Sneaker Market Size Growing at a CAGR of 5.3 to 2031 | The luxury segment is expected to reach the highest CAGR of 5.07%
According to a new report, the global sneakers market is analyzed based on product type, end-user, price, category, distribution channel, and region.
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, October 27, 2022 /EINPresswire.com/ — Allied Market Research has released a new report titled “sneaker market By Product Type, By End User, By Price, By Category, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031″. The sneakers market size was valued at USD 131.10 billion. in 2021 and is projected to reach $215.6 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031. The report offers an in-depth analysis of changing market trends, segments keys, major investment pockets, regional scenario, Porter’s five forces and competitive scenario.
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The rise of the sports industry and the industries that depend on it is supported by the paradigm shift in the education system. Additionally, the popularity of sports instruction and coaching in academic settings has greatly increased awareness of exercise and sports. As a result, many educational institutions and schools provide training for children so that they can participate in a variety of sporting events.
In addition, the development of the sneaker business is facilitated by the fact that customers are increasingly choosing outdoor activities such as adventure sports to decompress or break the monotony of their daily lives. The market is growing as a result of initiatives taken by various governments in countries like Australia and India to encourage sports, health and fitness. These programs raised public awareness of sports and sports-related items.
The global sneakers market is analyzed based on product type, end-user, price, category, distribution channel, and region. By product type, the market is divided into low-top sneakers, mid-top sneakers, and high-top sneakers. Among these, the mid-top sneaker segment occupied the major share of the market in 2021 and is expected to maintain its dominance during the forecast period. Innovative product launches and the higher level of comfort offered by the shoes have also increased the demand for mid-top sneakers.
By price level, the market is divided into luxury and economy. A major factor expected to fuel the expansion of the global sneaker market is the increased willingness of consumers to spend more on sneakers owing to improved lifestyles and increased disposable income.
By end-user, the market is split into men, women, and children. The growth of the men’s sneakers segment is fueled by the fact that people can spend more on luxury items due to an increase in disposable income.
By distribution channel, the growth of the sneaker market is split between supermarkets/hypermarkets, specialty stores, brand outlets, e-commerce and others. The specialty store segment is expected to grow at the highest CAGR during the forecast period. Specialty stores provide options such as discounts as well as instant gratification benefits, resulting in a growth in the demand for the sneaker market.
By category, it is classified in private label and brand. The branded segment is expected to grow at the highest rate during the forecast period. Consumers who buy shoes through online sales channels prefer branded shoes because they can afford them at low prices. This factor is driving the branded sneakers market trends.
Regionally, Asia-Pacific dominated the market with the largest share during the forecast period. The Asia-Pacific market has a growth potential for companies offering new and innovative footwear products. Increasing urbanization and the surge of middle-class consumers in developing and developed markets have encouraged the adoption of convenience-oriented lifestyles, making sneakers more desirable for consumers of all walks of life. age groups.
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Top Players Analyzed for Sneaker Industry are 361 Degrees International Limited, Adidas Group, ANTA Sports Products Limited, Asics Corporation, Crocs Retail, Llc, Ecco Sko A/S, New Balance Inc., Nike, Inc, Peak Sports, Puma SE, Skechers USA, Inc., Under Armour, Inc., VF Corporation, Wolverine World Wide, Inc., Xtep International Holdings Limited.
Main results of the study:
○ By product type, the mid-top sneaker segment was the largest contributor to market revenue, with $63.95 billion in 2021, and is expected to reach $99.5 billion by 2031, with a CAGR of 4.68%.
○ According to distribution channel, specialty store segment was the highest sneaker market share, at $56.17 billion in 2021, and is expected to reach $85.66 billion by 2031, with a CAGR of 4.47%.
○ According to price, the luxury segment was the largest contributor of market revenue, with $84.01 billion in 2021, and is expected to reach $135.62 billion by 2031, with a CAGR of 5, 07%.
○ By category, the branded segment was the largest contributor of market revenue, with $88.11 billion in 2021, and is expected to reach $140.84 billion by 2031, with a CAGR of 4.96 %.
According to the end-user, the men’s segment was the largest revenue contributor in the market, at $65.19 billion in 2021, and is expected to reach $101.96 billion by 2031, growing at a CAGR of 4. 73%.
Regionally, Asia-Pacific was the largest revenue contributor, accounting for $48.11 billion in 2021, and is projected to reach $72.23 billion by 2031, at a CAGR of 4.3% .
Reason to buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Sneaker market.
○ Highlights key business priorities to guide companies to reform their business strategies and establish themselves in the vast geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the Sneakers Market, thereby allowing players to develop effective long term strategies in order to generate revenue from their market.
○ Take an in-depth look at the global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to some extent.
○ Improve the decision-making process by understanding the strategies that drive business interest with respect to products, segmentation, and industry verticals.
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