Albany, NY -- (SBWIRE) -- 03/08/2018 -- The global footwear market is highly consolidated with key players holding 72.1% of the market in 2016, according to a new report by Transparency Market Research (TMR). In 2016, Nike Inc. dominated the market and it continues to be the leading market player globally. Other leading players in the global footwear market include Adidas A.G., Puma S.E., New Balance Inc., and Asics Corp.
"Expansion of product portfolio to penetrate new markets is the key to growth in the footwear market," says TMR's lead analyst. A case in point is Nike Inc. In 2015, the company launched new products such as NikeLab x Johanna F. Schneider Collection and Nike Free Trainer 5.0.
Transparency Market Research estimates that the global footwear market will rise at a CAGR of 3.0% for the forecast period between 2017 and 2025. Escalating at this pace, the market which stood at US$215709.0 mn in 2016 in terms of revenue, is projected to reach US$278860.7 mn by 2025.
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North America to Remain at Forefront
On the basis of product type, athletic and non-athletic are the segments into which the footwear market is divided. Between the two, non-athletic footwear contributes a larger, albeit marginally high, revenue contribution to the overall market. Geographically, North America is at the forefront in terms of revenue contribution to the global market. Increasing participation in athletic activities along with changing lifestyle are set to have a positive impact on the North America footwear market over the forecast period. The large number of sales channels and the rising prominence of Internet retailing is boosting development of this regional market.
Increasing use of Footwear as Fashion Accessory Boosts Market
The increasing focus on sportswear generally among consumers is the key factor behind the growth of global footwear market. Factors such as increasing demand for comfortable footwear and increasing sports activity generally for health and fitness have significantly increased the focus on sportswear globally. With increasing purchasing power, several international brands are combining sportswear with fashion wear.
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"With increasing use of technology in the apparel industry, leading sports brands are continuously involved in the manufacture of innovative products," says TMR's lead analyst. This is to cater to the changing lifestyle wherein individuals are looking for versatility, style, and comfort in sportswear purchases, which includes footwear as well.
The overall growth of the retail sector is triggering the global footwear market. Increasing fashion consciousness among consumers is generating huge demand for athletic and non-athletic footwear. Factors such as wide diversity in footwear and easy availability of products across retail channels is triggering the impulse buying behavior of consumers, thereby benefitting the growth of this market.
Availability of Counterfeit Products Hobbles Market
The increasing availability of counterfeit footwear products by local manufacturers is posing a major challenge to the growth of the global footwear market. Duplicate products not only affect the producers of genuine products but also slows the economy of a country. Moreover, governments lose immense amount on unpaid taxes and incur massive costs in the enforcement of intellectual property rights.
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