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.
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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.
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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