The global footwear market is predominantly dictated by consumer trends. The surging demand for designer yet comfortable shoes among women and sportswear or athletic shoes among men have been bolstering opportunities for footwear sales. As per Transparency Market Research (TMR), this increasing focus on sportswear will bolster opportunities for the footwear market. The market also likely to gain from the proliferation of retail culture, which is expected to boost it at a CAGR of 2.5% between 2015 and 2023. TMR pegs the valuation of the market in 2014 at US$208.72 bn. By the end of 2023, the market is expected to reach US$258.21 bn.
With the launch of the latest designs and as consumers become increasingly aware about the latest fashion, demand for footwear is likely to increase. Since the global footwear market is highly fragmented, TMR recommends companies to focus on diversifying their product portfolio through research and development.
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Asia Pacific Emerges as Most Lucrative Market for Athletic Footwear
By volume, Asia Pacific has been dominating the global footwear market. The region held around 40.50% of the overall market by volume in 2014. North America emerged as the second-largest market footwear in the same year. It accounted for a share of 26.10% in the overall market. By revenue, North America led the overall market in 2014.
In Asia Pacific, the footwear market will be significantly facilitated by the growing demand in emerging economies such as India and China. The rapid urbanization and increasing demand for western brands witnessed across Asia Pacific, provide attractive opportunities for international footwear brands. Besides this, the surge in adoption of e-commerce among customers of Asia Pacific has been bolstering prospects for online sales of footwear in the region.
As per TMR, the Asia Pacific market for footwear is poised to surge at a CAGR of 2.8% between 2015 and 2023. In terms of revenue the regional market stood at US$61.8 bn in 2014 and is expected to reach US$78.8 bn by the end of 2023. By volume, the market is expected to surge at 2.6% during the forecast period. Vendors of non-athletic footwear were able to pocket a major share in the Asia Pacific market as well. This is because of the rising demand for casual footwear in the region.
Sellers in North America Gaining from Growing Online Retail Activities
With its local population increasingly participating in sports and athletic activities, demand for footwear is likely to surge in North America. Since, the region is at fore of many innovations, it also witnesses robust development in footwear in terms of both design and quality. Furthermore, internet retailing in the region has been demonstrating rapid growth as well, particularly in Canada and the U.S. This has enabled sellers of footwear in North America to gain from wider reach and better visibility in the region.
Non-athletic Footwear Segment to Grow at Higher Pace than Athletic Footwear
The global footwear market can be broadly classified as athletic footwear and non-athletic footwear segment. Of these, demand from the non-athletic footwear segment has been surging at a greater pace than the former. As per TMR, the segment held over 52.44% of the global footwear market in 2014.
Vendors of non-athletic footwear segment are focusing on the prevailing fashion trends to woo customers. The segment is further sub-categorized into dress evening footwear, casual footwear, military boots, and others. The segment is likely to gain significant impetus from the launch of new designs and shades of shoes in the market. Among the various sub-segments, casual footwear held the largest share in the segment. By revenue and volume, casual footwear held 31.23% and 31.28% of the segment, respectively, in 2014.
Conversely, the athletic footwear segment is benefited by the increasing participation of countries in celebrated sport events. By revenue and volume alike, hiking shoes emerged as the largest contributor in the segment, accounting for a share of 24.13% and 23.55% in the segment, respectively, in 2014. Apart from this, the demand for running and cross training shoes are also likely to rise at a robust pace in the forthcoming years.
Some of the leading players operating in the global footwear market include Nike Inc. (U.S.), Adidas AG (Germany), New Balance Inc. (U.S.), Deichmann SE (Germany), Bata Limited (Canada), Puma SE (Germany), Asics Corp.(Japan), Skechers USA, Inc. (U.S.), and others.
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