The significant increase in popularity of sports across the world and the dramatic rise in participation of female athletes has been showing a positive impact on the demand for track and field spikes. Apart from this, the escalating number of track and field events, including running, jumping, and throwing, are also boosting their demand substantially. Over the forthcoming years, the continual innovation in track and field spikes shoes is estimated to bolster the demand for these shoes, adding considerably to the growth of the global track and field spikes market.
The global market for track and field shoes stood at US$13.13 bn in 2016. Rising at a healthy CAGR of 2.90% from 2016 to 2025, the opportunity in this market is likely to touch US$16.88 bn by the end of 2025. In terms of volume, the market is anticipated to cross 262.8 million units mark by 2025.
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Europe to Retain Dominance on Global Track And Field Spikes Market
On the basis of the geography, the market for global track and field shoes has been categorized into North America, Asia Pacific, Europe, and the Middle East and Africa. Europe and North America, amongst all, have emerged as the leading regional markets for global track and field shoes. In 2016, Europe led the global market with a share of 38.3%. Researchers anticipate this regional market to retain its dominance over the next few years. North America is also projected to display a strong demand for track and field spikes shoes in the years to come.
Predominantly, these regional markets are driven by the rising number of manufacturers who are focused towards extensive research and development activities in order to bring out new offerings for its consumers. The growing product innovation by the key players, such as Nike, Adidas, Puma and the deepening distribution channels are likely to boost the track and field spikes markets in North America and Europe over the years to come. Asia Pacific, amongst other, is anticipated to report a higher growth rate between 2017 and 2025, owing to the increasing sports participation and the escalating number of female athletes in this region.
Offline Distribution Channel to Report Higher Growth Rate
Track and field spikes are mainly sold through two types of distribution channels: Online and offline. The rise in the number of distribution channels for track and field spikes is a major factor behind their increased sales. Among the two, offline distribution channel has been reporting a higher market share on account of the trust consumer have in offline channels. For instance, PUMA distributes its products through three different distribution channels: wholesale, operated retail, and e-commerce stores. Wholesale captured 79% of net sales in 2015 and remained the prominent sales channel for PUMA.
On the other hand, with the rise in e-commerce, the online channel is likely to witness a significant growth in the coming years. The introduction of certified websites of the companies and the growing inclination of consumers toward online purchase are expected to stimulate the trade through this channel over the next few years.
The prominent players in the global market for track and field spikes are Nike Inc. Adidas AG, PUMA SE, Asics Corp., New Balance, Wolverine Worldwide Inc., Mizuno corp., Berkshire Hathaway Inc., Iconix Brand Group Inc., and Joma Sports SA.