Sneaker Industry Revenue and Growth Statistics (2024)

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Ch Daniel
Sneakers Industry Revenue and Growth
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Last Updated on December 28, 2023 by Ch David

This research article delves into the Sneaker Industry’s revenue, growth, customer demography, global presence and more.

Amazing Facts About the Sneaker Industry

  • The first-ever sneakers were created in the late 1800s by the U.S. Rubber Company, designed for comfort and ease of movement.
  • Sneakers gained massive popularity with the introduction of the Converse All-Star in 1917, known as the “Chuck Taylor” after the famous basketball player.
  • Michael Jordan’s partnership with Nike led to the creation of the iconic Air Jordan line in 1985, revolutionizing sneaker culture.
  • Adidas introduced the first-ever running shoe with a computer chip, the Micropacer, in 1984, paving the way for smart sneakers.
  • The Yeezy line, a collaboration between Kanye West and Adidas, sparked unprecedented hype and resale value for sneakers.
  • Sneaker collaborations with luxury brands, like Nike’s partnership with Off-White, have blurred the lines between streetwear and high fashion.
  • Sneaker reselling has become a lucrative business, with limited-edition releases often fetching prices far above their retail value.
  • The sustainable sneaker movement has gained traction, with brands incorporating eco-friendly materials and practices into their designs.
  • Sneakerheads, enthusiasts passionate about collecting and wearing sneakers, have formed a global community that influences trends and releases.
  • Sneaker culture has even influenced museums, with exhibitions dedicated to showcasing the history and impact of iconic sneaker designs.

Sneaker Industry Worth (market value)

The sneaker industry’s market value has been steadily increasing over the years. In 2023, it reached $86.58 billion, up from $48.12 billion in 2015, reflecting its strong and consistent growth.

YearSneaker Market Value
2023$86.58 billion
2022$72.72 billion
2021$65.61 billion
2020$62.97 billion
2019$69.82 billion
2018$65.29 billion
2017$59.16 billion
2016$$53.66 billion
2015$48.12 billion

Source: Statista

What is the Sneaker market size?

The worldwide sneaker market was worth USD 8.4 billion in 2022 and is projected to grow at a CAGR of 5.06% over the forecast period. By 2028, it is expected to reach USD 113.57 billion.

Source: Market Research Guru

Sneaker Industry Revenue

The Sneaker industry’s revenue reached an impressive $76 billion in 2023, showing strong growth from $65 billion in 2018.

YearSneaker Industry Revenue
2023$76 billion
2022$73 billion
2021$66 billion
2020$63 billion
2019$70 billion
2018$65 billion

Source: Statista

Overview of Sneaker industry revenue by Country

Sneaker revenues vary by country, with the United States leading at $22.27 billion in 2023, followed by China with $15.84 billion.

The United Kingdom contributes $3.80 billion, while other countries like Japan, Germany, India, and Mexico also play significant roles in the industry’s revenue landscape.

United States$18.95 billion$20.41 billion$18.78 billion$19.73 billion$21.58 billion$22.27 billion
China$11.82 billion$13.51 billion$13.65 billion$12.26 billion$15.06 billion$15.84 billion
United Kingdom$3.69 billion$3.74 billion$3.29 billion$3.65 billion$3.66 billion$3.80 billion
Japan$3.00 billion$3.15 billion$3.14 billion$3.20 billion$3.14 billion$3.17 billion
Germany$2.78 billion$2.78 billion$2.65 billion$2.55 billion$2.60 billion$2.66 billion
India$2.02 billion$2.25 billion$1.50 billion$1.37 billion$2.47 billion$2.63 billion
Mexico$1.45 billion$1.63 billion$1.09 billion$1.64 billion$1.85 billion$1.86 billion
Brazil$1.62 billion$1.58 billion$1.34 billion$1.34 billion$1.59 billion$1.67 billion
Italy$1.75 billion$1.74 billion$1.46 billion$1.59 billion$1.61 billion$1.62 billion
Canada$1.32 billion$1.39 billion$1.25 billion$1.29 billion$1.38 billion$1.42 billion
France$1.47 billion$1.45 billion$1.25 billion$1.31 billion$1.31 billion$1.31 billion
South Korea$886 million$863 million$799 million$962 million$960 million$960 million
Turkey$834 million$874 million$671 million$780 million$815 million$851 million
Spain$923 million$931 million$770 million$849 million$826 million$832 million

Source: Statista

What is the industrial average price tag of Sneakers?

Sneaker prices have been steadily rising. In 2023, the average sneaker price was around $63.23, marking an ongoing increase from previous years.

YearAverage Sneaker Price

Source: Statista

Customers’ Impact on the Sneaker Industry Revenue

The Sneaker Industry is projected to generate around $9.86 per person in revenue in 2023.

This figure reflects the spending on sneakers globally, with the previous years also showing consistent patterns in revenue per person, such as $9.55 in 2022 and $8.7 in 2021.

YearSneaker Industry Revenue per Person

Source: Statista

What are the top Sneaker brands?

In the worldwide sneaker market, Nike takes the lead with 18% market share, followed by Jordan with 11%, and Adidas with 9%.

Other brands like Skechers, Vans, and Converse also have significant presence, making up the dynamic landscape.

Top Sneaker BrandsTop Sneaker Brands Worldwide (2022 Market Share)
New Balance4%

Source: Statista

Top Sneaker Brands in the United States

In the United States sneaker market, Nike and Jordan take the lead with 17% and 16% market share respectively.

Skechers, Superga, and other notable brands also contribute to the diverse landscape, showcasing varied preferences among consumers.

BrandMarket Share
New Balance5%

Source: Statista

Top Sneaker Brands in the United Kingdom

Nike takes the lead in the United Kingdom’s sneaker market with 18% market share, followed by Skechers at 16% and Adidas at 12%.

Other brands like Jordan, New Balance, and more contribute to the diverse landscape of preferences among consumers.

BrandMarket Share
New Balance6%

Source: Statista

Overview of other countries’ sneakers (footwear) brand’s productions share

In 2021, China led as the world’s largest footwear producer, making around 12 billion pairs of shoes.

This trend was mirrored by India, Vietnam, and Indonesia, which together contributed over 75% of the global footwear production, emphasizing the influence of the Asia Pacific region in the industry.

China12.02 billion pairs11.12 billion pairs13.48 billion pairs13.48 billion pairs13.52 billion pairs13.10 billion pairs
India2.60 billion pairs2.08 billion pairs2.60 billion pairs2.58 billion pairs2.41 billion pairs2.26 billion pairs
Vietnam1.36 billion pairs1.32 billion pairs1.40 billion pairs1.30 billion pairs1.10 billion pairs1.19 billion pairs
Indonesia1.08 billion pairs1.04 billion pairs1.23 billion pairs1.27 billion pairs1.08 billion pairs1.11 billion pairs
Brazil806 million pairs764 million pairs908 million pairs944 million pairs909 million pairs954 million pairs
Turkey547 million pairs487 million pairs535 million pairs447 million pairs400 million pairs500 million pairs
Pakistan513 million pairs483 million pairs481 million pairs411 million pairs398 million pairs399 million pairs
Bangladesh401 million pairs423 million pairs407 million pairs461 million pairs428 million pairs378 million pairs
Mexico191 million pairs165 million pairs251 million pairs268 million pairs259 million pairs254 million pairs
Iran165 million pairs
Philippines188 million pairs
Italy179 million pairs184 million pairs191 million pairs
Thailand200 million pairs

Source: Statista

Overview of the number of sneakers sales worldwide

The global demand for sneakers has remained consistent in recent years. In 2023, approximately 1.2 billion pairs of sneakers were demanded, following a similar trend from the previous years.

20231.2 billion pairs
20221.2 billion pairs
20211.1 billion pairs
20201.1 billion pairs
20191.3 billion pairs
20181.2 billion pairs

Source: Statista

Overview of sneaker brands’ selling channels

In 2023, online sales channels accounted for 34.1% of total sales, while offline sales channels represented 65.9%. This trend has been evolving over the years, with online sales steadily increasing from 23.6% in 2017 to 34.1% in 2023.

YearOffline Sales ChannelsOnline Sales Channels

Source: Statista

Frequently Asked Questions about Sneakers

How much is Sneakers in the United States?

On average, casual sneakers in the United States can range from around $50 to $150, while high-end or designer sneakers can go for several hundred dollars or even more.

What is the difference between sneakers and shoes?

Sneakers and shoes are both types of footwear, but the term “sneakers” typically refers to casual athletic shoes with a flexible sole and are often made of canvas or leather.

On the other hand, “shoes” is a broader term that encompasses all types of footwear, including formal shoes, boots, sandals, and yes, sneakers too.

So, while all sneakers are shoes, not all shoes are necessarily sneakers.

What do you call fake sneakers?

Fake sneakers are often referred to as “replicas,” “counterfeits,” or “knock-offs.” They are imitations of popular branded sneakers, designed to mimic the appearance of the original but without the genuine brand’s quality or authenticity.

Are sneakers a luxury product?

Yes, sneakers have evolved beyond their athletic origins and can indeed be considered a luxury fashion item.

Luxury sneaker brands such as Balenciaga, Gucci, Louis Vuitton, Givenchy, Valentino, and Christian Louboutin offer examples of this trend.

These brands produce sneakers that go beyond functionality, incorporating fashion-forward designs and luxurious materials, making them sought-after items in the luxury industry.

How do I know if a sneaker is not fake?

  • Buy from Authorized Retailers: Purchase from official brand stores, authorized retailers, or reputable websites.
  • Check Packaging and Labels: Examine packaging, labels, and tags for quality printing, accurate logos, and correct spelling.
  • Inspect Build Quality: Check for well-constructed sneakers with attention to detail, stitching, and material quality.
  • Compare with Official Images: Compare your sneakers with official product images to spot design, color, or detail differences.
  • Check Serial Numbers and Tags: Verify unique serial numbers and authenticity tags through official channels.
  • Study Logo and Branding: Inspect logos and branding for accurate font, spacing, and positioning.
  • Feel the Materials: Genuine sneakers use quality materials; beware if they feel cheap or differ from the brand’s standards.
  • Look for Security Features: Some sneakers have holograms, reflective elements, or hidden features to prevent counterfeiting.
  • Seek Expert Opinions: Consult experts, forums, or authentication services for assistance such as Legit Check.
  • Beware of Unrealistic Prices: Be cautious of heavily discounted sneakers, as they might be counterfeits.

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About the Author

Ch Daniel is the co-founder and co-CEO of Legit Check By Ch, one of the world's leading companies in product authentications. Daniel's experience: 8+ years in the luxury industry, 7+ years in the authentication industry, 10+ years of business development. Currently, Daniel is overseeing the development of new products of Legit Check By Ch.
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