LONDON–(BUSINESS WIRE)–The global sports footwear market size is expected to decline by USD 10.23 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Innovation plays a vital role in the sports footwear market. This is mainly attributed to the rising competition in the industry, and the diverse requirements of end-users. Customers in the sports industry are increasingly seeking innovative, high-quality products that deliver high performance. Thus, key market competitors Nike Inc., adidas AG, New Balance Athletics Inc., PUMA SE, Skechers USA Inc., Under Armour Inc., ASICS Corp., and others are always up for bringing new innovative sportswear to the market. For instance, Nike is one of the leading manufacturers of sports footwear, which offers a wide variety of sports footwear for specific sports. Its sports footwear for basketball, football, baseball, and other sports are incorporated with technologies like Nike Air, Lunar, Zoom Free, Flyknit, and NIKE+. Jordan, under Nike, offers sports footwear for basketball and other training. Such innovations are expected to fuel the growth of the market.
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As per Technavio, the growing popularity of marketing strategies such as celebrity endorsements will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Sports Footwear Market: Growing Popularity of Marketing Strategies such as Celebrity Endorsements
The launch of advertising campaigns such as celebrity endorsements is one of the most result-oriented and popular marketing strategies adopted by almost all the key sports gear and equipment manufacturers. The success of celebrity endorsement campaigns is attributable to the fact that the most common buying behavior among customers is the selection of products that are promoted by their favorite athletes. Therefore, key competitors use celebrity endorsements as one of their primary marketing tools. Famous players like Cristiano Ronaldo (football), Lionel Messi (football), Virat Kohli (cricket), Mahendra Singh Dhoni (cricket), Roger Federer (tennis), Rory Mcllroy (golf), Saina Nehwal (badminton), P.V. Sindhu (badminton), Lin Dan (badminton), and others often launch new product lines of international competitors, which aids in increasing their sale revenues.
“Other factors such as the expansion of distribution networks, and the use of environment-friendly materials to manufacture sports gear and equipment will have a significant impact on the growth of the sports footwear market value during the forecast period,” says a senior analyst at Technavio.
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Sports Footwear Market: Segmentation Analysis
This market research report segments the sports footwear market by product (athleisure sports footwear, running sports footwear, court game sports footwear, cleats sports footwear, and others) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the sports footwear market share in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the MEA region is expected to register the highest incremental growth due to factors such as the increased spending on fitness activities due to improving lifestyles and rising disposable income of the people.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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