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.
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.
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”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.
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.
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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.