NEWARK, DE / ACCESSWIRE / March 16, 2023 / As per newly released data by Future Market Insights (FMI), the Men's Sneakers Market is estimated at US$ 31,927 Million in 2022 and is projected to reach USD 52,135 million by 2032, at a CAGR of ~5% from 2022 to 2032.
The current global rise in health awareness has led to an increase in the number of people using fitness facilities and participating in both indoor and outdoor exercise activities. All age groups have seen a rise in demand for men's sneakers as a result. In addition, those who work select physical activities like running and swimming to stay fit and active. As a result, the demand for shoes has expanded across all age groups, expanding the size of the men's sneaker market.
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E-commerce, which is solely defined as the buying and selling of products and services using online platforms, is in very high demand worldwide. The most well-known form of e-commerce is online shopping. It has streamlined consumers' purchase processes by making it more straightforward.
Developed countries like the United States and Japan are more well-liked for internet shopping than developing countries like China and India. The retail landscape was different ten years ago than it is now. Men's sneakers are in high demand because of the growth of e-commerce, which makes purchasing simpler, easier, and more convenient.
Key Takeaways from the Men's Sneaker Market Study
- Offline retailing is anticipated to rule the sales channel market during the forecast period. The shift in consumer preferences toward online commerce over traditional brick-and-mortar stores has forced manufacturers to increase their online market presence. The possibility to shop for a broad variety of men's sneakers online is one of the main elements promoting the expansion of the online sales channel.
- Asia-Pacific dominated the market in terms of region during the forecast period, holding the biggest share. For businesses selling fresh and cutting-edge men's sneakers, the Asia-Pacific market offers growth possibilities. Sneakers are becoming more popular among customers of all ages as a result of increased urbanisation and an increase in middle-class consumers in developing and developed economies.
- Due to the strong demand for new and novel sneakers, as well as the fact that many people are starting to view sneakers as a fashion accessory, the Men's Sneaker Market has had and will continue to experience growth. Demand in the markets is also being driven by customers of all ages increasingly embracing stylish and comfortable sneakers.
"In the Men's Sneaker Market, the demand for branded sneakers is growing at the fastest rate. The branded shoes are preferred by customers who purchase shoes through online sales channels since they are more affordable." Says an FMI Analyst.
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Impact of COVID-19 on the Market
The COVID-19 pandemic caused devastation in a variety of global industries, notably the sneaker industry. Due to the discretionary character of men's sneakers, it was one of the industries that was most negatively hit by the outbreak as a result of shutdown of store and austerity measures due to the economy's fast deteriorating state. The men's sneaker market has recovered owing to the accessibility of online shopping and doorstep delivery, with a recovery in demand in post-covid conditions.
Who is winning?
Leading players operating in the Men's sneaker market 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, and Converse among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the men's sneaker market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the Men's Sneakers Market by Product Type (High top shoes, Mid top shoes, Low top shoes) By Application (Sports, Lifestyle, Competition) By Closure Type (Laces, Velcro, Straps, Zippers) By Sales Channel (Multi-brand Stores, Independent Small Stores, Online Retailers and Other Sales Channel) & Region - Forecast to 2022-2032.
Table of Content
1. Executive Summary | Men's Sneakers Market
1.1. Global Market Outlook
1.2. Summary of Key Findings
1.3. Summary of Key Statistics
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.1.1. Millennials are Driving Force
3.1.2. Rapid Emergence of The start-ups In Market
3.1.3. Increasing Awareness about sustainability
3.1.4. Globalization Impacting Lifestyles
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report
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Women Sneakers Market Size: Women Sneaker Market is estimated at US$ 27031.9 Million in 2022 and is projected to reach US$ 51703.5 Million by 2032, at a CAGR of 6.70 % from 2022 to 2032.
Waterproof Sneakers Market Share: Waterproof Sneakers market is estimated at USD 230.3 million in 2022 and is projected to reach USD 354.2 million by 2032, at a CAGR of 4.4% from 2022 to 2032.
White Sneakers Market Value: White Sneaker Market is estimated at US$ 15,047.7 Million in 2022 and is projected to reach US$ 21,432.3 Million by 2032, at a CAGR of 3.6% from 2022 to 2032.
Sneakers Market Demand: 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.
Leather Sneakers Market Forecast: Leather sneakers market is estimated at USD 449.2 million in 2022 and is projected to reach USD 697.6 million by 2032, at a CAGR of 4.5% from 2022 to 2032.
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SOURCE: Future Market Insights, Inc.