The running gear market is expected to grow by USD 269.92 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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COVID-19 Impacts
The rising penetration of the internet and the increasing adoption of
smartphones has fueled the growth of online stores across the globe. In
addition, several factors such as convenience, competitive prices, discounts,
COD, and fast delivery options offered by e-commerce websites are encouraging
consumers to shop online. Also, several market players such as Nike, ASICS,
Skechers, Under Armour, and adidas have opened their web portals to boost
online sales. In 2019, e-commerce became the primary distribution channel for
adidas. These factors are contributing to the growth of the global running gear
market.
As per Technavio, product innovation leading to category premiumization
will have a positive impact on the market and contribute to its growth
significantly over the forecast period. This research report also analyzes
other significant trends and market drivers that will influence market growth
over 2020-2024.
Running Gear Market: Product Innovation Leading to Category
Premiumization
Vendors in the market are introducing premium-priced footwear made using
advanced technical fabrications and innovative designs to differentiate their
products from other players. For instance, Nike offers running shoes based on
its innovative Nike Air technology which helps runners to move their foot with
ease. Also, the shoes made with this technology are the lightest amongst all
other running shoes. The company also offers running apparel manufactured with
Dri-FIT technology which enables the fabric to absorb sweat from the user's
skin and transfer it to the fabric's surface. This allows the sweat to
evaporate faster and keep the apparel dry even during rapid sprints. The
introduction of such innovative features is crucial in attracting consumer
interest. With the growing demand for innovative and high-quality products,
this trend will have a positive impact on the growth of the global running gear
market.
Running Gear Market: Segmentation Analysis
This market research report segments the running gear market by Product
(Running footwear, Running apparel, and Others), Geography (APAC, Europe, North
America, South America, and MEA), and Distribution channel (Offline and
Online).
The APAC region led the running gear market in 2019, followed by Europe,
North America, South America, and MEA respectively. During the forecast period,
APAC is expected to register the highest incremental growth due to the
expansion of business operations by prominent vendors in the region.
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