The tennis shoes market is expected to reach $3.6 billion by 2031, growing at a CAGR of 3.3% from 2022 to 2031
PORTLAND, , OR, USA, Sep 14, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “tennis shoes market“The Tennis Shoes Market size was valued at USD 2.5 Billion in 2021 and is projected to reach USD 3.6 Billion by 2031, growing at a CAGR of 3.3% from 2022 to 2031.
Tennis shoes are a type of athletic footwear used specifically for playing tennis. It is different from other shoes because the design and qualities required in a tennis shoe are different from other sports shoes. In addition, tennis shoes offer more strength and durability, which allows players to move quickly sideways, forwards and backwards while playing tennis. Tennis is gaining popularity around the world through events such as the Grand Slam tournaments and the French Open. Moreover, the growth in the fanbase of famous tennis players such as Pete Sampras, Bianca Andreescu and Rafael Osuna is propelling the participation rate in tennis globally and consequently fueling the demand for tennis shoes.
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The increase in women’s participation is increasing rapidly in tennis as both women and men enjoy fairly equal parity in tennis, which has made tennis popular among women. According to the International Tennis Federation (ITF), the female population accounted for about 47% of the total population of tennis players in the world in 2019. Therefore, the surge in the popularity of tennis encourages people, especially women women, to participate more and more in tennis. This factor ultimately increases the demand for tennis shoes among the global population of tennis players.
The availability of counterfeit and cheap products limits the growth of the market. Sportswear and shoes from well-known brands have a high price range, which is not affordable for low-income groups. Therefore, local suppliers design the same style of products at comparatively lower costs. These products are of poor quality and harm the brand image of the precursors on the market, thus limiting the sales of original products.
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The availability of counterfeit or poor quality tennis shoes is limiting the sales of branded products, thereby threatening the growth of the tennis shoes market. Paradigm shifts in the education system support the growth of the sports industry and the industries that depend on it. Also, the increase in sports education and athletic training in universities has greatly increased the awareness of sports and fitness. Thus, many schools/educational institutions provide training for students, offering them the opportunity to participate in various sports competitions such as tennis.
Additionally, a hectic lifestyle coupled with an increase in the number of consumers choosing outdoor activities such as adventure sports to relax or break the monotony of their daily lives is contributing to the growth of the footwear market of tennis. In addition, initiatives taken by various governments in countries such as India and Australia to promote sports, health and fitness have led to increased awareness of sports and sports-related products such as sports shoes and the like, which, in turn, stimulates growth. the size of the tennis shoe market.
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The tennis shoes market is segmented on the basis of playing surface, user, distribution channel and region. On the basis of playing surface, it is segmented into hard court tennis shoes, clay court tennis shoes and grass court tennis shoes. Based on the user, it is separated into men, women and children. Based on the distribution channel, it is classified into supermarkets/hypermarkets, specialty stores, e-commerce and others. Regionally, it is analyzed in North America (United States, Canada and Mexico), Europe (United Kingdom, Germany, France, Italy, Russia, Spain and rest of Europe), Asia-Pacific ( China, Japan, India, South Korea, Australia and rest of Asia-Pacific) and LAMEA (Brazil, Argentina, South Africa and rest of LAMEA).
The players operating in the global Tennis Shoes market have adopted various development strategies to increase their Tennis Shoes market share, exploit the opportunities in the Tennis Shoes market and increase the market profitability. Key players profiled in this report are ADIDAS Group, Anta Sports Products Limited, ASICS Corporation, Babolat, FILA Holdings Corp., Lotto Sport Italia SpA, New Balance, Inc., Nike, Inc., PUMA SE, and Xtep International Holdings Limited. .
Main results of the study
According to the tennis shoes market analysis, on the basis of playing surface, the hard court tennis shoes segment is expected to witness the highest CAGR of 3.8%, in terms of revenue, during the forecast period of the tennis shoes market.
According to the tennis shoes market trends, on the basis of user, men’s segment is expected to dominate the tennis shoes industry from 2022 to 2031.
Based on the distribution channel, the e-commerce segment is expected to grow at a significant CAGR during the forecast period.
According to the tennis shoes market demand, based on North America countries, the United States was the largest tennis shoes market in 2021, in terms of revenue generation.
Based on region, Asia-Pacific is expected to experience the highest growth rate in the tennis shoes industry, registering a CAGR of 4.5% from 2022 to 2031.
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