It also provides insights into factors that will drive and restrain the footwear market in North America in the coming years.
Albany, NY -- (SBWIRE) -- 10/09/2017 -- In the last couple of years, North America has emerged at the forefront of the fashion and sports apparel industry. Not only has easy and uninterrupted internet access bolstered consumer awareness regarding the latest buzz in the fashion scenario, but it has also helped them shop for the products they want with a simple touch of their fingers on their smartphones or tablets. The developed countries in the region such as the U.S. exhibit lucrative prospects for the markets within the fashion and apparel industry, the footwear market being one of them.
According to the report, the North America footwear market, which stood at close to US$80.6 bn in 2014, will reach US$89.7 bn by 2021, exhibiting a slow but steady CAGR of 1.5% during the period.
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"Consumers in North America are more inclined towards innovative product designs, which is a key factor leveraged by the enterprises operating in the North America footwear market," said a lead TMR analyst. "Their urge to remain fit and active has boosted demand for the athletic footwear segment of the market," he added. At the same time, the non-athletic footwear segment capitalizes on the easy availability of a wide range of footwear online. Other than these, changing fashion trends also influence the market for footwear in North America.
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At present the market for non-athletic footwear is larger in North America compared to the athletic footwear market. However, during the forecast period, the athletic footwear segment is anticipated to demonstrate the fastest CAGR. The athletic footwear segment is further classified into sports (cross training), insert shoes, backpacking boots, and hiking shoes. Likewise, the non-athletic footwear segment includes formal footwear, fashion footwear, and casual footwear.
The U.S. accounted for the largest share in the North America footwear market in 2014. The country is expected to remain undisputed as the market leader during the report's forecast period. The U.S. has always been an early adopter of the latest fashion trends, which is the primary factor aiding the growth of the footwear market in the nation.
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The report provides a holistic blueprint of the footwear market in North America. It studies the prevailing dynamics of the market and the key trends influencing the demand and supply forces. To present a comprehensive overview, companies such as Adidas AG, The Aldo Group Inc., Nike Inc, and Asics Corp are profiled in the report. It includes exhaustive information to help the market players formulate winning strategies.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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The nations exhibiting the most lucrative prospects for the footwear market in North America are Mexico, Canada, and the U.S. The countries encompassed within Rest of North America also showcase impressive opportunities for the market.