The sports footwear market, valued at USD 93.57 billion in 2020, is projected to witness steady growth, reaching USD 134.99 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 4.8% during the 2024-2028 period, according to a report titled "Sports Footwear Market, 2024–2028" by Fortune Business Insights™.

Information Source: https://www.fortunebusinessinsights.com/sports-footwear-market-102216 

List of Key Players Profiled in the Sports Footwear Market Report:

• Under Armour, Inc. (Baltimore, U.S.)
• Skechers, USA Inc. (Manhattan Beach, U.S.)
• Fila Holdings Corp (Seoul, South Korea)
• Converse (Boston, U.S.)
• Diadora S.p.A. (Caerano di San Marco, Italy)
• ASICS Corp. (Chuo City, Japan)
• Nike Inc. (Beaverton, U.S.)
• Adidas Group (Herzogenaurach, Germany)
• MIZUNO Corporation (Chiyoda City, Japan)
• Puma SE (Herzogenaurach, Germany)

Report Methodology:

The report utilized exhaustive secondary research to collect data on the parent market and conducted primary research to validate assumptions and findings with industry experts. Market size was calculated using bottom-up and top-down approaches.

Market Drivers & Restraints:

The rising prevalence of chronic diseases and increasing health consciousness, coupled with the establishment of gyms and sports infrastructure, are anticipated to drive market growth. However, the high cost of sports shoes and the negative impact of the COVID-19 pandemic, resulting in the closures of educational institutions and sports events, pose challenges to market expansion.

Factors Influencing Market Growth:

The growth of the sports footwear market is driven by increasing sports participation, changing consumer lifestyles emphasizing health and wellness, technological advancements, fashion trends, the growth of e-commerce, sports sponsorships, and endorsements, rising health and fitness awareness, demographic factors, and product innovations.

Market Segmentation:

The market is segmented by gender into kids, women, and men. The men's segment held more than 50% market share in 2020, driven by higher participation rates compared to other genders.

Regional Insights:

North America led the market with USD 38.99 billion in revenue in 2020, attributed to increasing participation in sports and outdoor activities. Asia Pacific is expected to witness the fastest growth due to high consumer expenditure on sports footwear.

Competitive Landscape:

Key players in the market focus on introducing innovative products to stay competitive. For example, in March 2020, Adidas launched its 'Faster Than' campaign and introduced the SL20 line of lightweight shoes featuring a unique Lightstrike midsole.

The sports footwear market is poised for steady growth, driven by various factors including changing consumer preferences, technological advancements, and increasing health consciousness worldwide.