Due to the presence
of a large number of players, the global Footwear
Market demonstrates a highly competitive landscape. To gain
an edge in the market, the leading vendors particularly focus on
product differentiation and capitalizing on the opportunities in
emerging countries. Furthermore, leading companies such as Nike Inc.
(U.S.), Adidas AG (Germany), Bata Limited (Canada), Puma SE
(Germany), and others are also looking at mergers and acquisitions as
one of the key strategies to expand their businesses globally.
Despite growth
witnessed by the overall fashion industry being robust, expansion of
the footwear market will remain moderate between 2015 and 2023.
Transparency Market Research (TMR) however projects the developing
economies to exhibit lucrative prospects for the market. Besides
this, the globally increasing demand for trendy and comfortable
sportswear will boost sales of footwear. Sports activities have
significantly increased globally and so has the demand for
comfortable footwear. Moreover, a surge in health and fitness
activity is also noted. This has compelled leading sports brands to
manufacturing technically more sophisticated and innovative footwear.
Footwear
Manufacturers Seizing Opportunities in Proliferation of Retail
Culture
As per a lead
analyst in TMR, “Footwear manufacturers are also expected to
capitalize on the increasing retail culture.” “Since consumers
are impressed by the diversity and easy availability of footwear,
leading companies are seeking to bolster their overall sales by
making their products available across the retail chain,” he added.
The proliferation of internet retailing is also expected to boost
prospects for sale of both non-athletic and athletic footwear.
As per TMR, online
retail has emerged as a popular medium for shopping women’s and
sports footwear. The exclusive range of products available online are
often available at a discounted price. This makes online retail a
lucrative channel of sale of footwear.
Due to the presence
of a large number of local manufacturers, the production of
counterfeit products has emerged as a critical concern in the market.
The availability of duplicate products in the market is hampering the
distribution channel of genuine producers. Enforcement of
intellectual property rights is thus deemed necessary to counter this
rising concern.
Nevertheless, with
the demand for innovative footwear rising, the market players see
lucrative opportunities to gain from in the forthcoming years. The
leading enterprises engaged in the manufacture and sale of footwear
are also benefitting from the advancements in production processes.
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North America and
Asia Pacific Emerge as Most Lucrative Regional Markets for Footwear
Regionally, North
America, Europe, Asia Pacific, and Rest of the World constitute the
most lucrative markets for footwear. Among these regions, North
America dominated the global footwear market with a share of 35.64%
in terms of revenue in 2014. However, on account of volume Asia
Pacific emerged dominant in the market with a share of 40.50% in the
same year.
The increasing
demand for footwear in the emerging economies such as China and India
boosts footwear sales in Asia Pacific. The regional market is also
benefited by the urbanization witnessed in Asia Pacific. Besides
this, increasing preference for shopping online and the rising
disposable income of consumers will bolster sales of footwear in Asia
Pacific.
In North America,
the market is gaining from the robust development of design and
quality of footwear. Furthermore, the rise in internet retailing in
developed nations Canada and the U.S. will also propel the market’s
growth in North America.
In terms of product
type, the non-athletic footwear segment dominant the global market
with a share of 52.44% in 2014. The demand for non-athletic footwear
rises in response to the launch of new design and shades of footwear
in the market. Conversely, the athletic footwear segment is expected
to gain from the rising popularity of sports and athletics worldwide.
Based on in-depth
research, Transparency Market Research has pegged the overall value
of the global footwear market at US$208.72 bn in 2014. Rising at a
CAGR of 2.5%, the market is expected to reach US$258.21 bn by the end
of 2023.
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Market Research (TMR) is a global market intelligence company
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provides forward-looking insight for thousands of decision makers.
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gather and analyze information.
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