Sportswear Market Revenue, Future Growth, Trends, Major Key Players, Business Opportunities, Industry Share, Size Analysis by Forecast 2028

The size of the global sports shoes market is expected to grow due to the increasing use of environmentally friendly materials for manufacturing. According to the research report, the market was valued at USD 93.57 billion in 2020. It is expected to grow from USD 97.42 billion in 2021 to USD 134.99 billion in 2028 at a CAGR of 4.8% during the forecast period.

The demand for durable sports shoes is increasing rapidly due to the pollution issues. In May 2021, for example, Allbirds teamed up with Adidas to release a new sneaker for the latter’s Futurecraft line. It is made from eco-friendly materials and would generate very less carbon emissions.

Impact of COVID-19

The closure of physical stores around the world due to shutdowns to curb the spread of the virus has had a negative impact on the sports market. Companies have reported a drop in sales and are still struggling to cope with the shortage of labor and raw materials. Additionally, many sports businesses have reorganized to make masks and other essentials to help people fight the virus. However, this industry is expected to rebound as national governments help companies recoup economic losses.

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Report cover

The report involved four notable activities in projecting the current size of the Sports Footwear industry. Extensive secondary research was conducted to gather data on the parent market. Our next step included primary research to authenticate these sizings, assumptions and results with numerous industry experts. We also used bottom-up and top-down approaches to calculate market size.

The men’s segment held more than 50% share in 2020: Fortune Business Insights™

Based on gender, the market is divided into children, women and men. Among these, the men’s segment generated more than 50% of the sports shoes market share in 2020. This growth is attributed to the increasing participation of men, compared to the other two genders. The United States Bureau of Labor Statistics mentioned that men spent around 5.7 hours on sports activities in the country in 2018. But the tally was around 4.9 hours for women.

Increase Participation in Adventure Sports and Activities to Drive Growth in North America

Geographically, North America bought 38.99 billion USD in 2020 in terms of revenue. This growth is attributable to the increasing participation of people residing in the region in multiple adventure and sports activities. In January 2020, for example, the Outdoor Industry Association said that about 50.5% of people participated in outdoor activities in 2018. On the other hand, Asia-Pacific is estimated to be the region with the fastest growth in the coming years due to high consumer spending on sports shoes.

Competitive landscape

Key players are focusing on introducing innovative products to intensify the competition

The global market contains a large number of companies that constantly strive to compete with their rivals. To do this, they mainly participate in new product launches to attract more customers.

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Regional outlook

North America will remain at the forefront, supported by a booming recreational industry

North America is expected to hold the largest global sportswear market share over the forecast period. This is attributed to the area’s thriving recreational industry. A report by the Bureau of Economic Analysis indicates that the income of the American recreational sector represents 2.2% of its GDP. Moreover, the number of sports-minded students is increasing. Data from the National Federation State of High School Association indicates that in 2018-2019, approximately 7,937,491 students participated in the high school athletic program. Thus, the increasing number of people participating in recreational and sports activities will favor the regional market. North America was $72.82 billion in 2020.

Asia-Pacific is expected to experience significant growth over the forecast period due to increased government investment to promote sports activity in the region. For example, a report published by Economic Times in February 2020 reports that the Indian government has allocated $401.6 million to its sports budget. This budget was $7,103 more than the previous year’s national sports budget.

Major TOC of Sportswear Market:

  • introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Abstract
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
    • Tren emerge

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