Athletic Footwear Market - Global Industry Size, Market Share, Trends, Analysis And Forecast 2012 - 2018
Albany, NY -- (SBWIRE) -- 08/25/2015 -- According to a market research firm, the global athletic footwear market will grow at a CAGR of 1.8% during the forecast period of 2011 to 2018. In 2011, the global athletic footwear market was worth US$74.7 billion. By 2018, the global athletic footwear market is expected to be worth US$84.4 billion. Let's take a look at the factors that are expected to shape the growth of the global athletic footwear market.
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Top Trends in the Global Athletic Footwear Market
Counterfeiting: Footwear is among the most counterfeited products. This is a major issue impacting the growth of the global athletic footwear market. The National Chamber Foundation estimates that the annual industry loss as a result of footwear counterfeiting in the United States alone is US$12 billion.
Style and Innovation: Companies in the global athletic footwear market are focusing on providing the most stylish and innovative products. Currently, market players are developing bright-colored, breathable, and flexible footwear products.
Health Benefits: Wellness shoes are one of the most prominent trend in the global athletic footwear market. At present, footwear that offers foot health and increased total body wellness are popular among consumers. Some of the shoes that are targeted towards wellness are fitness and exercise footwear, comfort footwear, and medical footwear. The sports footwear market sector is expected to witness the fastest growth, at a 2.1% CAGR till 2018, in the global athletic footwear market.
Advertising Media: Social media has emerged as a key channel in online discovery, research, and purchase processes. Several footwear companies are targeting consumers aggressively using social media. For example, athletic footwear maker Puma and luxury footwear maker Jimmy Choo are targeting consumers using social media platforms and consumer metrics.
Word of Mouth: Word of mouth marketing (WOMM) is another viral and effective form of marketing driving the overall global athletic footwear market. Anybody in the global athletic footwear market that has authority in the market, such as a fashion guru or a fashion stylist, can help support a word-of-mouth marketing strategy for a company successfully. For example, several people in the fashion industry blog their reviews about footwear, which works as a great form of word-of-mouth marketing.
Celebrity Endorsements: The top five players in the global athletic footwear market are Asics, Reebok, Puma, Adidas, and Nike. These five brands currently make up around 80% of the global athletic footwear market. These and other key players in the global athletic footwear market are using celebrities to promote their products. For example, some of the celebrities that Nike has paid millions to promote their products are Michael Jordan, Rafael Nadal, Maria Sharapova, and Cristiano Ronaldo.
These trends are expected to influence the growth of the global athletic footwear market. By geography, the global athletic footwear market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).
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Currently, Asia Pacific is contributing majorly to the global revenue of the athletic footwear market. By 2018, this regional market is expected to account for around 41.6% of the global athletic footwear market and be closely followed by Europe. On the other hand, North America will demonstrate relatively slow growth due to factors such as high material and labor costs and strong competition.
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