A research study on the Asia Pacific footwear market has been recently published by Transparency Market Research (TMR), estimating the market to expand at a CAGR of 2.0% between 2014 and 2020 and reach US$64.2 bn by the end of the forecast period.The report, titled “Footwear Market – Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, states that the Asia Pacific footwear market had reached a value of US$55.8 bn in 2013. The rise in the purchasing power of Asia Pacific consumers has triggered an increase in the fashion-consciousness among consumers in this region, impacting the Asia Pacific footwear market positively.+
On the other hand, the frequently changing fashion of teenage apparel and footwear is a major challenge faced by the footwear market in Asia Pacific. The rise in the manufacturing of pirated footwear is also anticipated to hamper the growth of this market significantly. However, the increase in the utilization of online sales platforms is projected to stimulate the footwear market in Asia Pacific over the forecast period.
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The market study segments the Asia Pacific footwear market into athletic footwear and non-athletic footwear. Between the two, the non-athletic footwear segment boasts of a larger consumer base. In 2013, the market for non-athletic footwear generated US$34 bn. Analysts expect this market segment to expand at a CAGR of 2.10% during the forecast period, maintaining its dominance. It is projected to be valued at US$39.4 bn by the end of 2020.
The athletic footwear segment has been classified into sports (cross training) shoes, insert shoes, and backpacking boots in this research study. The availability of a number of varieties of shoes and other footwear has propelled the Asia Pacific athletic footwear market extensively. However, the market segment is registering a continual decline in this region.
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According to the latest trends, the increasing number of sports events are likely to channel the interest of consumers towards athletic footwear over the next few years, states the report.Regionally, the footwear market in Asia Pacific is divided into Japan, China, Singapore, India, Malaysia, Thailand, Australia, and Rest of Asia Pacific. Among these, China has occupied the leading position in recent years. In 2014, the country generated the highest revenue in the Asia Pacific market for footwear and was closely followed by India and Japan.
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According to the report, the China footwear market is likely to retain its leadership over the forecast period, owing to the increasing fashion-consciousness of the population, triggered by the rising disposable income in this country. Other countries in this region are also projected to show impressive growth between 2014 and 2020, the report says.ABC-Mart Inc., ANTA Sports Products Ltd., Bata India Ltd., Li Ning Co Ltd., Yue Yuen Industrial (Holdings) Ltd., NIKE Inc., Asics Corp., and Pou Chen are the key players operational in the market for footwear in Asia Pacific, states the market study.
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