Global Sneakers Market Outlook
Sneakers Market achieved a valuation of USD 78.9 Billion in 2022. Anticipated growth in the Sneakers market industry is expected, with a projection to escalate from USD 84.9 Billion in 2023 to USD 152.5 Billion by 2032. This represents a noteworthy compound annual growth rate (CAGR) of 7.60% throughout the forecast period spanning 2023 to 2032.The athleisure trend, sports culture, and increased consumer demand for comfortable footwear are all driving the rapid expansion of the global sneakers industry. The market is expanding throughout many regions as a result of key companies constantly innovating in terms of design, technology, and collaborations to cater to a variety of consumer tastes.
Segment Analysis
The global sneakers market has been segmented based product type, end user, and distribution channel.
On the basis of product type, the market is segmented into low-top sneakers, mid-top sneakers, and high-top sneakers. Mid-top sneakers segment dominated the global market in 2022. As people's awareness of health and fitness has expanded, especially in emerging economies, the demand for mid-top trainers has skyrocketed.
Based on end user, the global sneakers market has been segmented into men, women, and kids. Men segment dominated the global market in 2022.The section is predicted to continue to be significant over the projection period.
Based on distribution channel, the global sneakers market outlook has been segmented into department store, specialty stores, online, and others. Online segment dominated the global Sneakers market in 2022. Consumers choose to buy things online due to rising internet usage and advantages like convenient access and payment alternatives.
Regional Analysis
The global Sneakers market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Sneakers market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Sneakers market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Sneakers market comprises of Middle East, Africa, and Latin America.
The North America Sneakers Market dominated this market in 2022 (45.80%). Customers' changing lifestyles, growing fashion consciousness, and high disposable income are to blame for this, which encourages them to place comfort over price. The United States is the key nation in the region where there is a rising need for trainers. Trainers have historically been linked to American culture, yet they are now worn widely all around the world. Many people seek trainers, particularly the younger generation. The Asia Pacific area took the lead in 2021 in terms of revenue share. Additionally, in the North American area, the U.S. Sneakers market had the biggest market share, while the Canada Sneakers market had the fastest rate of expansion.
Moreover, in 2022, Europe's Sneakers market had a sizable portion of the overall market. The number of people utilising fitness centres and taking part in both indoor and outdoor exercise activities has increased as a result of the current global growth in health awareness. As a result, all age groups have seen an increase in the demand for trainers. Additionally, those who work choose physical activities like swimming and running to maintain their fitness and activity levels. As a result, demand for shoes has increased across all age groups, driving growth in the European footwear market.
Additionally, the Asia Pacific Sneakers market is expected to register significant growth from 2023 to 2032. Major shares of the regional market were held by China, Japan, and India. Market expansion in this region is anticipated to be fueled by a rise in government measures to raise consumer awareness of health and wellness through supporting 2K and 5K races and requiring sports hours in schools and workplaces. Additionally, it is anticipated that rising socialisation rates, participation of individuals in recreational sports activities, and participation of Asian nations in sports at both the national and international levels will all increase product demand in the region.
Furthermore, the rest of the world's Sneakers market is divided into the Middle East, Africa, and Latin America.The increased urbanisation, rising disposable incomes, and developing fashion consciousness in the region are all contributing to the enormous rise of the Latin American footwear market. While local companies are becoming more well-known and delivering hip styles that appeal to young people, international trainer brands are growing in popularity.
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