Rising demand for comfortable, stylish sneakers driven by better lifestyles and disposable income fuels global industry growth.

NEWARK, DELAWARE, UNITED STATES OF AMERICA, October 16, 2023 /EINPresswire.com/ -- As per newly released data by Future Market Insights (FMI), the sneakers market is estimated at US$ 72,232 million in 2022 and is projected to reach US$ 1,39,876 million by 2032, at a CAGR of 6.8% from 2022 to 2032.

One of the key factors fueling the growth of the sneakers market is the spread of e-commerce sites around the world. Every age group is becoming more inclined toward stylish, branded, and high-fashion footwear, and the rise in disposable income is driving up demand for more inventive and comfortable footwear, which is accelerating market growth.

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Increased consumer preference for online media due to its flexibility and population-wide rise in health and wellness concerns are other factors that are influencing the market. Additionally, the market for sneakers is benefited by population growth, swift fashion trends, internet and smartphone penetration, and people's bettering lifestyles. Additionally, the ease with which customized and cutting-edge features may be added to footwear creates lucrative prospects for market participants over the projection period of 2022 to 2032.

On the other side, it is anticipated that the accessibility of locally produced, duplicated, or fake items will restrain market expansion. The COVID-19 epidemic is expected to complicate the raw material supply chain, which will pose a problem for the sneakers market.

Key Takeaways from the Sneaker Market Study

In terms of sales channel, offline retailing is likely to dominate over the forecast period. Whereas, consumer tastes are evolving, and instead of shopping offline, customers are turning to online retailing, which is prompting manufacturers to expand their online presence in the market. One of the major factors driving the growth of the online sales channel is the availability of a wide range of sneakers online.

Women’s sneakers are in great demand and are rapidly increasing. Major footwear companies are targeting women’s sneakers, and the market is being bolstered through distinct advertising and branding.

In the case of regional analysis of regions like the North America and Asia is expected to gain traction in the sneaker market.

“The demand for sneakers is rising in almost every part of the world. This type of footwear is preferred by people from every age group and is expected to grow at a rapid pace in the forecast period.” Opines Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI).

Impact of COVID-19 on the Market

The COVID-19 epidemic wreaked havoc on a multitude of industries throughout the world, including the footwear sector. Due to the discretionary nature of footwear, it was one of the most severely impacted businesses by the pandemic, as a consequence of the combined effect of outlet closures and austerity with regard to rapidly deteriorating economic conditions. Due to the accessibility of online commerce and doorstep delivery, the shoe industry has recovered, with a rise in demand in post-covid conditions.

Key Manufacturing Companies

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

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Sneakers Market by Category

By Product Type, Sneakers Market is segmented as:

Adult Sneakers
Children Sneakers

By Application, Sneakers Market is segmented as:

Sports
Lifestyle
Competition

By Consumer Orientation, Sneakers Market is segmented as:

Men
Women

By Sales Channel, Sneakers Market is segmented as:

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

By Region, Sneakers Market is segmented as:

North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA

Author by

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments about Consumer Retail Goods.

Her work primarily focuses on facilitating strategic decisions, planning and managing cross-functional business operations technology projects, and driving successful implementations. She has helped create insightful, relevant analyses of Food and beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

Explore FMI’s Extensive Ongoing Coverage in the Consumer Product Domain

The designer sneaker market size is estimated at USD 182.9 million in 2022 and is projected to reach USD 289.5 million by 2032, at a CAGR of ~4.9% from 2022 to 2032.

The training shoes market growth is estimated at USD 243.2 million in 2022 and is projected to reach USD 356.6 million by 2032, at a CAGR of ~3.9% from 2022 to 2032.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Ankush Nikam
Future Market Insights, Inc.
+91 90966 84197
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