Albany, New York (PRWEB) July 30, 2014
According to the report, the global Footwear Market, which was worth USD 185.2 billion in 2011 is expected to grow significantly in the coming times and amass a market value worth USD 211.5 billion by 2018. This will result if the market grows at a CAGR of 1.9% during the forecast period, which is quite achievable given the current state and future prospects of this market.
Title: Global Footwear Market
Published: 18 September 2014
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Currently, the Asia Pacific region which is home to more than half the world’s total population leads the global footwear market. The report estimates that this region has all the required prospects to maintain its lead in the future too. By 2018, this region is expected to have market shares worth nearly 30.1% of the industry, which could be closely followed by Europe.
According to the report, a stable growth in this market is being observed for the past few years owing to the adoption of fashion trends across the world, correspondingly due to rise in disposable income in major economies. Prolong development in the industry has also resulted from factors such as rising retail culture, growing awareness about a healthy lifestyle and rising demands for innovative footwear designs.
Application-wise, the segment of athletic footwear is expected to amass a market value worth nearly USD 84.4 billion by 2018, observing a growth at a CAGR of 1.8% during the forecast period. The other major sector which is non-athletic footwear is responsible for the major chunk of revenues of this industry and is expected to grow at a rate higher than that of athletic footwear during the forecast period. Factors such as celebrity endorsements, rising adoption of leisure goods, and fashion trends are leading the growth of the non-athletic footwear market.
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Broadly, the market is also divided according to the most popular consumer groups – men, women, and children. Amongst these, the segment of men’s footwear holds nearly 52% of the market shares. The segment of kid’s footwear is expected to observe a growth at a CAGR of 3.7% owing to the rising demand of comfort and designer wear in children footwear.
Based on the type of distribution, the segment of non-store based retailing is expected to gain huge growth in the future and amass market value worth nearly USD 18,588 million by the year 2018, observing growth at a CAGR of 6.9% during the forecast period.
The market is dominated by some of the bigger players such as Nike, Puma, Adidas, Reebok, and New Balance, which have a nearly 70% combined share of the overall footwear market of the world. Other known names such as Converse, Asics, K-Swiss, and Sketchers also have considerable shares of the market. The market of these industry leaders is however challenged by rising popularity of local manufacturers and rise in pirated products in developing countries.
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