Footwear Market is Expected to Reach $371.8 Billion

Aug 11, 2015, 08:27 ET from Allied Market Research

PORTLAND, Oregon, August 11, 2015 /PRNewswire/ --

According to a new report titled, "World Footwear - Market Opportunities and Forecasts, 2014 - 2020", the global footwear market is estimated to garner revenue of $371.8 billion by 2020, registering a CAGR of 5.5% during 2015-2020. The Asia Pacific region is a major exporter of leather footwear to the United States and United Kingdom and ranks as the highest revenue generating region in the footwear market worldwide. The region generated a revenue of $116.9 billion in 2014, and is expected to grow at a CAGR of 4.7% during the forecast period. A global increase in disposable incomes, growing urbanization and changing lifestyles are key factors that boost the growth of the global footwear market.

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Athletic and non-athletic are the two major types of footwear, wherein non-athletic footwear holds a larger market share in comparison with athletic footwear. Both the segments would witness growth during the forecast period, on account of the growing consciousness of fitness, which subsequently boosts the market of athletic footwear; and the large demand of non-athletic footwear such as casual shoes, boots, sneakers, slip-ons, flip flops and formal shoes.

To view the report, visit the website at https://www.alliedmarketresearch.com/footwear-market

The raw materials that are commonly used in the manufacturing of footwear include suede leather, tanned leather, rubber, fur and textile fabrics. Leather footwear accounts for larger market share as compared to the non-leather footwear made of materials such as rubber, textile fabrics and similar others. The United Kingdom and United States are major importers of leather footwear.

Further, the analysis of footwear market reveals that the segment of women footwear dominated the end- user segment, accounting for 50.5% market share in 2014. The segment would continue to maintain its leading position throughout the forecast period. The segment of children footwear would witness the fastest growth during the forecast period, on account of the large demand for stylish, trendy and fancy footwear for children.

Presently, retail stores are a significant sales channel for manufacturers, however, with growing e-commerce networks, the online platform would gain popularity over the forecast period.

Key findings of study  

  • Increasing disposable incomes and changing lifestyles are some key factors that influence the market growth over the forecast period (2015 - 2020)
  • Leather segment accounted for around 60% of the market in 2014 and would continue to dominate the market throughout the analysis period; Non-leather segment, with relatively smaller market share would witness faster growth during 2015 - 2020
  • Asia Pacific accounts for the highest revenue generating region in the global market and would continue to lead the market over the forecast period

Product launch and partnerships are the two key strategies adopted by leading market players. Additionally, the market players are constantly in the process of conceptualizing effective strategies for marketing and branding their products across global events such as the Olympics, Formula One Grand Prix and Wimbledon among others. The key players profiled in this report are Nike Inc., Adidas AG, PUMA, GEOX S.p.A, SKECHERS USA, Inc., Under Armour, INC., Wolverine World Wide, Inc., Timberland, Crocs Retail, Inc., and ECCO Sko A/S.

Similar market studies by Allied Market Research -

World Sports and Fitness Clothing Market - Individual and team sports and fitness activities are on the rise, globally. The trend towards healthier habits, emergence of new sports, adoption of an active lifestyle, increasing incomes in developing countries and popularity of physical fitness activities amongst women are factors driving the sports and fitness clothing market. The growing trend of casual wear in the workplace and rising demand from teenagers also serve to fuel market growth.

To view the sports and fitness clothing market report, visit the website at https://www.alliedmarketresearch.com/sports-fitness-clothing-market

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