Global running gear market analysts say rising product innovation is boosting market growth as competition paves the way for development of running apparel and footwear focused on improving user experience. Individuals purchasing running shoes seek cost-effective and high-quality products that improve their running skills and assist them in events. Leading players are launching products with technologies that can improve their overall experience.
Analysts forecast the global running gear market to grow at a CAGR of 7.35 percent during the period 2016-2020. According to the report, a key driver is the awareness of the benefits of being healthy and physically fit. Hectic work schedules and increasing health issues mean more people are running. As a result of this, the market is registering an increase in the demand for apparel, footwear and gear that people use for running, jogging, and participating in events.
Celebrity endorsements and other modern marketing strategies are spurring an increase in the demand for running gear across the globe. Common promotional strategies include sponsored events, discounts, seasonal offers and draws. At present, North America dominates the global running gear market by accounting for around 43 percent of the overall market share. Growing awareness of the benefits of a healthy lifestyle and the high popularity of running events in the region is expected to propel growth in the running gear market in North America by 2020.
In 2015, the running footwear segment occupied around a 60 percent share of the market and is expected to continue its dominance over the forecast period. The increasing purchasing power of consumers in developing economies is a key factor influencing the growth of the global market. Increased investments in innovative marketing campaigns by prominent vendors are also expected to reflect positively on this market’s growth potential in the coming years.
Key players in the global running gear market include: Adidas, ASICS, Nike, Puma and Skechers, Amer Sports, Brooks Sports, Columbia Sportswear, Eddie Bauer, Fitbit, Garmin, Jawbone, Misfit and Newton Running.
Global Running Gear Market 2016-2020 has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the market landscape and its growth prospects over the coming years, as well as a discussion of the key market vendors. It covers the present scenario and the growth prospects of the global running gear market for 2016-2020. To calculate the market size, the report has taken into consideration the sales revenue generated by different types of running gear.