According to a new report by Allied Market Research, titled, the world athletic footwear industry is expected to generate revenue of $114.8 billion by 2022, growing at a CAGR of 2.1% from 2016 – 2022. Asia-Pacific accounted for the highest revenue in 2015, followed by Europe.
Large population size coupled with rising disposable income and the increasing health and fitness awareness are amongst the major factors boosting the demand for high-end athletic footwear in developing markets, said the research group. On the flip side, increasing environmental concerns and rising prices of raw materials have emerged as the major challenges for the players operating in the market. “However, the market is anticipated to unfold attractive business opportunities owing to changing consumer lifestyles and increasing penetration of online retailing,” said Allied researchers.
The men’s segment occupied a prominent share of 52.5% in the world athletic footwear industry, followed by the women segment in 2015, said Allied. The kids segment is anticipated to witness the fastest CAGR of 2.4% during the forecast period. Moreover, penetration of athletic footwear is expected to increase amongst women in developing countries owing to increasing consciousness towards health and fitness.
Running & walking shoes accounted for the maximum market share of 40.7% in 2015, due to their widespread adoption as daily wear shoes by consumers, worldwide. North America exhibited the highest penetration of aerobic and gym wear shoes in 2015, owing to consumer’s involvement in gym and dance classes in countries such as the U.S. and Canada. Within the sport shoes category, soccer accounted for the momentous market share of 28.5% in 2015, due to growing popularity of the sport across the globe.
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