Sneakers Market Assessment, By Product Type [Low-Top Sneakers, Mid-Top Sneakers, High-Top Sneakers], By Price-Point [Luxury, Premium, Masses], By Category [Private Label, Branded], By Distribution Channel [Supermarket/Hypermarket, Specialty Stores, Brand

Sneakers Market Assessment, By Product Type [Low-Top Sneakers, Mid-Top Sneakers, High-Top Sneakers], By Price-Point [Luxury, Premium, Masses], By Category [Private Label, Branded], By Distribution Channel [Supermarket/Hypermarket, Specialty Stores, Brand Outlets, E-commerce], By End-user [Men, Women, Kids, Unisex], By Region, Opportunities and Forecast, 2017-2031F

Global sneakers market is projected to witness a CAGR of 6.05% during the forecast period 2024-2031, growing from USD 78.17 billion in 2023 to USD 125.06 billion in 2031. The market has experienced significant growth in recent years and is expected to maintain a strong pace of expansion in the coming years.

Sneakers are footwear or athletic shoes primarily designed for sports or other forms of physical activity. The sole of these shoes is flexible and made with rubber and synthetic materials, and the upper part is made up of leather substitutes or textile materials. Sneakers offer comfort, support, and protection to the individual feet during physical activities.

Although originally designed for athletic purposes, later sneakers have excelled in their functional role and evolved into a fashion statement, with assorted designs, colors, and styles catering to various choices and trends. As sneakers provide comfort, they increase emphasis on health and fitness which has led to a rise in demand for comfortable and supportive footwear, driving their sales in the market. Also, the fusion of fashion and sportswear has expanded the consumer base drawing attention to athletes as well as fashion-conscious individuals who seek style and comfort, which is further driving the market growth. The increasing consumer inclination towards stylish yet comfortable footwear, particularly sneakers, is driving substantial growth in the market, a surge in online sales and the proliferation of e-commerce platforms have significantly impacted the sneakers market, and Brands within the sneakers industry are increasingly embracing ecological sustainability initiatives to mitigate their environmental impact, which is expected to drive the market growth.

Rising Consumer Demand for Stylish and Comfortable Footwear Accelerates the Market Growth

The increasing consumer inclination towards stylish yet comfortable footwear, particularly sneakers, is driving substantial growth in the market. Sneakers have evolved beyond athletic wear, becoming a fashion fundamental for various occasions. The trend is fueled by factors such as changing lifestyles, where people seek versatile footwear suitable for both casual and semi-formal settings. In addition, the rise of athleisure culture has further propelled the demand for trendy sneakers that offer both style and functionality. Brands continuously innovate to meet these demands, introducing modern designs technologies to enhance comfort and aesthetics. Their versatility and comfort make them indispensable in modern wardrobes. The growing demand for stylish and comfortable sneakers is fueling market expansion, with manufacturers striving to meet the evolving needs of recognizing consumers.

For instance, in March 2024 Xero Shoes, a trailblazer in barefoot footwear launched the Spring/Summer’24 collection focusing on comfort and foot-first design, low profile footwear to fit the trend of minimalist sneakers. The launch aims to provide comfortable, wider, and flexible sneaker as well as a balance of protection and ground feel, supporting natural movement and foot freedom, which is versatile and seamlessly fits in various activities without compromising style.

Increasing Online Sales and E-commerce Platforms Drive the Market Growth

The surge in online sales and the proliferation of e-commerce platforms have significantly impacted the sneakers market. Consumers increasingly prefer the convenience of shopping for sneakers online, as it offers a wide selection, ease of comparison, and the ability to make purchases from anywhere and anytime. E-commerce platforms provide a seamless shopping experience, with features such as user reviews, size guides, easy returns, and enhancing consumer confidence in online purchases. The shift towards online shopping has led sneaker brands and retailers to prioritize their digital presence, investing in user-friendly websites, mobile apps, and robust online marketing strategies. In addition, the rise of online-exclusive releases and collaborations has further fueled online sales growth in the sneakers market. As a result, online sales channels have become a vital component of sneakers sales, driving market expansion, and shaping consumer behavior in the footwear industry.

For instance, in June 2024 Bata Corporation partnered with Sarenza S.A., a France based online retail company. This partnership leads to the expansion of Bata Corporation product on e-commerce website of Sarenza.

Ecological Sustainability Initiatives Taken by Brands

Brands within sneakers industry are increasingly embracing ecological sustainability initiatives to mitigate their environmental impact. It includes initiatives throughout the product lifecycle, from design to production and post-consumer stages. Brands prioritize using of eco-friendly materials such as recycled polyester, organic cotton, and bio-based plastics in sneaker production. In addition, there is a growing emphasis on reducing carbon emissions and water consumption during manufacturing processes. Brands are also exploring innovative techniques such as 3D knitting and zero-waste production to minimize material waste. Moreover, some brands are implementing recycling programs allowing customers to return sneakers for recycling or repurposing. Collaborations with sustainable practices within the industry are becoming more common. These initiatives address the growing consumer demand for eco-friendly products and demonstrate brands commitment to environmental stewardship positioning them as leaders in sustainable fashion with the competitive sneakers market.

For instance, in August 2023 PSUDO a sustainable slip-on sneaker brand partnered with Blumaka, a sustainable foam manufacturer and launched newest style ecological sustainable sneakers ‘PSUDO blu’ which contain 85% recycled content. This launch aims to provide comfortable, eco-friendly products.

North America Dominates Sneakers Market

North America dominates global sneakers market due to numerous factors such as strong culture of streetwear and fashion, with cities such as New York and Los Angeles influencing global trends. Some of the major sports wear companies such as Nike and Adidas in North America give more advantage. In addition, the continent has a large diverse consumer base with a high purchasing power, fueling the demand for sneakers. The popularity of sneakers as both fashion statement and performance footwear further boost the sales. Moreover, robust e-commerce infrastructure of North America facilities easy access to sneakers for consumers across the internet.

For instance, in March 2024 Nike launched an Air Max Dn sneakers designed to created more dynamic heel-to-toe transition. These shoes are the first of classic footwear collection to incorporate dynamic air, which provides smooth sensation with each step. The latest launch incorporated with creativity and technology provides footwear cushioning revolution, offering incomparable feel and look.

Future Market Scenario (2024 – 2031F)

Sneakers subscription service gain popularity, offering rotating selections and exclusive releases to subscribers, driving the market growth.

Addressing inclusivity and diversity concerns in product design helps in competing with fast-fashion brands emerging direct to consumer models for market share and consumer attention, further contributing to the market growth

Rapidly adapting consumer changing preferences such as the rise of experiential retail or digital-first shopping experience, cultural shifts in product development, and marketing strategies will gain customers attraction easily and drive the market growth.

Key Players Landscape and Outlook

Continuous innovation by key players characterizes the competitive landscape of global sneakers market. The market prognosis remains positive with the rising adoption of strategies by key players by introducing modern designs, teaming up with celebrities and promoting their products. Furthermore, sustainability will become a major factor, with consumers wanting eco-friendly materials and ethical manufacturing practices.

In addition, newer entrants are gaining traction by focusing on performance and securing endorsements. The market is expected to rise over the projected horizon. Sneakers manufacturers are concerned with supply chain resilience, product quality, and variety which will define the industry's future. Competition is intensifying brands more to invest in online sales and social media marketing. Collaboration with influencers and athletes will remain vital for building brand awareness and recognition.

For instance, in May 2024 PUMA SE collaborated with Lamelo Ball, an American basketball player and launched its first lifestyle shoe. These sneakers feature extravagant proportions, a chunky zig-zag lace closure, ultra-wide aces, and a well-padded tongue for ultimate comfort.