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Running Gears Market Share

ID: MRFR//2960-CR | 94 Pages | Author: Shubham Munde| February 2020

In the competitive landscape of the running gear market, market share positioning strategies are pivotal for brands striving to carve out a distinctive identity and gain a competitive edge. One prominent strategy involves product innovation and differentiation. Brands that invest in research and development to create cutting-edge running gear with unique features, materials, or technologies often attract a discerning consumer base. Whether it's advanced cushioning systems in shoes, moisture-wicking fabrics, or smart technologies embedded in apparel, innovative products can set a brand apart and contribute to a larger market share.

Effective branding and marketing play a crucial role in market share positioning. Brands that successfully communicate their values, ethos, and the benefits of their running gear are more likely to capture the attention and loyalty of consumers. Engaging marketing campaigns, collaborations with influencers or athletes, and a strong brand identity contribute to a positive perception in the minds of consumers, influencing their purchasing decisions and, consequently, the brand's market share.

Price positioning is another key strategy employed by brands in the running gear market. Some brands focus on offering high-end, premium products, targeting a niche market segment that values luxury, technology, and performance. On the other hand, brands opting for a more affordable pricing strategy aim to capture a broader consumer base. The right balance between quality and pricing is crucial, as consumers seek value for money in their running gear purchases. Effective pricing strategies contribute not only to market share but also to brand loyalty and long-term customer relationships.

Strategic partnerships and collaborations can significantly impact market share positioning. Brands that enter into partnerships with well-known athletes, fitness influencers, or other prominent figures in the industry can leverage their credibility and reach. Co-branded products or limited-edition releases resulting from collaborations often generate excitement and attract attention, contributing to increased market share.

Distribution and retail strategies are essential considerations in market share positioning for running gear brands. Brands that establish a strong and diverse presence across various retail channels, including brick-and-mortar stores, specialty running shops, and online platforms, can access a broader audience. A robust e-commerce presence is particularly crucial, given the increasing trend of online shopping in the running gear market. Brands that optimize their distribution channels strategically position themselves to reach and cater to a wide range of consumers.

Inclusivity and customization have become integral components of market share positioning strategies. Brands that embrace inclusivity by offering a diverse range of sizes and styles cater to a broader consumer base. Customization options, whether in terms of color choices, personalized features, or design elements, provide consumers with a sense of individuality and contribute to brand loyalty. Brands that prioritize inclusivity and customization strategies often resonate with a more extensive and diverse consumer demographic, positively impacting their market share.

Global expansion and adaptation to regional preferences are considerations for running gear brands seeking to increase market share. Understanding and responding to cultural, climatic, and lifestyle differences across regions enable brands to tailor their products and marketing strategies to specific markets. Brands that successfully navigate global expansion can tap into new consumer bases and increase their overall market share.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2021
Historical Data	2018 & 2020
Forecast Period	2022-2030
Growth Rate	15.40% (2022-2030)

Running Gears Market Highlights:

Running Gears Market Trends

Running Gears Market Analysis

Running Gears Market Share

Running Gears Companies

Global Running Gear Market Overview:

Running Gear Market Size was valued at USD 23.4 billion in 2023. The running gear market industry is projected to grow from USD 25.2 billion in 2024 to USD 66.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.20% during the forecast period (2024-2032). One of the primary market drivers boosting market expansion is the large rise in the proportion of customers who are health-conscious due to the growing understanding of the benefits of physical activity and fitness.

Running Gear Market Overview

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

Running Gear Market Trends

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.

However, digital and social media marketing is one of the significant developments in the running apparel market that is anticipated to have a positive impact on the sector over the anticipated timeframe. To thrive in this intensely competitive industry, manufacturers must create, advertise, and promote their sports equipment through interactions with consumers on social media channels. Market players engage consumers by using cutting-edge marketing strategies on social media and digital platforms like Instagram, Facebook, Pinterest, YouTube, and Twitter. Thus, it is anticipated that this aspect will accelerate running gear market revenue globally.

Running Gear Market Segment Insights:

Running Gear Sensor Type Insights

The Running Gear Market segmentation, based on sensor type is divided into Bio Impedance Technology Sensors, 3-Axis Accelerometer Sensors, Altitude Meter, Temperature Measurement Sensors and Angular Velocity Sensors. The angular velocity sensors segment dominated the running gear market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. To gauge how quickly a body rotates relative to an inertial frame of reference, angular velocity sensors are utilised. At the vehicle's vertical axis, they gauge the yaw rate, or z.

Running Gear Products Insights

The Running Gear Market segmentation has been segmented by products into Smart Fitness Tracker & Gears, Latest Technologies & Software and Sports Footwear & Equipment. The smart fitness tracker & gears segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2032. It is a wrist-worn device that can track a variety of activities, including swimming laps, running distance, heart rate, and walking steps. Fitness bands communicate over Bluetooth with an app on a mobile device, which uploads the wearer's activity data and configures the gadget.

Running Gear Market Type Insights

The Running Gear Market data has been segmented by market type into Departments Or Large Retail Organizations, Specialty Brand Stores and Online Platforms. The online platforms segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2032. The expansion of the Running Gear Market is primarily being driven by the rise in online running apparel sales. For a multitude of reasons, including affordable prices, convenience, substantial discounts, availability of cash on delivery (COD), and speedy shipping, consumers are drawn to online shopping.

Figure 2: Running Gear Market by Market Type, 2021 & 2030 (USD Billion)

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

Running Gear Regional Insights

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

Running Gear Key Market Players & Competitive Insights

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.

Key companies in the running gear market includes

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.)

Sensoria Inc. (U.S.)

Running Gear Industry Developments

June 2021: Garmin International Inc. has released the Forerunner 945 LTE, a premium GPS running and triathlon smartwatch with LTE connectivity. The watch was created to assist athletes in staying connected while on the go.

Running Gear Market Segmentation:

Running Gear Sensor Type Outlook

Bio Impedance Technology Sensors

3-Axis Accelerometer Sensors

Altitude Meter

Temperature Measurement Sensors

Angular Velocity Sensors

Running Gear Products Outlook

Smart Fitness Tracker & Gears

Latest Technologies & Software

Sports Footwear & Equipment

Running Gear Market Type Outlook

Departments Or Large Retail Organizations

Specialty Brand Stores

Online Platforms

Running Gear Regional Outlook

North America
- US
- Canada

Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe

Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific

Rest of the World
- Middle East
- Africa
- Latin America

Running Gears Companies

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