Asia Pacific footwear market is anticipated to experience changes such as style and new variation in various footwear types. By product type, the footwear market is segmented into non-athletic footwear and athletic footwear. Non-athletic footwear market is sub categorized into fashion footwear, casual footwear and dress/formal. Athletic footwear market is sub categorized into sports (cross training), insert shoe, backpacking boots and hiking shoes. Asia Pacific footwear market is anticipated to witness major growth due to increasing varieties of products, growing fashion consciousness changing lifestyle and rising population.
In terms of revenue, China among all the Asia Pacific countries held the highest market share of 15.2% in 2013, followed by India. This trend is anticipated to be the same during the forecast period of 2014 to 2020. It is anticipated that China would be the major market for footwear in 2020, followed by India.
The Asia Pacific Footwear market was pegged at USD 55800.0 million in 2013 and is anticipated to reach USD 64257.3 million by 2020, growing at a CAGR of 2.0% from 2014 to 2020.
Athletic footwear segment consist of sports (cross training), insert shoe, backpacking boots and. sports (cross training). The market for non-athletic footwear is relatively higher as compared to the athletic footwear. Increasing varieties of products and changes in lifestyle is driving the athletic footwear market. Consumers mostly prefer non-athletic footwear due to increasing disposable income of consumers and changes in fashion. Thus, non-athletic footwear market segment is anticipated to be the market leader in the footwear market during the forecast period of 2014 to 2020.