The athletic footwear market is a lucrative multibillion market, expected to bring in $52.98 billion (R1 trillion) in revenue in 2023.
According to the numbers presented by SafeBettingSites.com, US sportswear giant Nike currently possesses the biggest share of the market. The most recent market update from Statista shows that Nike enjoys a massive 28% share of the athletic footwear market. Nike’s share puts it comfortably ahead of its traditional rivals, such as adidas and Puma.
German brand adidas has the second biggest share of the market at 9%. It has a strong presence in Europe, the Middle East and Africa region, and it represents its biggest market, while North America is the biggest market for Nike.
Japanese sporting goods brand Asics is the third biggest shareholder in the market. Asics was originally founded as Onitsuka Tiger in 1949. Interestingly, Nike was initially established to sell Onitsuka Tiger shoes in the US.
US-based Skechers is next with a 7% share. Skechers is a relatively new brand, having been founded in 1992. Jordan, which is owned by Nike, is next with a 6%
US-based Under Armour and New Balance are next with 5% and 4% shares, respectively.
France-based Hoka also features on the list with a 3% share. The company, founded in 2009, is popular for its range of running shoes.
German company Puma only has a 3% share in the market.
The last mention in the list belongs to US-based Altra, which has carved a 2% share for itself since its foundation in 2009. One-quarter (25%) of the market is composed of other smaller brands.
Athletic footwear market to bring in $53bn in 2023
The same Statista report also claims that the athletic footwear market is expected to bring in $52.98bn during the current year. These revenue figures would represent a 4.1% annual increase on the $50.9bn market made last year. The market is further expected to grow to $55.32bn in 2024.
Overall, the athletic footwear market is expected to grow at a CAGR (compound annual growth rate) of 4.15% during the 2023 to 2028 period.
BUSINESS REPORT