Modern Football Cleats Industry Predicted to Witness Sluggish Growth
Football Cleats are the footwear worn while playing football, different cleats are manufactured for various sports which are different from each other in some manners. Football cleats are specifically designed for grassy pitches, with studs present on the outsole of cleats for providing grip. Modern cleats have developed vastly since the beginning as modern football cleats do not cover the ankle, unlike other sports boots.
Presently football cleats are manufactured by using leather or synthetic materials. Although, they provide good performance their stretching might exceed the limit leading to the replacement of cleats very soon which acts as a major drawback for synthetic football cleats. The global modern football cleats industry is expected to witness steady growth and reach approximately USD 19,000 million with a CAGR growth of XX%.
Leading brands like Nike, Adidas and PUMA are dominating the global football cleats market by launching new and more reliable products with a vast range of variety. The key players are adopting various new strategies and merging in order to expand their market. Prominent players are also expanding their market online as people are preferring online involvement as well.
Market Dynamics
Raising Factors:
- Increasing interest in sports
- Launching new cleats
Threats:
- Expensive Cost
- Counterfeit Brands
Opportunities:
- Government Funding in the sports sector
- Development in quality
Increasing demand for comfortable football cleats is driving the growth of the industry while manufacturers are attempting on launching new products with better grip are expected to boost the football cleats market. Raising awareness regarding health is also somehow boosting the market. Whereas, the growth is a bit affected due to its expensive cost but the increasing interest of youth towards sports and football is boosting the football cleats industry.
Based on regional analysis North America and Europe are predicted to dominate the global modern football cleat market owing to the rising awareness towards sports and the presence of various market players in the region. Moreover, Europe is expected to witness the largest market for football cleats during the forecast period, Sales of football cleats in Europe is expected to account for about 8,000 million by the end of 2022. Whereas, Asia-Pacific region is predicted to be considered as the second most lucrative market excluding Japan.
Conclusion
The global modern football cleats market is expected to grow during the forecast period owing to the rising demand for football cleats due to awareness of sports and football matches at different levels. The high cost is hampering the market growth but with new product launch with variance in prices, the market is growing at a steady rate and is expected to maintain the same during the forecast period.
