Current Trends and Future Growth of Footwear Market
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Footwear Market Taxonomy:
On the basis of type, the footwear market is segmented as:
Rocky Military Boots
On the basis of platforms for sale, the footwear market is segmented as:
Supermarkets and Hypermarkets
Independent Retail Stores
On the basis of material used, the footwear market is segmented as:
Athletic type of footwear has witnessed a burgeoning growth in the footwear market owing to the increase in popularity of sports like football, cricket, hockey, and tennis, among others. It has enabled various opportunities for companies to manufacture newer footwear products.
Premium products such as leather footwear from the footwear material section, has occupying a significant market growth in the forecast period.
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Global Footwear Market Outlook:
Asia Pacific is accounted as the largest market for footwear, due to the highest population base, low cost labor, and large pool of skilled professionals. China holds the largest production of footwear market followed by India, ASEAN, and others, and have further enhanced the growth of footwear market in the region.
North America is projected to witness a significant growth rate and is an important region in terms of revenue generation in the global footwear market. Owing to the change in lifestyle, increasing interest in athletic footwear, proliferating in number of sales channel, and prominent increase in internet retailing has added to the growth of the footwear market in this region.
European footwear products are very well known for their style and quality. The footwear production in Europe is concentrated in the countries such as Spain, Italy, and Portugal, among others. However, the number of footwear manufactures in Europe has taken a downward path in the past few decades due to the economies with low labor cost such as China and India has attracted the footwear market.
The major players are adopting various organic and inorganic growth strategies. For instance, in April 2015, a lightweight football shoe featuring Japanese dragon graphics was launched by PUMA for soccer lovers. The launch further helped the company to manufacture and attract more customers for football shoes.
In 2014, Adidas collaborated with Manchester United for the promotion of its brand among the football teams.
Footwear market is dominated by various companies include Nike Inc., Crocs, Timberland Company, Genesco Inc., Wolverine worldwide Inc., Adidas, Fila, K-swiss, Air Jordans, Converse, Vans, Ecco, Skechers, Rebook, and Gucci.
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