According to a new report, the global tennis shoes market is segmented on the basis of playing surface, user, distribution channel and region.
—Roshan Deshmukh
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, October 13, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “tennis shoe market by Playing Surface, User and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2028”. The global Tennis Shoes Market size was valued at USD 2,193.2 Million in 2020 and is projected to reach USD 2,604.4 Million by 2028, registering a CAGR of 2.8% from 2021 to 2028. report offers in-depth analysis of changing market trends, key segments, top investment pockets, regional scenario, Porter’s five forces and competitive scenario.
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Rising preference for tennis as a lifelong sport, rise in initiatives to improve tennis participation, and rapid launch of innovative products are driving the global tennis shoes market. On the contrary, the popularity of e-sports among young people and the availability of counterfeit products are hampering the growth of the market. However, the emergence of smart technology in shoes would open up new opportunities in the years to come.
Tennis shoes are athletic shoes 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.
By type, the hard court tennis shoes segment held the largest share in 2020, contributing almost half of the global tennis shoes market. Moreover, the segment is expected to show the highest CAGR of 2.6% during the forecast period owing to the high popularity and preference of hard courts owing to its affordability.
By distribution channel, the supermarket/hypermarket segment was the predominant segment, due to the high popularity and large-scale penetration of supermarket/hypermarkets in major tennis footwear markets such as North America and the United States. ‘Europe. The supermarket/hypermarket segment is followed by specialty stores and e-commerce segments. Widespread adoption of internet, online shopping platforms and changes in consumer shopping behavior due to COVID-19 are expected to drive the e-commerce segment.
North America led the market with around 37.4% of the total tennis shoes market share, followed by Europe. North America and Europe are characterized by high disposable income and high participation in tennis and demand for tennis shoes, making them prime markets for tennis shoes. However, Asia-Pacific is expected to show a promising growth rate due to the presence of the highest population of tennis players in this region. According to the International Tennis Federation (ITF), Asia accounted for around 37.9% or more than 33 million of the world’s tennis player population in 2019. LAMEA is expected to show slow growth due to lack of awareness of different tennis shoes and low participation in tennis.
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Covid-19 pandemic is vitally impacting the growth of the Global Tennis Shoes Market and has altered several market scenarios. Lockdowns in various countries and bans on international travel have disrupted the supply chain and revenue chain. The report includes an in-depth analysis of the Covid-19 pandemic on the growth of the global Tennis Shoes Market.
Key Players profiled in this report are ADIDAS Group, ASICS Corporation, Babolat, FILA Holdings Corp., K-Swiss, Lotto Sport Italia SpA, New Balance, Inc., Nike, Inc., PUME SE, and Wilson Sporting Goods Company.
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 experience the highest CAGR of 3.8%, in terms of revenue, during of 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 witness the highest growth rate in the tennis shoes industry, registering a CAGR of 4.5% from 2022 to 2031.
Reason to buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Tennis Shoes Market.
○ Highlights key business priorities to guide companies to reform their business strategies and establish themselves in the vast geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the Tennis Shoes Market, thereby allowing players to develop effective long term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans using substantial growth offering in both developed and emerging markets.
○ Take an in-depth look at the global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to some extent.
○ Improve the decision-making process by understanding the strategies that drive business interest with respect to products, segmentation, and industry verticals.
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Source: https://www.dailyreportsworld.com
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