Cleats Market Forecast Based on Major Drivers & Trends Up to 2027
According to Market Research Future (MRFR) analysis,
the global cleats market is projected to reach USD 29,537.6 million, with a
CAGR of 4.43% from 2018 to 2026 (forecast period). The study explores and
assesses the competitive dynamics of the ever-evolving business environment and
the present and future market effects of the COVID-19.
Cleats are shoes that are worn when you play soccer,
rugby, and cricket, among other sports. There are various types of boots and
studs available depending on the type of sport, the surface, and the position
or role of the wearer in the game. The key drivers of the growth of the global
cleats market are the growing popularity of sports activities such as rugby,
soccer, and cricket, along with rising disposable per capita incomes.
Market Dynamics
The global cleats market is expected to rise
significantly during the forecast period. The growing popularity of sports such
as soccer, cricket, and rugby, along with increasing competitors, is expected
to boost the global demand for cleats. The increasing popularity of soccer can
be attributed to the fact that, as per data published by the Federation
Internationale de Football Association (FIFA), the number of registered soccer
players rose by more than 240 million in 2016. In addition, sport such as
cricket is becoming popular all over the world. The advent of T20 leagues
around the world is also expected to create lucrative growth opportunities for
cricket popularity in the coming years.
In addition, the increase in disposable income and the
organized retail sector's growth is expected to boost the global market for
cleats during the review period. Increasing disposable per capita income is
expected to raise consumer buying power and increase their willingness to spend
on cleats. Asia Pacific is the center of global growth and has excellent growth
potential for the global cleats market. Healthy growth and increasingly rising
per capita income rates are expected to continue to fuel demand for cleats.
Nevertheless, the high costs associated with cleats
are expected to curb the growth of the cleats industry globally.
Market Segmentation
The global market for cleats has been segmented based
on ground type, sports type, and distribution channel.
By ground type, the global Cleats Market has been segmented
into firm/natural grass, soft/muddy grass, multi-ground, artificial turf, and
artificial grass. Firm/natural grass led the market with a market share of
38.58% in 2019.
By sports type, the global cleats market has been
segmented into soccer, rugby, American football, cricket, and others. Soccer
sport led the cleats market with a market share of 63.52% in 2019 owing to the
dominance of participants compared to other sports around the globe.
By distribution channel, the global cleats market has
been segmented into store-based and non-store-based channels. The store-based
channel is further divided into specialty stores, supermarkets &
hypermarkets, and others. Store-based channels dominate the sales of cleats
globally. The availability of different retail outlets for the sale of cleats
through supermarkets & hypermarkets and specialty stores has led to the
dominance of store-based channels. Store-based channels are expected to remain
dominant throughout the analysis period.
Access Report Details @ https://www.marketresearchfuture.com/reports/cleats-market-9633
Regional Analysis
Region-wise, the global cleats market has been
categorized as North America, Europe, Asia Pacific, and the rest of the world.
Europe dominated the market, accounting for the
largest market share in 2019. In Europe, the UK, Germany, and Spain are
expected to dominate the cable cleats
manufacturers market during the review period.
The market for cleats in North America was the
second-largest market share in 2019, with the US being the primary market for
cleats.
However, Asia Pacific is projected to have the highest
CAGR of 4.94% in the forecast period. The increasing popularity of sports such
as soccer, cricket, and many more, increasing disposable income and the growth
of the organized retail sector, is estimated to bolster the cleats market in
the Asia Pacific region during the forecast period.
Key Players
Some of the prominent players identified by MRFR in
the global cleats market include NIKE, Inc. (US), Under Armour, Inc. (US), Puma
SE (Germany), Adidas AG (Germany), New Balance (US), Fila Holdings Corp. (South
Korea), ASICS (Japan), Iconix Brand Group, Inc. (US), Li Ning Sports Goods Co.,
Ltd. (China), and Mizuno Corporation (Japan).
NOTE: Our Team of Researchers are
Studying Covid19 and its Impact on Various Industry Verticals and wherever
required we will be considering Covid19 Footprints for Better Analysis of
Market and Industries. Cordially get in Touch for More Details.
Contact us:
Market Research Future (part of
Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York,
New York 10013, United States of America
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