The global footwear industry has been forecast to reach a market value of $381.3 billion by 2018, driven by product innovations, the resurgence in discretionary spends, growing brand awareness and rising standards of living in emerging markets.
Factors that significantly influence the dynamics in the industry include availability of wider product ranges, fashionable designs, competitive pricing, and changes in consumer preferences and purchasing power.
Also, demand for footwear is influenced by key trends such as increasing awareness for eco-footwear, demand for personalised footwear, and growing Internet usage.
Innovation therefore ranks supreme with manufacturers battling to add uniqueness and exclusivity in designs, styles, and colours to their products.
Innovative developments in leathers, fabrics and synthetic materials, and other material technology advancements that offer new look and performance will drive growth in the market.
Growth in the market is spurred by strong performance in the athletic footwear market. The athletic footwear category is characterised by high degree of concentration, with leading companies accounting for a bulk of the market.
However, competition in the market is on the rise with entry of new players and growing popularity of innovative products launches such as five-finger running shoes.
The global footwear market is intensely competitive, pitching large and small players alike against each other.
Nike is the world leader in athletic and non-athletic footwear segment and comprehensively leads the overall global footwear market. The footwear market is largely consolidated with top five players including Nike, Adidas, Reebok, Puma and New Balance holding around 70% market share. Other major players in the footwear market are Asics, Converse, Sketchers and K-Swiss.
With innovation being the key to gaining market share, companies are introducing footwear that offers running comfort. Multifunctional shoes are also becoming increasingly popular due to their versatility and their overall suitability for everyday wear.
For more information on the global footwear market, see the latest research: Global Footwear Market
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.