According to report by Transparency Market Research (TMR), the global footwear market has significantly consolidated nature. In 2016, few leading companies acquired leading share of nearly 72.1%. Some of the key players operating in the global footwear market such as Nike Inc., Puma SE, Adidas AG, Asics Corp., and New Balance Inc., Bata Limited, Skechers USA Inc., Deichmann SE, W.L. Gore & Associates Inc., Sympatex Technologies GmbH, Columbia Sportswear Company, Kathmandu Holdings Limited, VF Corp., The Aldo Group Inc., and Jack Wolfskin are profiled in the report.
According to TMR, the footwear market stood at US$215.7 bn in 2016 and is expected to expand with a CAGR of 3.0% to attain the value of US$278.8 bn by the end of 2025. On the basis of footwear type, non-athletic footwear segment dominated the global market with a share of 52.9% in 2016. The global footwear market is dominated by North America, which accounted for 35.6% share in the global market in 2016.
Inclination toward both Indoor and Outdoor Physical Activities to Drive Growth
The problems caused by sedentary lifestyle such as numerous chronic diseases and obesity are leading to increase awareness levels. This is driving inclination toward the both indoor and outdoor physical activities. Additionally, increasing number of sporting events such as Olympics, Asian Games, FIFA World Cup, Commonwealth Games, and Cricket World Cup are boosting demand for sporty footwear from both athletes and their fans. This is another factor driving growth of the global footwear market.
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Requirement for trendy, fancy, and comfortable footwear from all age group is majorly boosting demand for non-athletic footwear. In addition, these products are easily available on online shopping sites and online retailers which can be accessible from any places. Along with the simplicity and availability increasing trend of smartphones, e-commerce and mobile Internet is leading to boost growth of the global market for footwear.
Imitation and Local Players to Restrain Growth
Despite of these growth opportunities, imitation of original products and presence of numerous local players are key restraints for growth of the global footwear market. These imitations are often are as good as their original product which is again another restrain for the global market for footwear. Nevertheless, increasing fashion consciousness is creating lucrative opportunities for growth in the global market for footwear.