboarders and other celebrities to expand their market reach.
In China, ice skating events like figure skating and speed skating are becoming more and more well-liked. The expansion of the market in China is being driven by increased sales of racing skates and rising demand for recreational skates. The development of the skating shoes market in North America over the forecast period would be aided by the rising popularity of roller sports such as roller derby, rink hockey, ice hockey rink, and other roller sports.
During the anticipated period, the roller skates sector will significantly increase its market share in skating shoes. In the upcoming years, new roller skating activities will increase demand for roller skates and increase skating shoes sales.
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Key Takeaways from the Skating Shoes Market Study
E-commerce is predicted to be the dominant sales channel over the projected period. As consumer preferences change, more people are choosing online retailing over traditional brick-and-mortar stores. As a result, manufacturers are increasing their market presence online. The accessibility of a broad selection of skating shoes online is one of the key factors boosting the development of the online sales channel.
In the case of regional analysis of regions like the North America is expected to gain traction in the skating shoes
Increased consumer spending on sportswear and rising interest in basketball among young people will help the market for skating shoes grow.
The skating shoes market will grow as a result of market participants' investments in a variety of marketing initiatives designed to generate demand for their goods.
“Market vendors should preserve their positions in the sluggish segments while concentrating more on the future growth in the rapidly developing segments to take advantage of the opportunities.” Says an FMI Analyst
Impact of COVID-19 on the Market
Global market growth slowed down in 2020 as a result of the COVID-19 epidemic. Lockdowns were imposed by governments as a result of the outbreak, which resulted in individuals being confined to their homes. Major sporting events and leisure activities were postponed as a result, which limited the demand for skating shoes in Q1 2020. The market for skating shoes will keep expanding during the forecast period now that tensions have eased and individuals may once again enjoy sporting activities. Moreover, people are bored sitting at homes and have started to look at sports as a recreational activity.
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Who is winning?
Leading players operating in the Skating Shoes market Louis Vuitton, Adidas Group, Nike Inc., New Balance, ASICS, PUMA SE, Under Armour Inc., Vans, Reebok, Woodland, Cariuma, Converse among others.
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