According to a new report published by Allied Market Research, titled, The global — tennis shoes market was pegged at $2.19 billion in 2020, and is estimated to reach $2.60 billion by 2028, growing at a CAGR of 2.8% from 2021 to 2028.
Rise in preference for tennis as a lifetime sport, increase in initiatives for improving tennis participation, and launch of innovative products have boosted the growth of the global tennis shoes market. However, surge in popularity of eSports among youth and unawareness and availability of counterfeit products hamper the market growth.
On the contrary, advent of smart technology in shoes is expected to create lucrative opportunities for the market players in the future. The global tennis shoes market is segmented on the basis of type, application, gender outlook, distribution channel, and region. Based on type, the hard-court tennis shoes segment held the lion’s share in 2020, accounting for nearly half of the market. In addition, the segment is projected to portray the highest CAGR of 2.6% during the forecast period.
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On the basis of user, the women segment exhibited a market share of around 44% in 2020, as the women participation in tennis has in recent years had increased exponentially due to the government initiatives.
For example, the government of Australia presented a budget of $12 million for the period 2019 to 2020 to increase participation in tennis and aimed at increasing opportunities for women in tennis. Hence, the women segment is expected to be the fastest-growing segment in the upcoming years.
By distribution channel, the supermarket/hypermarket segment was the prominent segment, owing to high popularity and wide scale penetration of supermarket/hypermarket in leading tennis shoes markets such as North America and Europe. The supermarket/hypermarket segment is followed by specialty stores and e-commerce segments.
Wide scale adoption of internet, online shopping platforms, and changes in consumer buying behavior due to COVID-19 is expected boost the e-commerce segment. Moreover, the e-commerce segment is anticipated to be the fastest-growing distribution channel during the forecast period, owing to growth in popularity and developing infrastructure of e-commerce channels globally.
The global tennis shoes market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 2.7% during the forecast period.
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The cancellation of major sports tournaments due to the Covid-19 outbreak hampered the demand for tennis shoes.
The lockdown regulations across several countries suspended the manufacturing activities of tennis shoes. Moreover, the restriction on import-export disrupted the supply chain and increased the prices of raw materials.
Players operating in the global tennis shoes market have adopted various developmental strategies to expand their market share, exploit the tennis shoes market opportunities, and increase profitability in the market. The key players profiled in this report include ADIDAS Group, ASICS Corporation, Babolat, FILA Holdings Corp., K-Swiss, Lotto Sport Italia S.p.A., New Balance, Inc., Nike, Inc., PUME SE, and Wilson Sporting Goods Company.
Key findings of the study
○ The tennis shoes market was valued at $2,193.2 million in 2020, and is estimated to reach $2,604.4 million by 2028, growing at a CAGR of 2.8% during the forecast period.
○ By playing surface, the hard court tennis shoes segment is estimated to witness the fastest growth, registering a CAGR of 2.6% during the forecast period.
○ In 2020, depending on user, the men segment was valued at $1,096.9 million, accounting for 50% of the global tennis shoes market share.
○ In 2020, the U.S. was the most prominent market in North America, and is projected to reach $357.3 million by 2028, growing at a CAGR of 2.6% during the forecast period.
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