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Asia Pacific Footwear Market: Rising Disposable Income to Trigger Market Growth
Footwear Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Published 29 October 2015
Over the years, the footwear market in Asia Pacific has exhibited a stable growth on account of the increasing disposable income in the region enabling people to splurge on the latest fashion trends, footwear being one of them. In 2013, the global footwear market stood at US$55,800.0 million. The footwear market in Asia Pacific has exhibited a stable growth in recent years. The increasing disposable income and the rising influence of western culture has increased the propensity of customers in Asia Pacific to spend more on fashion-centric products, footwear being one of them. In 2013, the market stood at US$55,800.0 million. Aided by the soaring demand for modern footwear designs, the Asia Pacific footwear market is likely to expand at a CAGR of 2.0% between 2014 and 2020 and attain a value of US$64.257.3 million.
Changing Fashion Inhibiting the Asia Pacific Footwear Market
The frequent changes in the teenage apparel and footwear fashion negatively impacts the Asia Pacific footwear market. The increase in the production of pirated footwear is also posing a serious threat to this industry. However, the rising number of online sales platforms are expected to propel the footwear market in Asia Pacific.The athletic and non-athletic footwear market are the two major segments in the Asia Pacific footwear industry. The non-athletic footwear market has a comparatively larger consumer base than the athletic footwear market.
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Asia Pacific Non-athletic Footwear Market poised to Expand at 2.1% CAGR from 2014 to 2020
Among the two footwear segments, the non-athletic footwear market generated the highest revenue of US$34,136.9 million in 2013. On the account of the increasing disposable income and improving lifestyle, Analysts expect that the market will expand at a CAGR of 2.1% between 2014 and 2020 and reach a value of US$39,440.2 million by 2020. The market is also expected to retain its dominating position during the period from 2014 to 2020.
Rising Number of Sports Events to Propel Athletic Footwear Market in Asia Pacific
Sports (cross training), backpacking boots, and insert shoes are the key products traded in the athletic footwear market. Innovative designs to provide more comfort are stimulating the athletic footwear market in Asia Pacific. The ongoing trends indicate that the athletic footwear market will gradually lose its share in Asia Pacific. However, the rising number of sports events in this region is expected to attract consumers toward athletic footwear in the forthcoming years.
China to Maintain Dominance in Asia Pacific Footwear Industry
On the regional basis, the footwear market in Asia Pacific is spread across China, Japan, India, Singapore, Thailand, Malaysia, Australia, and Rest of Asia Pacific. Among these regions, China acquired the leading position, contributing to the highest share of revenue generated by the market in 2014. The footwear market in India and Japan occupied the second and third position, respectively. The Chinese market is expected to maintain its dominance in the overall Asia Pacific footwear industry by 2020. The rise in the fashion consciousness for footwear products coupled with the increase in the purchasing power of customers is the key factor driving the China footwear market.
Asia Pacific Footwear Market: Key Players
Asics Corp., ABC-Mart Inc., Bata India Ltd., ANTA Sports Products Ltd., Li Ning Co Ltd., NIKE Inc., Yue Yuen Industrial (Holdings) Ltd., and Pou Chen are the major players operating in the footwear market in the Asia Pacific region.
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