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.
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.