Global track and field spikes market: Snapshot
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.
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.
Global Track and Field Spikes Market: Overview
The popularity of sports has been growing significantly in recent years. Consequently, the demand for track and field spikes is increasing consistently due to rise in field events, which includes running, jumping, and throwing. The power, speed, strength, and endurance needed for all the track and field athletes are acquired through hours of training coupled with wearing proper footwear. Due to these factors, shoes are specifically designed to provide comfort to the athletes. Spikes differ from each other depending upon the athlete’s area of competition. Previously, athletes wore improper footwear during sports events which resulted in chronic injuries. Manufacturers, over the years, have engaged in continuous research and development activities to provide shoes with appropriate spikes in order to address such issues. Athletes can now replace longer or shorter spikes according to their needs.
Spikes offer athletes superior traction to attain a better grip on the surface of the track for adequate performance. Such spikes are lightweight and provide extra traction to the athletes. Rising demand for wide range of track and field spikes sports footwear, over the years, is driving the global track and field spike market. Increasing participation of female athletes are generating opportunities for key industry players of track and field spikes. This will enable the manufacturers to broaden their product portfolio and to address a broader base of consumers as well Shoe manufacturers produce different types of spiked shoes based on the field events, which include running, long jump, high jump, throwing etc. Thus, they are engaged in continuous research and development in order to develop new products.
However, rise in number of counterfeit products of sports shoes are restraining the global track and field spikes market. Counterfeiting results in problems, and damages the business operations of the manufacturers and also poses danger for consumer safety and health. Marketing of counterfeit track and field shoes results in health and safety hazards for consumers. Furthermore, it affects the economy of the country since fraudulent imitation of the shoes leads to unfair competition. This inflicts serious damage to research and development and innovation capacity of the original manufacturers. Counterfeit products pose a major threat to the manufacturers such as Nike, PUMA, and Adidas as they destroy the brand image of the products. Thus, these are restraining the global track and field spikes market.
Global Track and Field Spikes Market: Segmentation
The market for track and field spikes can be segmented into category type, end use, and distribution channel. In terms of category type, the global track and field spikes market can be segmented into running, jumping, and throwing. The running segment has been further sub-segmented into sprint, mid-distance, and cross. Similarly, the jumping segment has been bifurcated into long jump, triple jump, and pole vault. In terms of end use, the market has been segmented into male and female. In terms of distribution channel, the market has been classified into online distribution channel and offline distribution channel.
Based on regions, the global track and field spikes shoes market has been classified into North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. In 2016, Europe held the major share of the market, followed by North America. Growing product innovation in order to develop new products among the manufacturers coupled with increasing distribution channels are boosting the demand for the global track and field spikes shoes market.
Companies Mentioned in the Report
The major vendors in the global track and field spikes shoes are market are Nike Inc. Adidas AG, PUMA SE, Asics Corporation, New Balance, Wolverine Worldwide Inc., Mizuno Corporation, Berkshire Hathaway Inc, Iconix Brand Group Inc., Joma Sports SA among others.
The segments covered in the global track and field spikes shoes market are as follows:
By Category Type
- Mid Distance
- Long Jump
- Triple Jump
- Pole Vault
- High Jump
By Distribution Channel
- Online Distribution Channel
- Offline Distribution Channel
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East
- Rest of Middle East
- South Africa
- Rest of Africa
- Latin America
- Rest of Latin America