According to a new report by Transparency Market Research (TMR), the global market for footwear exhibits a highly consolidated landscape with the majority share being held by only a few players. In 2014, more than 57% of this market was held by the world’s top three footwear manufacturers, namely, Nike Inc., Adidas AG, and Puma SE. These players are focusing aggressively on developing high-end products to meet the ever-changing preferences of consumers. They are also looking to expand their product portfolios in order to strengthen their position in this market. As a large pool of new players is entering the market, the competition between players is likely to deepen in the near future.
As per TMR’s estimates, the global footwear market, which presented an opportunity worth US$208.7 bn in 2014, is projected to expand at a CAGR of 2.50% during the period from 2015 to 2023 and reach US$258.2 bn by the end of the forecast period. Non-athletic footwear, especially casual footwear, is likely to record higher demand than other footwear types from consumers across the world. The sales of non-athletic footwear is expected to cross US$134 bn by 2023.
North America to Maintain Lead in Revenues, Asia Pacific to Dominate in terms of Volume
The report also analyzes the global market for footwear on the basis of its geographical spread. According to the study, the main geographical segments of this market are North America, Asia Pacific, Europe, and the Rest of the World. While North America leads this market in terms of revenue, Asia Pacific has acquired the top position in terms of volume. The scenario is likely to remain unchanged over the next few years, says an analyst.
The rising participation of youth in athletics and the growing interest of consumers in gymming and other fitness-related activities in North America has been reflecting positively on the sales of high-end expensive footwear in this region. The escalating demand for designer shoes is projected to increase the revenue contribution of this region to US$93.2 bn by 2023.
On the other hand, Asia Pacific has been riding high on the robust growth of the footwear market in China and India. The increasing adoption of e-commerce is expected to accelerate the online sales of footwear in this region over the next few years, influencing the Asia Pacific footwear market greatly.
Rising Demand for Comfortable Sportswear to Boost Footwear Sales
“The rising demand for trendy and comfortable sportswear is having a great impact on the sales of footwear, globally,” says the author of this study. The world is witnessing a significant increase in sports activities, which in turn, is fueling the demand for comfortable footwear substantially. Apart from this, a surge in health and fitness activities has also been noted across the world, which has compelled sports manufacturers to produce technically advanced and innovative footwear.
Looking forward, the rise of internet retailing, commonly known as e-tailing, is likely to enhance the sales prospects of both, athletic and non-athletic footwear in the coming years, states the research report.
Increasing Production of Counterfeit Footwear to Pose Serious Threat to Genuine Product Manufacturers
Although the prospects of this market are bright, the increasing production of counterfeit footwear is posing a serious challenge to the market’s growth. Duplicate footwear is easily available across the world, owing to which, the distribution channel of genuine products is being hampered, impacting their sales negatively. However, since the demand for innovative footwear is rising, manufacturers are likely to witness lucrative opportunities for their growth in the forthcoming years. Advancements in the production processes are also projected to benefit these manufacturers in the long run, said the TMR analyst.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Footwear Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
The report segments the global footwear market into:
By product type
- Athletic footwear
- Running and cross training/tennis shoe,
- Soccer/football shoe
- American football/rugby shoe
- Soccer shoe
- Golf shoe
- Basketball shoe
- Hiking shoe
- Baseball shoe
- Non-athletic footwear
- Casual footwear
- Dress evening footwear
- Military boots
- Hunting/fishing boots
- Rain boots/galoshes
- Winter/snow boots
- Rocky military boots
- Lite hiking outdoor sandal
- Men’s footwear
- Women’s footwear
- Kids’ footwear
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World (RoW)
- South America
- Middle East
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