Sneakers Market

Global Sneakers Market Size (2024 to 2029) 

The global sneakers market is expected to grow at a CAGR of 6.4% from 2024 to 2029 and the market size is predicted to be valued at USD 122.51 billion by 2029 from USD 89.84 billion in 2024.

Sneakers are footwear initially developed for athletics, but modern changes have made them informal footwear. Sneakers are widely used for the primary purpose of physical activity, sports, and casual wear. The term sneakers refers to footwear with a flexible sole made of synthetic material or rubber and an upper part made of synthetic alternatives such as leather or cloth. Sneakers are trendy in everyday shoes as they are comfortable and flexible. 

Global Sneakers Market Drivers:

The increasing number of sports activities across the world are demanding athleisure fashion, which is style and comfortable footwear. Athletes require flexible and comfortable shoes for the sports activity. The rising awareness of people towards staying healthy and fit is boosting the adoption of sneakers and propelling the global market growth. The growing inclination towards fashion, trendy, branded, and comfortable footwear across all age groups due to the rising disposable incomes of the population is augmenting the growth of the global sneakers market. With the increasing trend of sneakers as casual fashion shoes, manufacturers are focusing on introducing high-fashioned, flexible, and comfortable shoes that are highly preferable for physical activity, accelerating the growth of the global sneakers market. The increasing population with rising health concerns is influencing people to participate in physical activities, which is enhancing the people to choose comfortable and flexible footwear, increasing the global sneakers market growth. The rising prevalence of lifestyle health disorders among the people due to irregular patterns of busy lifestyles is contributing to the global market growth. Lifestyle-related diseases such as obesity, diabetes, and high blood pressure require people to participate in physical activities and sports, raising the demand for sneakers and resulting in global market growth. 

Sneakers are integral in the lifestyle and are crucial and functional in maintaining health and fashionable footwear by making people pursue an active life. The awareness created among people to maintain a healthy lifestyle by participating in physical activities is propelling the global sneakers market growth. Most people across the world show interest in adventures by exploring the world. In the case of these people, sneakers are as helpful as running shoes, hiking shoes, and trail shoes, which influence them to adopt the use of sneakers. All these factors are enhancing the growth of the global sneakers market growth. 

The rising interest of people towards eco-friendly and sustainable products is estimated to create growth opportunities for the market participants of the global sneakers market. Sustainable sneakers comprise recycled plastics, organic cotton, and leather alternatives, attracting people and increasing sneaker adoption by increasing the market revenue. Some manufacturers are implementing a market strategy of recycling old sneakers to create new ones, which has been gaining traction in recent years. Manufacturing sustainable sneakers is expected to provide opportunities for emerging and existing brands. As consumers' demand for sustainable products increases, the market value of sneakers is expected to increase, making sustainability a key driver for market growth. 

Global Sneakers Market Restraints:

The presence of various counterfeit products worldwide is restraining the market growth. Many organizations often imitate popular sneaker brands, leading to customer confusion. Counterfeit sneakers are cost-effective and give the same look as branded sneakers, which are adopted in most emerging regions and impact sneaker market expansion. The counterfeit sneaker industry hinders the region's economic growth by avoiding tax revenue, negatively impacting businesses. The availability of other casual and comfortable footwear is expected to hamper the market adoption of sneakers across the globe by limiting the market revenue with low adoption of sneakers. 

The durability of sneakers for athletic activities is majorly challenging for adopting sneakers for long-term sports activities, limiting the growth of the global sneakers market. Depending upon the materials used for manufacturing the sneakers, the durability works, especially in frequent use cases. Specific types and models of sneakers may need adequate support, which may impede the growth of market expansion possibilities. 

REPORT COVERAGE:

This research report on the global sneakers market has been segmented and sub-segmented based on product type, end-user, distribution channel, and region.

Global Sneakers Market - By Product Type:

• Low-Top Sneakers
• Middle-Top Sneakers
• High-Top Sneakers

Based on product type, the low-top sneakers segment held the largest share of the global sneakers market in 2022 and is expected to grow steadily in the forecast period. Low-top sneakers are preferred due to their comfort and better cut with lightweight, which helps by increasing the range of motion, propelling the growth of the low-top sneakers segment. Low-top sneakers provide free movement to the ankle with a slight edge, influencing people to adopt these sneakers. Low-top sneakers are popular among basketball players who deploy cutting movements during the game. All these factors enhanced the adoption of this segment by increasing the market growth.

The middle-top sneakers segment is anticipated to increase with significant CAGR during the forecast period. The rising health consciousness among the people is increasing the demand for middle-top sneakers, primarily in emerging nations. Middle-top sneakers were initially manufactured for sports activities such as tennis and basketball, but in recent periods, they have been widely adopted by skaters. Manufacturers focus on providing excellent comfort and innovative product models, which is expected to increase growth opportunities for adopting middle-top sneakers by increasing the market size. 

Global Sneakers Market - By Distribution Channel:

• Online Retail Stores
• Offline Retail Stores

Based on the distribution channel, the offline retail store segment dominated the sneakers market with the largest share in 2022 and is projected to have a significant growth rate during the forecast period. The demand for sneakers in offline stores is high, driving the sneakers market revenue in this segment. This is due to the availability of various brands at department stores, and consumers can ensure comfort and match preferences with the product, primarily attracting customers by enhancing market growth. The shopping aids, discounts, offers, and display systems with freedom of selection are the various factors boosting the consumers to visit the offline retail stores.

The online retail stores segment is projected to grow with a significant CAGR over the forecast period. Increasing internet penetration and digital transformation, easy access, and home delivery are influencing consumers to shop through online retail stores by raising the sneakers market growth. In the U.S., 25% of the product purchases are from online retailers due to the increased adoption across the globe. The arrival of the pandemic has led consumers to become accustomed to online retailing, which is expected to propel growth opportunities for the sneakers market. 

Global Sneakers Market - By End-User:

• Women
• Men
• Kids

Based on end-users, the men's end-user segment dominated the sneakers market revenue in 2022 with the largest share and is expected to maintain the domination during the forecast period. The rising digital transformation and urbanization adoption influence men toward fashion trends. The trend of wearing sneakers as casual footwear due to fashion is driving the sneakers market growth in the men's segment. The growing influencers for styling men to beautify their outfits are expected to impact market growth positively. 

The women's end-user segment is estimated to increase, with a significant growth rate during the forecast period. Many brands are focusing on women in consideration of fashion. The growing women's participation in athletics and sports activities for empowering women is primarily influencing the various sports to focus on women's sneakers by enhancing the market growth. 

Global Sneakers Market - By Region:

• North America
• Europe
• Asia Pacific 
• Latin America
• Middle East and Africa

Asia Pacific region witnessed the largest share in the sneakers market revenue in 2022 as India, China, and Japan accounted for significant regional market shares. Rising initiatives for sports activities in schools and offices, such as marathons, are expected to drive the sneakers market growth in the region. The growing adoption of urbanization is leading people to participate in physical activities and sports, which is raising the usage of sneakers among people of all age groups, impacting market revenue. Asian countries are highly active in national and international sports, increasing the demand for sneakers in the region by increasing the market size.

The North American region is projected to increase with a significant CAGR over the forecast period. The growing fashion consciousness with high disposable incomes and changing lifestyles is influencing people to adopt branded sneakers, boosting the sneaker's market value in the region. The younger generation has highly adapted to sneakers in the sense of fashion and sports activities, which is expected to increase the market growth during the forecast period. The developed countries US and Canada are highly adapted to modern culture and fashion where the adoption of sneakers is common which is driving the market growth in the region. U.S. accounts for the largest share of market revenue in the region.

KEY MARKET PLAYERS:

Companies playing a key role in the global sneakers market include Nike Inc., Adidas AG, New Balance Athletics, Inc., ASICS Corporation, Kering SA, Skechers USA, Inc., Puma S.E., V.F. Corporation, Under Armour Inc. and Relaxo Footwears Ltd.

RECENT HAPPENINGS IN THE MARKET:

• In July 2022, Adidas AG and Guccio Gucci announced their launch of a much-anticipated footwear line centered on the Gazelle Silhouette.
• In December 2021, Chloe SAS launched the Nama Sneaker, which is specially made to reduce the impact on the environment by manufacturing these sneakers with impacting materials, which include 40% of the weight of the sneakers ' recycled materials and components. 
• The BB 4000 II, a legendary basketball shoe from Reebok B.B., a footwear brand from the 1980s, has returned. The new BB 4000 II maintains the same design as in 1989 with slight value changes by providing exceptional craftsmanship, which is highly preferable to wear for any outfit.