Sneakers Market

Sneakers Market Outlook (2022 to 2032)

As per newly released data by Future Market Insights (FMI), the Sneakers Market is estimated at USD 72,232 million in 2022 and is projected to reach USD 1, 39,876 million by 2032, at a CAGR of 6.8% from 2022 to 2032.

Attribute	Details
Estimated Sneakers Market Size 2022	USD 72,232 Million
Projected Sneakers Market (2032) Market Size	USD 1, 39,876 Million
Value CAGR (2022 to 2032)	6.8%

Key Points Covered in Sneakers Market Survey

• Market estimates and forecast 2017 to 2032
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on the Sneakers Market and How to Navigate
• Recommendation on Key Winning Strategies

2017 to 2021 Sneakers Market Outlook Compared to 2022 to 2032 Forecast

Sneakers are classified as shoes made especially for playing sports or engaging in other forms of physical activity. They are referred to as the category of footwear that has a rubber or synthetic sole that is flexible. Cloth, leather, or synthetic alternatives make up the upper part of the shoes. These shoes are frequently worn as daily shoes.

The demand for more comfortable and cutting-edge footwear is one of the main drivers driving the growth of the global sneakers industry, along with peoples' better lifestyles and rising disposable income. Additionally, there are countless chances for market expansion due to the growing preference for stylish, branded, and high-fashion footwear among all age groups and the accessibility of easily customizable and cutting-edge features in footwear.

In addition, the expanding population and increased interest among young people in fitness and sports are boosting market demand. These factors, coupled with growing health and wellness concerns, are driving individuals to participate in a variety of physical activities.

Why is the demand for sneakers growing at a rapid pace?

Customers are not required to wear trainers, unlike other shoe styles including brogues, high heels, and court shoes. There's no need to put up with a little discomfort at first because the shoes will eventually become more flexible and conform to the contour of your foot when someone opts for sneakers. The instant someone puts on the correct pair of sneakers, it can feel like they are walking on clouds.

Nobody is going to get popular wearing shoes that smell bad. So it's crucial to give the feet room to breathe. When they don't, they become drenched in sweat, and warm, moist environments like that are ideal for the growth of fungi and bacteria.

Naturally, this condition results in smelly feet. The greatest option for consumers is to choose sneakers composed of breathable materials like mesh. These offer excellent value for the money, especially since people won't need to buy new sneakers as frequently.

Running for the train, jumping up and down at a concert, and many other activities may be done while wearing sneakers, which is one of their key advantages. One of the reasons sneakers are such a popular option is the freedom to move quickly and safely when walking, running, and jumping. Flexibility is essential. Shoes like sneakers can be worn anywhere, including the workplace, the bar, and the rave. Even a wedding can be attended in them.

How are key players marketing their sneakers to attract more consumers?

Consumers' decisions to buy sneakers are also influenced by the fashion choices of the celebrities and athletes they admire. Since different actors and athletes are well-known in different countries and regions, manufacturers of footwear and other athleisure clothing use different brand ambassadors in various nations according to their level of popularity.

Nike has employed Justin Timberlake as a brand ambassador for a while now. Puma's merchandise now features Selena Gomez as a brand endorsement. Customers are also psychologically influenced by this since seeing or remembering their stars also makes them think of the companies they support. In the projection period, this mentality generates pull-based sales of athleisure wear products.

Country-wise Insights

How is the sneakers market striving in India?

The sneakers market is growing exponentially in India

Hype feeds nicely into the status-driven nature of Indian society. Of doubt, it has a niche, but the potential consumer market is far wider than it first appears, especially in light of the way hype items function as stocks with fluctuating prices. This industry has grown exponentially during the previous three years, but a peak is still around five years away.

In the last ten years, the resale market has expanded from a small niche to a multibillion-dollar industry, and India's digital playground has shown to be favorable to this sneaker culture. People may stand in line for hours for popular and limited-edition sneakers.

Unique sneakers, however, are becoming more than just collectibles because of their growing popularity and growing acceptance as works of art. There is a lot of buzz surrounding the buying and selling of sneakers, and while there is a sizable audience who are buying to sell, fewer people are buying to wear.

What is the state of the sneaker market in the USA?

Nike is taking action to stop the growth of sneaker resellers and bots.

In order to stop resellers from buying its products and reselling them on the secondary market using automated technology or software, Nike, the shoe company, established new restrictions for USA online sales this month.

Earlier iterations of Nike's rules already forbade purchasing goods to resell. The corporation can, however, reject orders placed by bots according to the new regulations. Nike further stated that it has the authority to deny refunds, impose restocking fees, and terminate user accounts when it suspects them of reselling. Additionally, the business stated that it reserves the right to refuse orders if a customer's account has too many returns or buys more products than is allowed.

How are the global key players losing their position in the Chinese sneaker market?

Made-in-China brands are gaining popularity in China

No matter how much history Adidas and Nike have accumulated, it's possible that their dominance in Chinese shoe culture is coming to an end. The market value of the key players demonstrates how quickly the Made in China brand has grown.

In addition, issues with the supply chain of the shoe business brought on by the pandemic and Chinese restrictions are altering the long-established global equilibrium. Unquestionably, China is moving quickly in its development strategies. In fact, it's almost shocking when you think that nearly 50 years of history have passed between Adidas, Nike, and the two Chinese rivals Anta and Li-Ning.

Category-wise Insights

Which type of product will contribute a major share of the sneaker market?

Adult sneakers will contribute a major share of the sneaker market

The adult sneaker segment is the largest in the sneaker market. Due to growing awareness surrounding fashion, sneakers are becoming more and more popular among adults. Growing adult health concerns have led to a desire for fitness activities, and an increase in disposable income is directly fuelling demand for more comfortable sneakers.

Which segment will have the most consumers on the basis of consumer orientation?

Sneakers are mostly preferred by men

Comparatively, men tend to use sneakers more as they are engaged in ample physical activities in their day-to-day life. Sneakers provide comfort as well as safety to some extent. Whereas, women have a lot of options in footwear and are very conscious about their fashion. They tend to choose matching footwear for their clothing and prefer to wear certain footwear for designated occasions and events. While men search for options that can be combined with any type of attire which is fulfilled by the use of sneakers.

Which Sales Channel is expected to contribute majorly to the Sneaker Market?

Offline retail stores are anticipated to contribute majorly to the sneaker market

Store-based retailing will have the most number of consumers in the sneaker market as compared to the online segment. The customers purchasing sneakers are highly concerned about the fitting and the look after wearing them. The retail stores benefit the customers as they can try out their preferred brand of sneakers and choose from a variety of options.

Competitive Landscape

Manufacturers are; working hard to create sneakers that are completely novel for consumers to use. These factors have revitalized the worldwide sneaker market, and demand is rising.

For Instance:

Nike is planning to launch a new variety of Air Adjust Force x Ambush sneakers which come in an interesting color combination of university blue and habanero red. This is the extension of the series air force one which is admired by populations throughout the world.

Scope of Report

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, Consumer Orientation, 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

Sneakers Market by Category

By Product Type, the Sneakers Market is segmented as:

• Adult Sneakers
• Children Sneakers

By Application, Sneakers Market is segmented as:

• Sports
• Lifestyle
• Competition

By Consumer Orientation, the Sneakers Market is segmented as:

• Men
• Women

By Sales Channel, the Sneakers Market is segmented as:

• Multi-brand Stores
• Independent Small Stores
• Online Retailers
• Other Sales Channel

By Region, the Sneakers Market is segmented as:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa(MEA)

Frequently Asked Questions

How Big was the Sneakers Market in 2022?

The market was valued at USD 72,232 million in 2022.

Which Type of Product is Expected to Contribute a Significant Share of the Sneaker Market?

Adult sneakers are estimated to contribute a significant share of the sneaker market.

What is the Projected Size of the Market by 2032?

By 2032, the market is expected to be worth USD 1, 39,876 million.

What is the Growth Forecast for the Sneakers Market in 2032?

The industry is expected to surge at a 6.8% CAGR.

How is the Sneakers Market Striving in India?

The sneakers market is growing exponentially in India.