The nature of the global footwear market is highly competitive with leading players occupying the maximum share, says Transparency Market Research (TMR) in a research report. The low market concentration is expected to intensify competition. The players are striving to seek a competitive advantage with new designs and product differentiation. The market is oligopolistic with product innovation being the key development criteria. Price competition in the market does not relatively exist in its traditional form.
The means by which firms compete with respect to price is by introducing products at several different price levels in order to reach all areas of the market. There are only a few firms who compete in every sector of the market with regards to intended purpose namely Nike, Adidas, Reebok, and New Balance. Smaller firms usually specialize in particular types of shoes. The top four companies, Nike, Adidas, Reebok, and Puma, are likely to account for a collective share of 60% during the forecast period with Nike leading the charts. The global athletic footwear market is expected to expand at a steady CAGR from 2011 to 2018. According to a TMR analyst, “The market was worth US$79,402 mn in 2015 and is likely to touch a valuation of US$84,427 mn by the end of 2018.”
Insert Shoes to be Most Popular Product
Insert shoes are used as daily wear comfortable footwear. They are mainly used for joint pain relief from arthritis, injuries and for other causes such as smell reduction, orthopedic correction, athletic performance and even increasing the wearer’s height. The global insert footwear market is expected to grow to a valuation of USD 30,539 mn by the end 2018. The growing number of cases of leg injuries and arthritis. Sports shoes are expected to expand at the maximum CAGR during the forecast period owing to their growing popularity of sport shoes. Sports (cross training) shoes are used for various sports and for other physical activities. They are high in demand because of its comfort ability and versatility. These are sports specific shoes worn for various sports. They are highly popular in kids for their comfort ability.
Athletic Footwear manufacturer is heavily focused in Asia. This continent has manufactured 87% of all shoe pairs produced worldwide. China alone produces over 70% of the world total. Its regional neighbors Vietnam, India, Indonesia, Pakistan and Thailand are also among the leading producers manufacturing another 17% of the total. Outside Asia, Brazil is the most important producer of footwear with 4.4% market share.
Boost in Retail Culture to Bode Well for Market Growth
Rise in retail culture is triggering the athletic footwear market. Consumers are becoming more fashion conscious and creating demand for athletic footwear. The great diversity in athletic footwear market, and its availability in many retail outlets may encourage impulse buying. Brands and retailers are reorienting their attention on this market. Some have also moved towards this particular fashion trend and vacated other categories of athletic footwear. Demand for comfortable footwear is also likely to impact the growth of the market tremendously as it is important to focus on what type of footwear consumers want to wear. For consumers, the chief influence is on the purchase of athletic footwear which is comfortable, feasible, and fashionable at the same time.
However, the market is likely to be negatively affected by the growing prices of raw materials and emergence of pirated footwear in the local market.
This review is based on a Transparency Market Research report titled, “Athletic Footwear Market (Category - Inserts, Sports - Global Industry Size, Market Share, Trends, Analysis And Forecast 2012 - 2018.”
Key segments of the Global Athletic Footwear Market: By Category
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