Market Overview
Global Cleats Market is projected to register a CAGR of 8.45% and reach USD 341.50 Billion by 2030.
Market Dynamics
During the projected period, the global cleats market insights is predicted to increase at a substantial rate. The worldwide cleats market is expected to grow due to the growing popularity of sports such as soccer, American football, and rugby, as well as an increase in participation. Cricket, for example, is growing increasingly popular throughout the world. In the next years, the emergence of football leagues throughout the world is expected to provide profitable expansion chances for cricket's appeal. Furthermore, due to the expanding impact of famous athletes, young people and children actively participate in the activities, contributing to product demand. Furthermore, rising consumer purchasing power and the fast expansion of organized retail across various areas are expected to fuel market growth throughout the forecast period. Consumer purchasing power is predicted to improve as per capita disposable income rises, increasing their propensity to spend on cleats.
Segmental Analysis
The market has been divided into firm/natural grass, soft/muddy grass, artificial grass, multi-ground, and artificial turf based on ground type. In 2019, firm/natural grass led the market with a 38.58 percent market share.
The market is divided into soccer, rugby, American football, cricket, and other sports based on the kind of sport. Due to the domination of participation compared to other sports throughout the world, soccer topped the cleats market in 2019 with a market share of 63.52 percent.
The worldwide cleats market outlook is divided into store-based and non-store-based channels depending on distribution channel. Supermarkets and hypermarkets, specialty stores, and other retailers make up the store-based channel. Cleat sales are dominated by store-based channels across the world. The dominance of store-based channels can be attributed to the availability of many retail venues for the sale of cleats, including as supermarkets, hypermarkets, and specialized stores. During the evaluation period, store-based channels are expected to remain dominant.
Regional Overview
North America, Europe, Asia-Pacific, and the rest of the world are the four regions that make up the worldwide cleats market.
According to MRFR study, Europe led the market in 2019, with the highest share. During the review period, the UK, Germany, and Spain are expected to dominate the cleats market in Europe.
In 2019, the North American cleats market accounted for the second-largest market share, with the United States being the leading cleats market. Many people in North America follow and play soccer, which continues to be a key component in the region's market growth.
During the projection period, Asia-Pacific is expected to have the highest CAGR of 4.94 percent. As the world's economic engine, Asia-Pacific has strong potential possibilities for the worldwide cleats industry. The demand for cleats is predicted to continue to rise due to strong economic growth and rapidly rising per capita income levels. Growing middle-class populations in Asia-rising Pacific's nations are raising customer expectations, resetting strategic imperatives for the region's industrial enterprises.
Competitive Dynamics
NIKE, Inc. (US), Adidas AG (Germany), Under Armour, Inc. (US), Puma SE (Germany), Fila Holdings Corp. (South Korea), Iconix Brand Group, Inc. (US), New Balance (US), ASICS (Japan), Li Ning Sports Goods Co., Ltd. (China), and Mizuno Corporation are among the leading players in the Global Cleats Market.
Recent Developments
November 2021: With the Major League Soccer (MLS) playoffs approaching, Adidas has unveiled its first all-vegan soccer sneaker, created in collaboration with global fashion icon Stella McCartney and World Cup-winning soccer sensation Paul Pogba. This month, the sportswear behemoth launched the Predator Freak, a limited-edition version of the brand's renowned Predator soccer shoes. The collaboration with Stella McCartney aided in maximising the Predator line's sustainability criteria, while Pogba – who plays for Manchester United – guaranteed that the sneaker met its performance requirements.
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