Footwear Market to be worth US$211.5 Billion by 2018 due to Increased Demand from Asia Pacific: Transparency Market Research

Albany, NY, May 28, 2015 (GLOBE NEWSWIRE) -- According to a recent market research report published by Transparency Market Research, the global footwear market is expected to grow at a CAGR of 1.9% during the period from 2012 to 2018. The report, titled "Footwear Market - Global Industry Size, Market Share, Trends, Analysis, and Forecast 2012 - 2018" estimates the footwear market will reach a valuation of US$211.5 billion by the end of 2018. The report points out that for the past few years the global footwear market has witnessed a stable growth due to the rise in disposable income across major economies, which has resulted in the increased adoption of latest fashion trends worldwide. Rising retail culture and growing demand for innovative footwear designs have fuelled the growth of the overall market. Increased awareness about healthy lifestyle has positively affected the global footwear market as this has led to the demand for athletic footwear. Keeping pace with teenage fashion is a major challenge faced by the footwear market.

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The report indicates that the entry of new players and rise in pirated products in the developing economies will hamper the growth of the existing players in the market. Celebrity endorsements coupled with innovative promotional strategies is expected to open new opportunities for the global footwear market during the forecast horizon.

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The report studies the global footwear market in terms of product categories, consumer groups, and retail distribution segments. Non-athletic footwear segment is estimated to grow at the fastest rate during the forecast period and accounts for the major share of the revenue. Athletic footwear segment is expected to grow at a CAGR of 1.8% during the period from 2012 to 2018 and reach a valuation of US$84.4 billion by the end of 2018. Among the consumer segments, men's footwear dominates the overall market with 52% share. Increasing demand for comfortable and designer footwear for kids is expected to boost the growth of the children footwear segment at a CAGR of 3.7% during the forecast period. Under retail distribution, non store based distribution is estimated to grow significantly owing to the rising trend of online shopping. Non store based retail distribution is expected to grow at a CAGR of 6.9% during the forecast period and gain market value worth US$18.5 billion by the end of 2018.

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The report divides the global footwear market into four key regions: Europe, North America, Asia Pacific, and Rest of the World. Asia pacific has been leading the footwear market and is expected to do so in future. Owing to the rising disposable income in emerging economies of the region, Asia pacific is expected to hold about 30.1% share in the market by the end of forecast period. Europe is expected to emerge as the second largest market for footwear by 2018.

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The report profiles the key players in the global footwear market such as Reebok, Adidas, Puma, Nike, and New Balance, which together hold about 70% share in the overall market. Some of the other players in the market are Crocs, The Timberland Company, Wolverine Worldwide Inc., and Genesco Inc.

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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Source:Transparency Market Research