The global track and field shoes market exhibits a consolidated structure, finds a report by Transparency Market Research (TMR). The top five players in this market, namely Nike Inc., Adidas AG, PUMA, Asics Corp., and New Balance, together held more than 60% in this market in 2016.
As these key players are aggressively focusing on product innovation and advancements in the current offerings to gain greater visibility, the competition within the market is likely to intensify further in the years to come.
As per TMR’s estimations, the global market for track and field spikes stood at US$13.13 bn in 2016. Progressing at a CAGR of 2.90% over the period from 2017 to 2025, the opportunity in this market is likely to rise to US$16.88 bn by the end of the forecast period. Over the same period of time, the market is anticipated to touch 262.8 million shipment units in 2025.
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Increase in E-Commerce to Boost online Sales of Track and Field Spikes
The global market for track and field spikes shoes is heavily influenced by strong sales and distribution network. Offline distribution channel captured a significant market share in 2016. The increase in e-commerce among the key players anticipated to boost the demand for the global track and field spikes shoes during the forecast period.
Geographically, the research report of track and field categorizes the global market for track and field spikes into North America, Europe Asia Pacific, Middle East, Africa and Latin America. It further presents a detailed comprehensive analysis of the global market on the basis of the performance of these regional markets. Amongst all, the Europe led the global market with a share of more than 38% in 2016. The increasing number of manufacturers in track and field spikes shoes, together with the rising product innovation through continuous research and development, is anticipated to propel the Europe market for track and field spikes in the forthcoming years.
The rising number of distribution channels and the growing product innovation has been the key factor behind the growth of this regional market. Germany, followed by France, has emerged as the leading domestic market for track and field spikes in Europe. Led by the growing number of events of track and field in all these countries, the growth for track and field spikes market in Europe is expected to be optimistic in the future.
Increase in Sports Participation to Fuel Demand
“The increasing sports participation rates in the developing regions are generating opportunities for the global track and field spikes market,” says an analyst at TMR. Sports are considered as a powerful tool of development and progress of the economy.
Rapid prospects for the athletes over the years in track and field sports and pursuing it as a professional career are generating opportunities for key players to expand their market in the global track and field spikes shoes. However, rise in number of counterfeit products may restrict the market’s progress to some extent in the near future. Nevertheless, the lucrative potential of sports from developing economies is likely to open new growth avenues for market players in the years to come, states the research report.