4 February 2019: Footwear
Market is anticipated to grow considerably in the forecast
period due to the growing demand for trendy as well as comfortable footwear
among all age groups across the globe. Factors responsible for driving the
market growth, in the recent years, include burgeoning demand for designer
shoes, increase in the per capita income in both developed and developing
economies, high-end clientele, and growing popularity of the athletic footwear
among men.
Additionally, robust growth in the fashion industry, rising
demand for latest and improved footwear designs across the globe, and
large-scale production in the Asia Pacific region are expected to fuel market
growth of footwear market in the upcoming years. Globally, the market is
predicted to grow at high CAGR over the forecast period, providing numerous
opportunities for market players to invest for research and development in the
footwear market.
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Commonly, footwear industry majorly consists of men, women,
and children’s shoes. The footwear industry also include various types of
outdoor and indoor shoes that are produced with the help of materials such as
leather, plastic, and rubber. The athletic footwear is considered as one of the
fastest growing segment in the footwear market with substantial revenue
generation in the last couple of years. Rising adoption of athletic footwear
during sports activities in order to avert injuries to leg muscle, knee pain,
hip pain, and back pain, is leading to substantial purchase of athletic
footwear in North America and Asia Pacifica market. Presence of numerous
e-commerce websites, supermarkets, hypermarkets, local retail stores, shoe
stores, independent textile retailers, and departmental stores are expected to
boost overall market performance in the upcoming years.
The footwear industry is divided by region as North America,
Europe, Asia-Pacific, Latin America and Africa. North America has shown major
growth in recent years owing to the rise in the implementation of latest
technologies in the manufacturing of footwear and existence of well-established
manufacturing infrastructure. Asia-Pacific region is predicted to hold major
market share in the footwear market with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific
market with increasing per capita income, growing penetration of e-commerce
websites, and significant investment by leading industry players considering
potential growth opportunities in the region.
The key players in the footwear market are Adidas Co., Nike
Incorporations, New Balance Incorporations, Puma Group, Asics Co., Bata Ltd.,
Deichmann SE, Skechers Incorporations, VF Co., W.L. Gore & Associates Inc.,
Fila Incorporations, Under Armour, Incorporations, Lotto Sport Italia S.p.A.,
The Aldo Group Inc., Reebok International, Saucony Co., Skechers
Incorporations, and Woodland Worldwide.
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