Asia Pacific leads footwear growth and will do so for years to come.
Asia Pacific is leading the athletic footwear market with maximum share and is expected to enjoy a 41.6% share of the market in 2018, closely followed by Europe. The North America market is growing at a slower rate, due to high labor cost, raw material cost and competition.
Factors driving the market include growing awareness about healthy and active lifestyles, rising demand for comfortable footwear, rising demand for innovative footwear designs and technology, growing population and rising disposable income levels. The market is projected to grow at a CAGR of 1.8% from 2011 to 2018, and is expected to reach USD 84.4 billion in 2018.
The athletic footwear market is analyzed over four regions – North America, Europe, Asia Pacific and Rest of the World. The Asia Pacific region accounted for the largest share of 42% of the overall athletic footwear market and is expected to grow with a CAGR of 1.7% from 2011 to 2018.
Athletic footwear manufacturers are heavily concentrated in the Asia Pacific region. This continent has produced 87% of all the pairs of shoes produced all over the world. The athletic footwear market has the highest growth in the Asia Pacific region due to the cheap labor cost and raw material cost.
As the market for athletic footwear continues to grow in Asia, brand owners will need to be savvier and use better, more effective strategies to engage consumers.
Brand owners must be willing to adopt new technology and practices to evolve and tap new potential in these highly lucrative markets.