The running gear market is projected to be valued at $58.3 billion by 2026, registering a CAGR of 5.5% during the 2022 to 2027 forecast period.
The market growth is attributed to the increasing participation in running events and rising demand for technologically advanced running gear products. The following are some projections about the running gear market for 2022:
Running Gear Market Dynamics
The market is witnessing significant growth due to the increasing popularity of running as a form of exercise, whether running outside or on a treadmill. In addition, the rising demand for technologically advanced running gear products is also propelling the market growth.
Moreover, the growing trend of outsourcing manufacturing to low-cost countries is anticipated to provide significant growth opportunities to the running gear market during the forecast period. However, the high cost of technologically advanced running gear products is likely to restrain the market growth.
Based on product, the market is segmented into running shoes, clothing and accessories including running sunglasses, socks and tights, watches/gadgets, GPS devices and heart rate monitors.
The running apparel segment dominated the market with around 40% share in 2019, and it is expected to maintain its dominance throughout 2022. High demand from the sportswear, activewear and casual wear industries is anticipated to drive the segment growth.
Based on distribution channels, retail stores have held a significant share of the market for the past five years. The high demand from sports specialists and specialty stores and technological advancements in running gear products are expected to offer lucrative growth opportunities for this market during the forecast period.
The major players operating in the running gear market include Nike, JAKO, Adidas AG, Onitsuka Tiger GbR, Puma SE, Under Armour Inc., Brooks Running Company, Asics Corporation, and New Balance.
Region-wise, Europe is projected to be the fastest-growing market for running gear during the forecast period. The growth of this market can be attributed to the increasing participation in running events and the rising demand for technologically advanced running gear products in the region.
In 2016, Europe was the largest market for running gear followed by North America and Asia. The dominant position of these regions can be attributed to the presence of a large number of manufacturers and retailers in Europe and North America.
In addition, Asia is projected to grow at a substantial rate driven by increasing participation in running events among people across all age groups.
The number of people participating in running events has increased significantly since the past few years. People will run during all seasons of the year, including winter. According to Running USA, around 1 million individuals participate in nearly 26 thousand running events across the United States annually.
This trend is projected to continue during the forecast period. The increasing participation in running events worldwide coupled with the rising demand for technologically advanced products is propelling the growth of this market.
According to the National Sporting Goods Association (NSGA), approximately 35 million Americans ran at least once in 2019. However, only 5% were highly experienced runners, and 30% were beginners.
Millennials are more likely to run than other generations. For instance, around 34% of millennials participated in running activities in 2019, with an average of 730 miles run per person.
The global running gear market is expected to witness significant growth during the forecast period. The increasing participation in running events and growing demand for technologically advanced products will offer significant growth opportunities for players operating in this market during the next six years.