The North America Footwear market was valued at USD 80,594.4 million in 2014 and is estimated to reach USD 89,717.7 million by 2021, growing at a CAGR of 1.5% from 2015 to 2021.
Albany, NY -- (SBWIRE) -- 01/06/2016 -- The North America footwear market is categorized into athletic and non-athletic footwear. Athletic footwear refers to all kinds of footwear designed for sports purpose or for other forms of physical exercises which includes insert shoes, sports (Cross Training), hiking shoes and backpacking boots for men, women and children. Non-athletic footwear includes all kinds of footwear which can be classified into dress formal, casual footwear and fashion footwear.
The Footwear market in North America is primarily driven by factors such as increasing consumer preferences for innovative product designs and the urge to stay active and fit. Moreover, change in fashion trends coupled with the easy availability through online platforms are the main drivers responsible for the growth of footwear market in North America. The athletic footwear segment is expected to grow at a faster rate compared to the non athletic segment in terms of revenue during the forecast period. Growing number of athletes and the multipurpose usage of athletic footwear are some of the reasons responsible for the faster growth of the athletic footwear segment as compared to the non athletic segment. However, factor such as increasing demand for innovative designs and rise in number of working women are fuelling the growth of non athletic footwear segment.
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North America footwear market is expected to undergo several changes such as new variations being added along with the introduction of new styles. Recent trends have shown, there is an increasing concern among people for eco fashion. Ethical footwear and recycled footwear is mainly driving this market. In addition, growing fashion consciousness among consumers towards footwear products and increasing purchasing power of youth population are expected to boost the demand for footwear in the major countries of North America including the U.S., Canada and Mexico among others during the forecast period.
The North America footwear market by gender is segmented into men footwear, women footwear and kid's footwear. The market for men footwear is comparatively larger as compared to the women and kids footwear and the trend is expected to remain the same throughout the forecast period. Brand and fashion consciousness are the factors driving the market for men footwear market. In addition, new technological innovations in footwear, ethical shoes, innovative designs and eco-fashion are expected to boost men footwear market. However, increase in the number of working women in most countries of North America is driving the market for women footwear.
The report also provides an understanding of volume (unit million) and value (USD million) of the North America footwear market. The study also provides forecast from 2015-2021 and highlights current and future market trends. Additionally, the report also focuses on the drivers, restraints and opportunities impacting the North America footwear market.
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By country, the market has been segmented into the U.S., Canada, Mexico and others. Mexico is expected to witness fastest growth in the North America footwear market during the forecast period. Technological innovations in footwear, and increasing online sales are driving the footwear market. In addition, change in lifestyle and rapid expansion of shopping centers is also expected to increase the demand for footwear in Mexico.
The report also provides the company market share analysis of key players in this region. The report also provides an understanding of brand shares of footwear market. The key players operating in footwear market are Adidas AG, Nike Inc, Skechers U.S.A., Inc., Asics Corporation and The Aldo Group Inc.among others.
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