Portland, OR, May 24, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global tennis shoes market was pegged at $2.19 billion in 2020, and is estimated to reach $2.60 billion by 2028, growing at a CAGR of 2.8% from 2021 to 2028.
Rise in preference for tennis as a lifetime sport, increase in initiatives for improving tennis participation, and launch of innovative products have boosted the growth of the global tennis shoes market. However, surge in popularity of eSports among youth and unawareness and availability of counterfeit products hamper the market growth. On the contrary, advent of smart technology in shoes is expected to create lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The cancellation of major sports tournaments due to the Covid-19 outbreak hampered the demand for tennis shoes.
- The lockdown regulations across several countries suspended the manufacturing activities of tennis shoes. Moreover, the restriction on import-export disrupted the supply chain and increased the prices of raw materials.
The global tennis shoes market is segmented on the basis of type, application, gender outlook, distribution channel, and region. Based on type, the hard-court tennis shoes segment held the lion’s share in 2020, accounting for nearly half of the market. In addition, the segment is projected to portray the highest CAGR of 2.6% during the forecast period.
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On the basis of distribution channel, the supermarket/hypermarket segment dominated the market in 2020, contributing to more than one-third of the market. However, the e-commerce segment is expected to register the highest CAGR of 2.9% during the forecast period.
The global tennis shoes market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 2.7% during the forecast period.
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The global tennis shoes market includes an in-depth analysis of the prime market players such as ASICS Corporation, ADIDAS Group, FILA Holdings Corp., Babolat, Lotto Sport Italia S.p.A., K-Swiss, Nike, Inc., New Balance, Inc., Wilson Sporting Goods Company, and PUME SE.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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