Market Research Future (MRFR) studied the global cleats market in the assessment period till 2026. The cleats market is expected to expand at 4.43% CAGR in the review period (from 2018 to 2026). By 2026, the cleats market value is likely to reach USD 29,537.6 Mn.
Market Drivers and Restraints
The growing awareness about health benefits of sports and fitness activities resulting in high enthusiasm to pursue them is expected to favor the expansion of the cleats market by 2026. The flourishing e-commerce sector allows easy accessibility cleats and the increase in consumer base can add to the market upsurge. The growing levels of disposable income and adoption of modern sports trends by people are other causes that improve the momentum of the market. In addition, youngsters are keen on following a regimen for a healthy lifestyle. Hence, are observed to participate actively in sports and related activities. At the same time, several people have started realizing that fitness and sports activities can aid in ensuring good health and curb the lifestyle-induced risk of chronic disorders, such as cardiovascular diseases, depression, and diabetes. On the contrary, factors, such as price volatility of raw material and decline in economic activities surrounding the cleats sector due to the COVID 19 pandemic are forces that are likely to limit the cleat market expansion. However, investment made by companies to launch innovation can improve the growth pace of the cleats market by 2026.
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The segment assessment of the cleats market is based on ground type, distribution channels, and sports type.
The ground type-based segments of the cleats market are artificial turf, artificial grass, soft/muddy grass, firm/natural grass, and multi-ground. The growing preference of consumers for multi-ground type cleats is expected to promote the market in the foreseeable future. The firm or natural grass segment is also likely to add considerable value to the worldwide cleat market in the given study period.
The sports type-based segments of the global cleats market are rugby, American football, soccer, and cricket among others. The increasing popularity of rugby can favor the cleats market in the assessment period.
The distribution channels-based segments of the cleats market stores (specialty stores, supermarkets, and hypermarkets among other) and non-store-based distribution channels. The easy accessibility of cleats garner substantail revenue for the market. The non-store-based segment is likely to earn decent profit through e-commerce solutions. The increasing practise of affiliated marketing that aid in reaching many customers can favor the cleats market stores in the assessment period. As the new wave of COVID 19 is rising, the government is again imposing lockdown. Thus, the sales of cleats through supermarkets and hypermarkets are less. Hence, the non-store-based segment of the cleat market is expected to grow at a high CAGR in the review tenure.
The region-based segments of the cleats market spans for North America, the Middle East and Africa, Europe, and Asia-Pacific.
In North America, the surge in investment made by several companies can prompt the expansion of the cleats market in the assessment period. The US is likely to lead North America cleats market, followed by Mexico and Canada. In Europe, the cleats market is studied for Germany, Italy, France, and the United Kingdom. MRFR regional assessment reveals that the UK can expand at a decent pace owing to the growing popularity of outdoor games. APAC cleats market is analyses across Japan, India, China, and other APAC regions. The growth of cleats business in the region is anticipated to be supported by the increasing preference of consumers towards safety solutions in sports. In the Middle East region and Africa, issues with weak supply chain can impede the growth of the cleats market.
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New Balance (US), Li Ning Sports Goods Co., Ltd. (China), ASICS (Japan), Mizuno Corporation (Japan), Adidas AG (Germany), NIKE, Inc. (US), Under Armour, Inc. (US), Puma SE (Germany), Iconix Brand Group, Inc. (US), and Fila Holdings Corp. (South Korea) are some reputed companies in the worldwide cleats market that are listed by MRFR.
Companies dealing in cleats are studied to understand the competitive landscape of the market. Key players of the cleats market are assessed to identify competitors and their expansion strategies. The report covers strengths and core values of the profiled players that aid investors understand their mission, vision, strengths, and weaknesses of niche markets.
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