Published By : 24 Feb 2016 | Published By : QYRESEARCH
Footwear is a type of garments that are worn on the feet so as to protect them from the environment and for fashion and adornment purposes. Different cultures have different customs associated with the use of footwear for several occasions. As a result, the footwear market is a huge market with several major players offering different types of footwear for men, women, and kids. Furthermore, on the basis of type, the global footwear market has been segmented into:
The global market for footwear is estimated to witness a rapid growth in the next few years owing to the increasing demand for innovative and new design of footwear and growing awareness regarding a healthy and active lifestyle. In addition, tremendously growing population, rising disposable income in developing nations, and increasing number of retail outlets are some of the major factors that are expected to boost the demand for footwear in the next few years.
The market players are constantly taking efforts to come up with innovative designs so as to attract customers and increase their sales figures. Moreover, the changing consumer’s lifestyle, constantly changing fashion trends, and booming e-commerce industry are some of the others factors fueling the growth of the global footwear market. On the flip side, the increasing environment issues and rising costs of raw materials are the major factors that are estimated to hamper the growth of the global footwear market in the coming years.
The major players leading the global footwear market are Skechers, New Balance, Puma, VF Corporation, Nike, Adidas, and Asics. Among these players, Nike is the dominating player of the overall market, trailed by Adidas and Asics. Apart from these major players, many companies are engaged in the global footwear market, specific to the requirements of the consumers. Some brands deal with sports footwear, whereas some offer fashion footwear. The global footwear market bears high competition and is expected to continue with this trend in the coming years, owing to the increasing number of players that are participating in the global footwear market so as to create a brand name for themselves and gain competitive advantage.