Apparel, footwear, and other accessories such as fitness trackers, wearable devices, software, etc. used for running as well as for related activities and events are considered as running gear products. Running gear are the accessories used by people during fitness activities and running. Running is considered as one of the best forms of exercise to enhance fitness. The increasing workload and changing lifestyles are major factors driving the need for healthy living. Growing work pressure in the private sector and increasing adoption of fitness wearable in the field of medicine has boosted the growth of the running gear market to a large extent.
Marathons are becoming popular as well, with participation open to all and not restricted to only professional athletes. The increasing demand for comfortable and advanced running footwear and apparel is driving vendors to launch new product lines that are made of high-quality fabrics. The use of advanced technologies to manufacture running footwear and apparel enhances the growth potential of the market. However, the increasing availability of counterfeit and low-quality products is a key concern to the key players, as it affects their brand image and profitability in the market.
Running Gear Market – Drivers and Restraints
The running gear market is expected to grow at a good rate in the coming years. A key growth driver is the awareness of the benefits of a physically active lifestyle. The growing awareness of the benefits of maintaining physical fitness and being healthy among the global population is helping in increasing the popularity of running. Increasing health issues and hectic work schedules have been compelling people to opt for running as a form of exercise. As a direct result of this, the market is registering an increase in demand for footwear, apparel, and other gear that people use for jogging or running, and for participating in different running events.
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Moreover, growing online sales of running footwear and gear is one of the major factors that will have a positive impact on the market’s growth. The advancement in technology has driven the growth of running footwear, apparels, smart watches, smart wearable, and fitness trackers. The market of running Gear is cost sensitive, and hence the increasing prices of raw materials such as stainless steel, aluminum, brass, hardened steel, bronze, and cast iron is seen as a factor that may hinder the growth rate during the forecast period. To overcome this restraint, key players vary the design, shape, size, and speed ratios of the Gear as per the requirement to remain competitive in the market.
Running Gear Market – Segmentation
The running gear market has been segmented based on product type, distribution channel, and region. In terms of product type, the running gear market has been classified into footwear, apparel, fitness wearable’s, software, and others. Based ondistribution channel, the market has been segmented into online and offline. The running gear market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America on the basis of region.
In terms of region, it is estimated that North America and Asia Pacific would be the major revenue contributors to the market throughout the forecast period. In terms of market share, North America is one of the leading regions in the running gear market as it is widely used by sports persons. Also, due to growing awareness of the resultant benefits of leading a healthy lifestyle and the high popularity of different running events, India, China, Japan and other countries in Asia Pacific are growing markets for running Gear and expected to see the highest growth during the forecast period in the region.
Running Gear Market – Key Players
Some of the key operating players in the running gear market are Adidas Group, New Balance, ASICS, Nike, Inc., Amer Sports, Skechers USA, Inc., Fitbit, Inc., British Knights, Newton Running, Puma NA, Under Armour Inc., VF Corporation, Garmin Ltd., and The Rockport Group. Celebrity endorsements and other digital marketing strategies adopted by key players is spurring an increase in demand for running gear across the globe. Also, some other common promotional strategies adopted by key players in the market include sponsored events, seasonal offers, discounts, and draws.