Footwear Market is Expected to Grow Owing to the Robust Rise in Fashion Industry Till 2021 | Million Insights

Additionally, robust growth in the fashion industry, rising demand for latest and improved footwear designs across the globe, and large-scale production in the Asia Pacific region are expected to fuel market growth of footwear market in the upcoming years. Globally, the market is predicted to grow at high CAGR over the forecast period, providing numerous opportunities for market players to invest for research and development in the footwear market.

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Moreover, declining cost of footwear due to increased production coupled with easy availability are considered as one of the prominent factors for the rapid growth of footwear market, in the recent years. Easy availability of footwear owing to the presence of numerous retail channels and the gaining prominence of e-commerce retailers is anticipated to stimulate market growth in years to come. In addition, various e-commerce retailers are adopting new techniques to understand customers buying behavior, thus vastly gaining competitive edge over their counterparts. However, increase in the number of local manufacturers and large-scale production, thereby increasing competitiveness are expected to limit market progress to a certain extent.

Commonly, footwear industry majorly consists of men, women, and children's shoes. The footwear industry also include various types of outdoor and indoor shoes that are produced with the help of materials such as leather, plastic, and rubber. The athletic footwear is considered as one of the fastest growing segment in the footwear market with substantial revenue generation in the last couple of years. Rising adoption of athletic footwear during sports activities in order to avert injuries to leg muscle, knee pain, hip pain, and back pain, is leading to substantial purchase of athletic footwear in North America and Asia Pacifica market. Presence of numerous e-commerce websites, supermarkets, hypermarkets, local retail stores, shoe stores, independent textile retailers, and departmental stores are expected to boost overall market performance in the upcoming years.

Additionally, lowering cost of the athletic footwear in Asia-Pacific market is expected to augment market demand in near future. The recent development of innovative manufacturing technology that is increasingly adopted by industry players, has led to production of high performing and comfortable sports shoes. For example, advent of a forged mesh technology, that allows development of a single layer shoe with a ribbed pattern on the upper portion with help of ARAMIS, which is a motion capture technology, has gained a lot of appreciation and demand from North America and European region. Increasing demand form sports such as soccer, baseball, basketball, American-football, hockey, tennis, cricket and badminton is expected to boost the growth of sports shoes market segment.

The footwear industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in the manufacturing of footwear and existence of well-established manufacturing infrastructure. Asia-Pacific region is predicted to hold major market share in the footwear market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing per capita income, growing penetration of e-commerce websites, and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the footwear market are Adidas Co., Nike Incorporations, New Balance Incorporations, Puma Group, Asics Co., Bata Ltd., Deichmann SE, Skechers Incorporations, VF Co., W.L. Gore & Associates Inc., Fila Incorporations, Under Armour, Incorporations, Lotto Sport Italia S.p.A., The Aldo Group Inc., Reebok International, Saucony Co., Skechers Incorporations, and Woodland Worldwide.

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