The global footwear market is expected to be worth US$211.5bn in 2018, with growth driven by Asia Pacific and Europe, according to new research.
The forecast compares with a market value of $185.2bn in 2011, representing a compound annual growth rate (CAGR) of 1.9%.
According to the report 'Footwear market - global industry size, market share, trends, analysis, and forecast, 2012 - 2018' by Transparency Market Research, Asia Pacific is set to enjoy 30.1% of global footwear revenues in 2018, followed by Europe with 21%.
Asia Pacific remains the point of focus for footwear manufacturers because of cheaper costs, as well as rising disposable incomes from a growing population. The region is expected to grow at a CAGR of 2.1% between 2011 and 2018.
The athletic footwear market is expected to grow at 1.8% a year between 2011 and 2018 to $84.4bn. Non-athletic footwear, meanwhile, is forecast to grow at a faster rate, helped by increased demand for innovative design and styles and celebrity endorsement.
In addition, children's footwear is set to grow at 3.7% annually, the report noted, because of high demand for comfortable and designer shoes.
Non-store footwear retailing is expected to "gain pace" and reach $18.59bn in 2018, up 6.9% on 2011. Store-based footwear retailing accounted for most of the footwear market revenue and was valued at $173.6bn two years ago.
The top five players in the footwear market are Nike[2] , Adidas, Reebok[3] , Puma[4] and New Balance[5] - holding a 70% share of the market - followed by Asics[6] , Converse[7] , Sketchers and K-Swiss[8] .
References
- ^ Katie Smith (www.just-style.com)
- ^ Nike (www.just-style.com)
- ^ Reebok (www.just-style.com)
- ^ Puma (www.just-style.com)
- ^ New Balance (www.just-style.com)
- ^ Asics (www.just-style.com)
- ^ Converse (www.just-style.com)
- ^ K-Swiss (www.just-style.com)
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