As per newly released data by Future Market Insights (FMI), the Men’s Sneakers Market is estimated at USD 31,927 million in 2022 and is projected to reach USD 52,135 million by 2032, at a CAGR of 5% from 2022 to 2032.
| Attribute | Details |
|---|---|
| Estimated Men’s Sneakers Market Size 2022 | USD 31,927 Million |
| Projected Men’s Sneakers Market (2032) Market Size | USD 52,135 Million |
| Value CAGR (2022 to 2032) | 5% |
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Comparatively, men use sneakers more frequently because they engage in more physical activity in their everyday life. In certain ways, sneakers offer both safety and comfort. Women, on the other hand, have several alternatives for footwear and are fashion-conscious. They frequently choose footwear that complements their outfits and favor wearing particular types of shoes on particular days and situations. While men look for options that can be worn with any sort of clothing and sneakers fit that need.
The current global rise in health awareness has led to an increase in the number of people using fitness facilities and participating in both indoor and outdoor exercise activities. All age groups have seen a rise in demand for men's sneakers as a result. Counterfeit brands are often particularly prevalent in emerging economies because consumers are extremely price-conscious. This element hinders the sale of genuine shoe brands that are currently available in these countries. The increase in the sneaker business is also being fuelled by a surge in disposable income, which is enabling people to spend more on luxury goods.
Men's Sneakers are in high demand because of their extensive application in a variety of settings. Men’s Sneakers are used by a variety of consumer groups, including athletes and rock climbers. Visitors to the gym, fitness-minded customers, and others who use them for brief workouts are all there. High-quality base materials like leather, foam, and plastic are coupled with cutting-edge chemical additives to produce the numerous types of shoes that are available on the market.
As fashion trends increase, there is a need for innovative products, which presents market potential. Customers anxiously anticipate new releases or recent additions to the market. In the upcoming years, it is anticipated that the need for innovative and stylish products would rise due to the fast-changing nature of fashion trends. Customers are increasingly looking for stylish athletic shoes with aspects of sports design in keeping with the athleisure trend. The introduction of sneakers to sports, particularly basketball and skateboarding, is one of the key reasons they are growing in popularity among consumers.
The rise in environmental concerns is one of the major factors limiting the sneaker business. The market is constrained by the government's and environmental organizations' aggressive efforts to combat pollution. The industry is one of the main causes of the pollution of the rivers and environment.
Despite the high prices demanded by well-known sneaker brands like Nike, Adidas, and Puma, there has been an increase in fake brands. Counterfeit brands are often particularly prevalent in emerging economies because consumers are extremely price-conscious. This element hinders the sale of genuine shoe brands that are currently available in these countries.
The sneaker market is constrained by rising costs for synthetic leather, chemicals, and other raw materials while maintaining constant prices for finished goods. Due to price increases brought on by rising raw material costs at a period when the pandemic and unemployment have prevented customers' purchasing power from increasing, buyers are limiting their sneaker purchases from once every six months to once every nine months.
Manufacturers were in extremely difficult circumstances as a result of the over 50% increase in the price of raw materials. Although they were able to raise prices to some extent, they were unable to pass the full increase on to their customers because their income had not grown.
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Social media marketing is aiding the growth of the Men’s Sneaker Market in the country
Increasingly consumers are using various platforms of social media as internet usage increases. Major businesses in the sector establish plans to promote their products on these social media platforms. One of the primary strategies is social media marketing, employed by many industries and businesses to inform target clients about their product offerings on social media platforms. As a result, the South Korean market for men's sneakers sees a significant opportunity through its social media marketing strategy to gain traction and eventually develop registration among its target demographics, which also results in rising demand for men's sneakers.
The popularity of the Men’s Sneakers market is growing in India
The status-driven structure of Indian society is well served by hype. It undoubtedly fills a niche, but considering the hype products act as stocks with volatile values, the potential consumer market is much larger than it first appears. Although this industry has risen rapidly over the last three years, a peak is still approximately five years away.
The resale market has grown from a little niche to a multibillion-dollar industry in the last 10 years, and India's internet playground has proven to be beneficial to this sneaker culture. For well-liked and rare footwear, people may wait in line for hours. However, due to their increasing acknowledgment as works of art and due to their expanding popularity, unique shoes are moving beyond the arena of mere collections.
The men’s Sneakers Market is developing at a rapid pace in China
Along with being a successful market for non-athletic sneakers, China is also developing into a significant market for athletic sneakers. Largely as a result of regulatory measures linked to athleticism and national exercise programs, the country's rapid urbanization, rising per-capita incomes, international sporting events held there, and rising participation in recreational sports, among other factors.
Additionally, made-in-China products are becoming more well-known. China is advancing its growth plans swiftly. The horrific history between Adidas, Nike, and the two Chinese rivals Anta and Li-Ning stretches close to 50 years. While now, these Chinese businesses are poised to surpass the top players worldwide.
Mid-top sneakers will contribute a major share of the Men’s Sneaker Market
The worldwide sneaker market is dominated by the mid-top segment. Growing awareness of fitness and health has increased demand for mid-top sneakers, especially in industrialized nations. Mid-top sneakers are more in demand now than ever before because of new product introductions and improved levels of comfort provided by footwear.
Consumers primarily favor lace-up sneakers
The most popular fashion of men’s sneakers is lace-up footwear. As their name suggests, they are fastened with lace that is strung through lugs or eyelets. The majority of buyers love this style of footwear due to its durability and simple tying system. While people enjoy styling their laces through the eyelets in various ways. As a result, consumers tend to like lace-up shoes the most.
Offline retail outlets are projected to participate considerably in the men's sneaker market.
When compared to the internet segment, store-based retailing will have the majority of consumers in the men’s sneaker market. Customers who buy shoes are very worried about the fit and how they will appear after wearing them. Customers profit from retail stores since they may test out their chosen brand of sneakers and select from a wide range of choices.
Major suppliers of men's sneakers are mostly concentrating on product innovation to give consumers the right stability and comfort. In order to keep their position in the market, they are also focusing on the creation of proper branding. The market participants will have growth possibilities during the forecast period as a result of the adoption of acquisitions and collaborations.
For instance:
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania & Middle East and Africa(MEA) |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, Russia, South Africa, Northern Africa GCC Countries, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia & New Zealand. |
| Key Segments Covered | Product Type, Application, Closure Type, Sales Channel, and Region. |
| Key Companies Profiled | Adidas Group; Nike Inc.; New Balance; ASICS; PUMA SE; Under Armour, Inc.; Li Ning Company Ltd.; ECCO; China Dongxiang (Group) Co., Ltd.; 361 Degrees International Limited.; Vans; Converse |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The rise in environmental concerns and the high prices demanded by well-known sneaker brands impede market growth.
Social media marketing is aiding the growth of the men’s sneaker market in the country.
Due to their increasing acknowledgment as works of art and due to their expanding popularity, the popularity of the men’s sneakers market is growing in India.
Mid-top sneakers will contribute a major share of the men’s sneaker market.
Adidas Group, Nike Inc., and New Balance are the top market players.
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