The global footwear market is anticipated to witness a broad diversification of product portfolio by the major players through mergers and acquisitions and extensive research and development activities. According to a report published by Transparency Market Research (TMR), 68.8% was the combined market share by Nike, Inc., Adidas AG, Puma SE, New Balance, Inc., and Asics Corp in 2014. Retail and B2B sales are the two significant distribution channels identified. Manufacturers are taking to responsive after-sales service for thorough delivery of value to the end-users. Opportune delivery by raw material suppliers and their proximity will be difficult to chip away. The key stakeholders in the market are unsurprisingly the original equipment manufacturers (OEMs).
According to the TMR report, the global footwear market is prophesied to touch US$258.2 bn by 2023 while growing at a CAGR of 2.5%. In 2014, the market was valued at US$208.7 bn. The non-athletic footwear market is projected to grow from US$109.4 bn in 2014 to US$134.0 bn in 2023. This market is expected to defeat the athletic footwear market also in terms of volume over the forecast period. North America had secured a dominant share of 35.6% in 2014 with regard to revenue. However, in respect of volume, Asia Pacific had made its presence clear in the same year.
Sports-inspired Footwear will be Key to Spark Demand
The international footwear market is envisaged to be stimulated by the growing popularity and preference for innovative and technically sophisticated sportswear. Both men and women are driven by the comfort, versatility, and style offered by a variety of sports-inspired footwear. Although the impact of the increasing focus on sportswear is moderate, it is expected to surge with the rising innovation in sports footwear by 2023.
Moreover, with retailers and brands reorienting their focus on the worldwide footwear market, the number of retail outlets have elevated globally. Online retailers too have added to the inflating prominence of footwear purchase by making available attractive discounts and various collection and price options. The nature of impact is predicted to be the same as that of the previous driver for the market.
North America and Asia Pacific Open Market Opportunities
The impact of counterfeit products on the global footwear market is currently medium and envisioned to stay moderate between 2015 and 2023. Vendors are advised to implement advanced technologies and implement anti-counterfeit policies for winning back the trust of their customers and maintain the genuineness of their products.
Market opportunities are expected to spring from advancements in footwear technology and integration, modern and trendy options, and unprecedented foot comfort with novel products. North America was a significant manufacturing region of the waterproof membranes footwear market in 2014. Increasing industrialization, rising interest in western brands, and swelling middle class population have raised the value and demand of footwear in Asia Pacific.
Other players such as Bata Limited, VF Corp., W.L. Gore & Associates, Inc., Sympatex Technologies GmbH, Skechers USA, Inc., The Aldo Group Inc., Polartec, LLC, Jack Wolfskin, Kathmandu Holdings Limited, Columbia Sportswear Company, and Deichmann SE held the remaining percentage share in the same year when the major players exhibited dominance.
The study presented here is based on a report by TMR, titled “Footwear Market (Product – Athletic Footwear - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
The global footwear market has been segmented in the following arrangement.
Global Footwear Market: By Product
- 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
- Running and Cross Training/Tennis 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
Global Footwear Market: Gender
- Men’s Footwear
- Women’s Footwear
- Kids’ Footwear
Global Footwear Market: Geography
- 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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