Running Gears Market

• Growing number of anti-sweatshop campaigns to propel the market growth

One of the main factors fueling the expansion of the running gear business is the rise in anti-sweatshop initiatives. Due to the prevalence of the Internet and the rising number of smartphone users, the growth of online stores is anticipated to accelerate during the projection period. Online shoppers are drawn to the convenience, affordable rates, steep discounts, COD alternatives, and quick delivery services, among other things. Additionally, this leads to an increase in sales via the web channel. Additionally, expanding internet usage in developing nations is a promising sign for rising online sales throughout the course of the predicted period.

During the anticipated period, this will also aid in the growth of the worldwide running gear market. Thus, this factor is driving the market CAGR.

Another element promoting the expansion of the running gear business is the ability to customize and personalize running shoes and clothing. Customers can create bespoke running shoes by selecting their own designs, styles, and colors through the customization option. For instance, a shopper can simply modify and personalize Nike's running shoe, the Nike Air Zoom Pegasus 34 GPX Id Running Shoe. The corporate logo, shoe uppers, lining, midsole, top-line midsole, laces, and outsole are all aspects of the running shoe that can be personalized.

Additionally, customers can add their preferred text and visuals to the running shoe to further personalize the product. During the anticipated time, this tendency might contribute to the market's pronounced rise. Vendors are stressing these techniques to attract a larger customer base.

The Global Running Gear Market Industry is experiencing a notable surge in demand driven by an increasing awareness of health and fitness among consumers. As individuals prioritize physical well-being, the market for running gear is projected to reach 25.2 USD Billion in 2024. This trend is particularly pronounced in urban areas where fitness culture is thriving. The proliferation of running events and marathons further fuels this demand, as participants seek high-quality gear to enhance their performance. Consequently, brands are innovating to provide specialized products that cater to diverse consumer needs, thereby expanding their market share.

By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific running gear market accounted for USD 8.7 billion in 2021 and is expected to exhibit a 43.90% CAGR during the study period due to the increased demand for healthy living products and participation in exercise activities among consumers. Although worldwide companies like Nike, Adidas, New Balance, and others dominate the Asia Pacific region, many local manufacturers have prospered because they provide consumers a less expensive option to the major names.

Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Running Gear Market SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America running gear market accounts for the fastest growing market share. The market may be expanding as a result of the region's athletes' significant use of running gear products. To make it simpler for customers to complete purchases online, major firms in this region are investing in e-commerce. Further, the US running gear market held the largest market share, and the Canada running gear market was the fastest-growing market in the region.

Europe running gear market is expected to grow at a substantial CAGR from 2024 to 2032. One of the main factors driving the industry's growth is the growing knowledge of the advantages of physical health and exercise. Additionally, because of the rising levels of disposable money in this region, customers are becoming more eager to use cutting-edge technologies. Moreover, UK running gear market held the largest market share, and the Germany running gear market was the fastest-growing market in this region

Major market players are spending a lot on R&D to increase their product lines, which will help the running gear industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.

One of the primary business strategies manufacturers adopt in the global running gear industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, running gear industry has provided medicine with some of the most significant benefits. The running gear market major player such as Apple Inc. (U.S.), Samsung Electronics Co Ltd. (South Korea), Suunto (Finland), Altra Running (U.S.), Adidas (Germany), Garmin International (U.S.), Seiko Epson Corporation (Japan), Stryd (U.S.), Xiaomi Inc. (China), Lumo Bodytech (U.S.), Fitbit (U.S.) and Sensoria Inc. (U.S.).

Fitbit is a consumer electronics and fitness company based in the United States. It manufactures wireless-enabled wearable technology, physical fitness monitors, and activity trackers such as smartwatches, pedometers, and monitors for heart rate, sleep quality, and stairs climbed, as well as related software. In March 2020, Fitbit Charge 4, its most advanced health and fitness tracker, was released, featuring built-in GPS, active zone minutes, Spotify, sleep tools, Fitbit pay, and other features.

Seiko Epson Corporation, also known simply as Epson, is a Japanese multinational electronics corporation that is one of the world's largest manufacturers of computer printers and information- and imaging-related equipment. Since its inception, the company has evolved as one of the former Seiko Group's manufacturing and research and development companies (formerly known as Seikosha), a name traditionally associated with the production of Seiko timepieces. Seiko Epson was a major company in the Seiko Group, but it is not a subsidiary or affiliate of the Seiko Group Corporation.