The global athletic footwear market size is expected to reach USD 95.14 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 5.1% during the forecast period. The market is estimated to witness considerable growth over the forecast period owing to growing global population, rising awareness regarding health benefits, and active participation in fitness activities and global sports events.
Major global sports events such as Olympics, ICC Cricket World Cup, National Basketball Association (NBA) league, FIFA World Cup, and The Championships, Wimbledon play an imperative role in fuelling demand for athletic footwear. It has been observed that the market witnessed a higher growth rate during the years when Olympics (both summer and winter) took place, that is during 2012, 2014, and 2016, owing to training and participation of aspiring as well as established athletes and sportspersons.
Athletic footwear is typically made up of three primary components, namely upper section, mid sole, and outsole. Major players, such as Adidas AG; Nike, Inc.; and Under Armour, Inc. are innovating upper section of shoes using the 3D printing technology.
The mid sole plays an important role as it is responsible for ensuring stability and providing cushioning to users. Prominent manufacturers have been focusing on enhancing the mid sole to ensure the comfort of athletes. For instance, Adidas AG adopted the Boost technology over the traditional Ethylene Vinyl Acetate (EVA)-based technology. The Boost technology is based on using capsules of Thermoplastic Polyurethane (TPU), an elastomer possessing high abrasion rate, high flexibility levels, and longer life as compared to conventional EVA.
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Further key findings from the report suggest:
- Running shoes are anticipated to register the highest shipments by 2025 at around 392 million units
- The sports shoes segment was valued at around USD 18.3 billion in 2017 and is likely to post the highest CAGR during the forecast period
- The kids segment is poised to exhibit the highest CAGR of 6.3% in terms of revenue during the forecast period
- The North America region accounted for the largest revenue share in the market in 2017 and is projected to continue its dominance throughout the forecast period
- The key players in the industry include Nike, Inc.; Adidas AG; Under Armour, Inc.; and Puma SE.