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Road, track and gravel: the business of running
From performance footwear battlegrounds to community-led race formats, running is the sporting goods industry’s most competitive category. SGI Europe tracks brand strategies, product innovation, participation dynamics, and the commercial drivers reshaping the world of running.
In this page
Running Reloaded Market Analysis | State of Play: Participation data | Brand Radar | Product Launches | Running Ecosystem & Race Formats
LATEST
The marathon’s new core runner is a woman in her 20s
Young women now lead London’s under-30 field and match men in Boston. Within a few years, they could lead whole fields.
Running winners at ISPO compete on how shoes are made
Printing to order, aerospace plate fiber and algae soles: ISPO Excellence Awards 2026 celebrate manufacturing innovation
Lululemon launches Ventscape cold-weather run vest
Lululemon presented the Ventscape Run Vest, built with PrimaLoft insulation and mesh panels, at CIIE in Shanghai
MORE
FOOTWEAR 2026
Athletic footwear market at a glance
Global branded athletic footwear sales and growth, FY2025 vs. FY2024
$107.8B
Global market size (2025)
€95.9B
€95.9B
+3.1%
Global growth, 2024–2025
USD basis
USD basis
26.6%
Europe’s share of global market (2025)
$28.7B
$28.7B
+7.8%
Europe growth, 2024–2025
Fastest-growing region
Fastest-growing region
64.3%
Top 5 company share
Nike, adidas, Skechers,
New Balance, Asics
Nike, adidas, Skechers,
New Balance, Asics
Source: SGI Europe, Branded athletic footwear market analysis. Figures are SGI Europe wholesale estimates, not company-reported data. Growth calculated on US dollar values; euro figure converted at €0.89/$. Nike includes Converse and covers the 12 months ended Nov. 30. Nike and adidas alone account for 43.3% of the market.
SPORT PARTICIPATION
Running State of Play 2026
Nearly a third of runners started during the pandemic, motivated by health not competition – they are reshaping the sport
PARTICIPATION
Marathon Majors at a glance
Field size and finishers, most recent year available
Field size / finishers
Record (largest marathon ever)
London Marathon
59,830
New York City Marathon
59,226
Chicago Marathon
55,000
Berlin Marathon
54,166
Tokyo Marathon
38,500
Sydney Marathon
32,963
Boston Marathon
32,196
Bar length proportional to value. Figures mix field size and confirmed finishers: Tokyo (participant places, 2026) and Chicago (participant field, 2026) are places available, not confirmed finishers; Boston (2026) is entrants; Berlin (2024), New York (2025), Sydney (2025) and London (2026) are confirmed finishers. London set a Guinness World Record for the largest marathon ever. Sources: Tokyo Marathon Foundation; BAA.org; BMW Berlin Marathon Media Guide; Bank of America Chicago Marathon; NYRR Media Center; tcssydneymarathon.com; Guinness World Records, April 2026.
RUNNING MARKET
Running’s new power formula: Performance, lifestyle and community
Running hit $43 billion in 2025 and is outpacing athletic footwear, but the balance of power is shifting.
RUNNING RELOADED
Who’s biggest in running? Brand revenue compared
Running-specific business unit revenue, most recent fiscal year (€)
Company-reported
Analyst / industry estimate
Nike Running*
€3.80bn
On Running
€3.15bn
HOKA (Deckers)
€2.27bn
Asics – Performance Running
€2.15bn
Brooks Running*
€1.40bn
Saucony (Wolverine)
€507m
Mizuno – Running
€147m
*Nike does not disclose Running category revenue; figure is a BNP Paribas analyst estimate (trailing four quarters to mid-2026), cited via WWD, July 2026. *Brooks Running (Berkshire Hathaway) does not publish official financials; figure is a trade-press estimate (SGI Europe, Sportswear International) derived from the brand’s reported 16% 2025 growth rate — Bloomberg has separately reported Brooks is “headed toward $2 billion,” so treat this as directional, not exact.
Company-reported figures and fiscal periods: On Holding AG, FY2025 (year ended Dec. 31, 2025), press release and Form 20-F, March 3, 2026. Deckers Brands, HOKA brand, FY2026 (year ended March 31, 2026), earnings release, May 21, 2026. Asics Corporation, Performance Running category, FY2025 (year ended Dec. 31, 2025), investor relations, Feb. 13, 2026. Wolverine Worldwide, Saucony brand, FY2025 (year ended Jan. 3, 2026), earnings release, Feb. 26, 2026. Mizuno Corporation, Running category, FY ended March 31, 2026, investor relations, May 12, 2026. Figures converted to EUR at approximate rates from each period; fiscal year ends differ by brand and are not perfectly comparable.
Company-reported figures and fiscal periods: On Holding AG, FY2025 (year ended Dec. 31, 2025), press release and Form 20-F, March 3, 2026. Deckers Brands, HOKA brand, FY2026 (year ended March 31, 2026), earnings release, May 21, 2026. Asics Corporation, Performance Running category, FY2025 (year ended Dec. 31, 2025), investor relations, Feb. 13, 2026. Wolverine Worldwide, Saucony brand, FY2025 (year ended Jan. 3, 2026), earnings release, Feb. 26, 2026. Mizuno Corporation, Running category, FY ended March 31, 2026, investor relations, May 12, 2026. Figures converted to EUR at approximate rates from each period; fiscal year ends differ by brand and are not perfectly comparable.
BRANDS
Salomon signs five-year global partnership with Ironman
The 2027-2031 deal makes Salomon Ironman’s exclusive footwear, apparel and bag partner, plus Kona Championship title sponsor.
The rise of Indonesia’s local running shoe brands
Local brands control more than a third of Indonesia’s online running shoe sales, undercutting global competitors on price.
Boost to come for Brooks after Kerr’s run?
Brooks joins Nike, adidas and HOKA treating record bids as marketing events.
HOKA names pop singer Hou Minghao as China ambassador
HOKA leans on entertainment reach to compete for younger Chinese runners.
Brooks Running signs first NZ Team footwear deal
The multi-year deal covers ceremonies, podiums and Villages from Glasgow 2026 through LA28.
Inside Saucony’s marketing: community, not celebrity
Run as One, The Maze and Hood to Coast China’s Victory Team share one message: community over podiums
Arda Saatçi’s: how to miss a goal and set a record
When Arda Saatçi missed his target, his sponsors Red Bull and Brooks Running didn’t flinch. 59 million viewers later, it’s clear why.
Boston Marathon: a battle of words, not only of runners
A misread campaign at marathon’s most visible address exposed Nike’s vulnerabilities – and gave Asics an opportunistic opening.
PRODUCTS
Running winners at ISPO compete on how shoes are made
Printing to order, aerospace plate fiber and algae soles: ISPO Excellence Awards 2026 celebrate manufacturing innovation
Lululemon launches Ventscape cold-weather run vest
Lululemon presented the Ventscape Run Vest, built with PrimaLoft insulation and mesh panels, at CIIE in Shanghai
Asics softens the Gel-Nimbus with a new foam
The 29th Gel-Nimbus gets FF Luxe Plus foam and a wave-patterned sole as Asics guards its core running business.
Salomon courts women through color
The new capsule with FP Movement is a small release aimed at a big shift: women are reshaping who buys Salomon’s sneakers.
Ciele Athletics designs for runners after dark
The Montreal brand adds new caps, tops and tights to a reflective capsule that debuted in autumn 2025.
From comfort to speed: Skechers joins super shoe race
The brand’s first super shoe weighs 5.9 oz in a men’s size 9 and is built for 5K to marathon distances.
Nike wants a race shoe for every runner
Nike says the entry model grew from runner feedback in China and that it tested the price with North American runners.
Altra splits its carbon plate to make shoe faster
The cut sits under the big toe. The Vanish Carbon 3 is Altra’s fix for a stiffness problem that every other super-shoe brand seems to have ignored.
RUNNING STATE OF PLAY 2026
Parkrun’s global growth, region by region
Year-on-year growth in participation, 2024–2025
+32.4%
Europe
+28.8%
North America
+20.5%
South Africa
+20.35%
APAC
+12.8%
Ireland
Source: Parkrun, 2024–2025 Annual Report, Oct. 2025. Figures reflect year-on-year growth in event participation by region.
CONSUMER
The marathon’s new core runner is a woman in her 20s
Young women now lead London’s under-30 field and match men in Boston. Within a few years, they could lead whole fields.
Fandom on the Run: How K-pop Is Turning Fans into Runners
K-pop entertainment is muscling in on running events to cash in on fans.
To try or not to try – The state of marathon dreams
What coaching app Runna’s survey and race ballots reveal about people who dream of a marathon but never follow through.
Finishers launches official race bib resale in France
One marathon cut its no-show rate from 35 percent to 7 percent after Finishers took over bib resale.
Brands race to catch the run clubs’ wave
Running clubs surge across Asia and in cities worldwide, turning what was once solitary exercise into a collective ritual of reconnection and belonging.
Running footwear sales climb 13% as US market stalls
US footwear sales inched up 1 percent in H1 2026, but running shoes grew 13 times faster.
Market Analysis: The global athletic footwear market
SGI Europe’s yearly analysis details global sales of 25 athletic footwear brands and their performance in 2024.
CORPORATE & STRATEGIES
Asics and Decathlon expand running business in India
Decathlon wants to keep beginners as they upgrade; Asics sells expertise to committed runners
“Simplify to amplify”: Under Armour’s race to win runners
SGIE in conversation with UA on cutting the range and finding the runner.
Cyclist turned marathoner launches running label in Leeds
Edmondson raced UK’s Node4-Giordana for years before winning a marathon by 10 minutes.
ASICS plants its lab in France
ASICS establishes its European Institute of Sport Science, with HumanFab as its first research partner for tennis biomechanics.
ASICS builds elite lab where it all began
ASICS is building a dedicated facility in Kobe for elite athlete footwear and rapid prototyping, due to open in December 2027.
Asics buys US race registration platforms
The brand takes another step towards building a global race registration empire.
Xtep goes multi-channel in Malaysia
Xtep forms joint venture with Bonia Corporation in Malaysia, opening flagship store at Mid Valley Megamall as part of Southeast Asia expansion strategy.
Asics’ new head office in Tokyo
The office is designed to promote activity-based working and foster collaboration between different teams at Asics.
MARKET REPORTS AND ANALYSIS
Running’s new power formula: Performance, lifestyle and community
Running hit $43 billion in 2025 and is outpacing athletic footwear, but the balance of power is shifting.
Market Analysis: The global athletic footwear market
SGI Europe’s yearly analysis details global sales of 25 athletic footwear brands and their performance in 2024.
Running reloaded: These shoe brands race ahead of the rest
The running shoe market is undergoing a shake-up – and lifestyle is becoming a key to success.
RETAIL & DISTRIBUTION
Asics to open second Japan flagship in Tokyo
Asics’ second Tokyo flagship adds embroidery customisation and a members-only lounge.
Xtep opens first Saucony flagship store in Hong Kong
HK sales per sq ft already outpace the mainland as Xtep’s premium running brand opens at K11 Art Mall
Xtep plants six flags in Malaysia
Six stores, a localized shoe launch and a 10KM race with 10,000 applicants for 1,500 slots: Xtep is betting Malaysia’s running boom is real.
On keeps marching: another China flagship
Swiss performance brand opens 802sqm flagship in Shenzhen as Asia-Pacific net sales surged 96% in 2025.
On opens first standalone store in Seoul
Swiss running brand On moves beyond department stores in South Korea with a three-floor standalone in Hannam-dong, opening March 12.
Swedish brand Craft opens first China flagship
The Swedish endurance sports brand debuts its Chinese retail strategy with a full-scenario experience store.
Xtep goes multi-channel in Malaysia
Xtep forms joint venture with Bonia Corporation in Malaysia, opening flagship store at Mid Valley Megamall as part of Southeast Asia expansion strategy.
Nike, Mizuno lead StockX resale growth in 2025
Mizuno leads sporting goods resale growth at 124 percent as nearly 200 brands hit record sales on StockX in 2025, signaling shifts in athletic market.
Case study: how Xtep turned Saucony into a profit engine
A $61 million China buyout turned a break-even brand into a fast-growing profit engine
ANTA Sports: The making of a global multi-brand machine
From a Fujian shoe factory to a global conglomerate: how ANTA built a portfolio that now rivals Nike and adidas, and how it runs it.
How ASICS built a running platform empire
Seven acquisitions in seven years have made ASICS the world’s largest race registration operator. The financials back the thesis.
The marathon’s new core runner is a woman in her 20s
Young women now lead London’s under-30 field and match men in Boston. Within a few years, they could lead whole fields.
To try or not to try – The state of marathon dreams
What coaching app Runna’s survey and race ballots reveal about people who dream of a marathon but never follow through.
London Marathon earns platinum sustainability rating
It is the first road race at the top ABW level and the fifth event overall, after Oslo, Zurich, Glasgow and Tokyo.
For comprehensive coverage of trail running trends, products, brands, and market dynamics, explore the dedicated Trail Running section of our sister publication, Outdoor Industry Compass.
Explore Trail Running on OIC →
RUNNING 2026
Marathon calendar: what’s next
Major races and events, August – November 2026
August 2026
30 Aug
TCS Sydney Marathon★ NEWEST MAJOR
Sydney, Australia
30 Aug
Mexico City Marathon
Mexico City, Mexico
September 2026
5 Sep
Jungfrau Marathon
Interlaken, Switzerland
12 Sep
Oslo Marathon
Oslo, Norway
27 Sep
BMW Berlin Marathon★ FASTEST COURSE
Berlin, Germany
October 2026
11 Oct
Bank of America Chicago Marathon★ LARGEST FIELD
Chicago, USA
18 Oct
Toronto Waterfront Marathon
Toronto, Canada
November 2026
1 Nov
TCS New York City Marathon★ WORLD'S LARGEST
New York City, USA
RUNNING 2026
Marathon calendar: what’s next
Major races and events, December 2026 – March 2027
December 2026
6 Dec
Shanghai Marathon
Shanghai, China
January 2027
Early Jan
Walt Disney World Marathon Weekend
Orlando, USA
17 Jan
Chevron Houston Marathon
Houston, USA
17 Jan
Dubai Marathon★ PREMIER MIDDLE EAST RACE
Dubai, UAE
February 2027
13 Feb
Ras Al Khaimah Half Marathon
Ras Al Khaimah, UAE
14 Feb
Barcelona Half Marathon
Barcelona, Spain
March 2027
4-6 Mar
Tokyo Marathon Expo (race: 7 Mar)
Tokyo, Japan
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