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 Demand are the growing popularity of sports activities such as rugby, soccer, and cricket, along with rising disposable per capita incomes.
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 International 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.
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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.
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 cleats 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.
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).
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