Home Business NewsBusinessBusiness Growth News Nike dominates the $53 billion athletic footwear market with a 28% share

Nike dominates the $53 billion athletic footwear market with a 28% share

by LLB Finance Reporter
26th Oct 23 2:24 pm

The athletic footwear market is a lucrative multi-billion market, expected to bring in $52.98 billion in revenue in 2023. US sportswear giant Nike currently possesses the biggest share of the market.

According to the numbers presented by SafeBettingSites.com, Nike has a 28% share of the global athletic footwear market.

US-based Nike is unarguably the biggest sportswear/fashion brand in the market. According to the most recent market update from Statista, Nike enjoys a massive 28% share of the athletic footwear market. Nike’s share puts it comfortably ahead of its traditional rivals, such as Adidas and Puma.

German brand Adidas has the second biggest share of the market at 9%. Adidas has a strong presence in the EMEA region, and it represents its biggest market, while North America is the biggest market for Nike.

Japanese sporting goods brand Asics is the third biggest shareholder in the market. Asics was originally founded as Onitsuka Tiger in 1949. Interestingly, Nike, Inc. was initially established to sell Onitsuka Tiger shoes in the United States.

US-based Skechers is next with a 7% share. Skechers is a relatively new brand, having been founded in 1992. Jordan, which is owned by Nike, is next with a 6%

United States-based Under Armour and New Balance are next with 5% and 4% shares, respectively.

France-based Hoka also features on the list with a 3% share. The company, founded in 2009, is popular for its range of running shoes. German company Puma only has a 3% share in the market. The last mention in the list belongs to US-based Altra, which has carved a 2% share for itself since its foundation in 2009. One-quarter (25%) of the market is composed of other smaller brands.

The same Statista report also claims that the athletic footwear market is expected to bring in $52.98 billion during the current year. These revenue figures would represent a 4.1% annual increase on the $50.90 billion market made last year. The market is further expected to grow to $55.32 billion in 2024.

Overall, the athletic footwear market is expected to grow at a CAGR (Compound annual growth rate) of 4.15% during the 2023 to 2028 period.

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