Footwear Market - Demand for Athletic Footwear Segment to Increase Exponentially
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Growing sense of fashion consciousness among the consumers is also driving the demand of footwear market in North America. Moreover, innovations in product designs, health and wellness trends and active promotions by footwear manufacturers is also driving the demand for footwear in North America. The footwear market in the U.S. experienced growth in the previous years due to the influx of new and innovative designs coupled with increasing consumer awareness for healthy lifestyles. As a result of the multipurpose use athletic shoes, it can be worn for casual wear aswell, thus contributing to the growth of this segment. Furthermore, increasing online sales has also impacted the growth of the footwear market in North America positively. The ease of availability on online platforms has contributed in this aspect. The market for footwear in North America has also grown a great deal as a result of the growth in the number of athletes in the region. Increasing number of women in the workforce in North America has led to the growth of the women’s footwear market in the region. These factors in combination is expected to impact the footwear market in North America positively during the forecast period.
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In North America, The U.S. held the largest market share in terms of revenue in 2014 and is expected to continue its dominance throughout the forecast period. The U.S footwear market is followed by Canada in terms of revenue and the trend is expected to remain the same throughout the forecast period.
There are numerous brands operating in the region, wherein a large number of them are into multiple segments while some confining to a particular segment. Some of the major players includes Adidas AG, Nike Inc, Skechers U.S.A., Inc., and The Aldo Group Inc. among others.
The North America Footwear market was pegged at USD 80,594.4 million in 2014 and is estimated to reach USD 89,717.9 million by 2021. The market is expected to be growing at a CAGR of 1.5% during the forecast period.
The market for non-athletic footwear is comparatively higher as compared to the athletic footwear. Consumers prefer non-athletic footwear as a result of change fashion trends and rise in number of working women. Whereas consumers prefer athletic footwear due to changes in lifestyle and introduction of new footwear styles along with growing concern towards health. The non-athletic footwear market segment is expected to dominate the footwear market throughout the forecast period.
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