Product Innovation and Fashion Trends in Athletic Footwear Propel Global Footwear Market

The global footwear market has always been a good indicator of the economic status of the world as a whole or a nation in particular. Developed nations experience a heavier diversity of footwear market trends, due to better infrastructure put in place to manufacture better footwear and a large consumer base with significant disposable incomes.

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The global footwear market is growing at a CAGR of 1.72% from 2014 to 2020. The market’s value in 2014 was US$198,782.9 million and will grow to US$220,227.9 million by 2020. The global footwear market is growing at a CAGR of 1.58% in terms of volume in the same forecast period and will grow from 2014’s 9990.7 million tons to 10,875 million tons by 2020.

Non-athletic Footwear Grows Faster

Within the global footwear market, non-athletic footwear is gaining ground faster in comparison to athletic footwear. By itself, the athletic footwear segment is expected to grow at a CAGR of 1.8% from 2015 to 2020. By the end of this period, the athletic footwear segment is expected to reach a value of US$84.4 billion in 2018.

The non-athletic footwear segment is expected to grow at a relatively faster CAGR in the same forecast period. The key reasons for this faster growth rate are the successful promotion strategies such as celebrity endorsements employed by manufacturers, a growing preference of leisure footwear, and an increasing demand for trending fashion footwear.

Rising Disposable Incomes Boost Global Footwear Market

One of the greater factors that drive the global footwear market today is the rising number of consumers that can afford higher quality and quantity of footwear. Apart from this, another major reason is the growing world population, a factor that has necessarily created a great demand from the global footwear market.

Consumers are becoming increasingly aware of the different types of footwear available that promote an active and healthy lifestyle. Fashion is increasingly incorporated into athletic footwear to greatly improve their visual appeal.

Men’s Shoes Hold largest Share in Global Footwear Market
 

The three consumer groups in the global footwear market are men, women, and children. Of these, the global footwear market was dominated by the sales of men’s shoes, a segment which held nearly 52% of the market in 2014. The second largest share of 36% was held by women’s shoes, while the remaining 12% was held by children’s footwear.

Asia Pacific Leads in Volume of Footwear

The global footwear market is geographically segmented into North America, Asia Pacific, Europe, and the Rest of the World. Of these, Asia Pacific has consistently led the global footwear market in terms of volume of footwear purchased. On the other hand, North America leads the global footwear market in terms of overall value of footwear. The regions are expected to follow this hierarchy from 2014 to 2020.

There are quite a few prominent players in the global footwear market, with the top names being Adidas, Nike, Puma, New Balance, VF Corp, Asics, and Skechers. Quite a few of the market leaders are from North America and are in the pole position due to their strong channels of distribution and a huge global customer base.

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