Published on : Feb 10, 2016
Footwear as an essential commodity to everyday life. Not only do they protect feet, but add an aesthetic value to dressing. Over the years, with the rise of the fashion industry and improving technologies, the global footwear market has been evolved by leaps and bounds. Today, footwear is made not just for fashion purposes, but footwear engineering has progressed to making footwear as a protective gear for those in high-risk conditions. However, the global footwear market faces its own set of opportunities and threats.
The Young Keep the Pace of Global Footwear Market Going
The prime growth drivers for the global footwear market are the innovative designs, growing population in need of footwear, and increased spending due to rising per capita income. The ever-expanding pool of young population is making a significant contribution to the revenues of this market with an exponential demand for various kinds of footwear.
Sports Industry Brings New Hope to Global Footwear Market Industry
The rise of sports industry is also propelling the growth of this market as it demands niche footwear, which cater to the need of the athletes. Furthermore, the growing number of participants in the sporting events across the globe are also expected the drive the demand for sports specific footwear in the coming years.
Rising Manufacturing Activities Drives Demand for Protective Footwear
The rise in the manufacturing activities, especially in the emerging economies of Asia Pacific region, have also led to a huge demand for protective footwear. The need for safety of workers, in manufacturing units, those in the defense sector, and for those working in extreme conditions is propelling the global footwear industry on the path of success.
Some of the top players in the global footwear market such as Adidas, Nike, Puma, Ascis, VF Corp, New Balance, and Skechers are also taking innovative approaches towards marketing, which is fueling the growth of this market. Strong distribution channels and growing number of outlets of these top players are expected to drive the growth of the global footwear market.