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Global Footwear Market to be Propelled by Rising Disposable Income of Consumers

Article Description

The global footwear market has reported a soaring rise in its market valuation in recent times. The rising population, coupled with the increasing propensity of consumers to spend more on fashion and comfort, has fueled this market significantly. In 2014, the global market stood at US$198.7 bn. Analysts expect this market to expand at a CAGR of 1.72% between 2014 and 2020 to reach US$220.2 bn by the end of 2020.

Athletic Footwear Market Holds Leading Position

The global footwear market is analyzed on the basis of type of footwear and consumer group. Based on type, the global market for footwear is segmented into the markets for athletic footwear and non-athletic footwear. The market for athletic shoes dominates the global market for footwear.

Insert shoes, hiking shoes, sports shoes, and backpacking boots are the major types of footwear available in the athletic footwear market. The sports shoes segment is likely to hold the maximum share in the overall market in the coming years. The non-athletic footwear market is segmented into fashion footwear, casual footwear, and formal footwear. The casual footwear segment is likely to report the highest growth over the next few years.

By consumer group, the global footwear market is divided into men, women, and kids. Among these, the men segment has acquired the leading position and is likely to maintain it on account of a large population base.

North America Leads in Terms of Value while Asia Pacific Dominates in Terms of Volume

The global footwear market is distributed among North America, Asia Pacific, Europe, and the Rest of the World. North America has acquired the leading position among all the regional markets in terms of value. The rising demand for athletic shoes in this region has propelled the footwear market in North America to a significant extent and this trend is likely to continue in the coming years.

On the other hand, Asia Pacific has gained the lead in the global footwear market in terms of volume. Countries such as China and India are emerging as the biggest consumers of footwear across the globe on account of their massive and ever-increasing population bases. Apart from this, China also boasts of the presence of a huge number of large-scale footwear producers. The shift in the consumer preference towards custom-made footwear, triggered by an increase in the disposable income, is fueling the footwear market in India.

Other than the huge population, the availability of skilled professionals, together with low labor costs, is also propelling the footwear market in Asia Pacific extensively.

Global Footwear Market: Competitive Landscape

Timberland Co., Genesco Inc., Adidas, Wolverine Worldwide Inc., Puma Geox SpA, Skechers, Nike Inc., Crocs, VF Corp, USA Inc., Ascis, Under Armour Inc., and Esprit Holdings Ltd. are the major footwear manufacturers in the global arena.

Browse the full Global Footwear Market report at http://www.mrrse.com/footwear-market

Nike has emerged as the leading footwear maker across the world. The soaring number of retail outlets, robust distribution channels, and a huge base of customers has empowered the company to dominate the global footwear market. Adidas, Puma, Asics, Skechers, and VP Corp. are also exhibiting a strong hold on this market. While Adidas, Puma and Asics show robust presence in Europe, Skechers and VP Corp. enjoy immense popularity in North America.