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tennis shoe market
According to the analysis of the global tennis shoes market, the market is segmented on the basis of playing surface, user, distribution channel and region.
The introduction of latest technologies and innovations in tennis shoes is expected to provide good growth opportunities for players in the global tennis shoes market. —Aniket Kadam
PORTLAND, OREGON, USA, Aug. 24, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research, titled “The Tennis Footwear Market by Playing Surface, User and Distribution Channel: Opportunity Analysis Global Markets 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.
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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.
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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. Moreover, e-commerce segment is expected to be the fastest growing distribution channel over the forecast period, owing to the growth in popularity and development of e-commerce channel infrastructure in the world. global scale.
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.
The players operating in the global Tennis Shoes market have adopted various development strategies to increase their market share, exploit the opportunities in the Tennis Shoes market and increase the profitability of the 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.
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.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
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