Footwear market in APAC size is set to grow by USD 55.92 billion from 2021-2026; The growing demand for athletic footwear boosts the market- Technavio
NEW YORK, March 28, 2023 /PRNewswire/ -- The footwear market size in APAC is estimated to grow by USD 55.92 billion from 2021 to 2026, according to Technavio. The market is estimated to grow at a CAGR of 8.36% during the forecast period. The market is driven by the growing demand for athletic footwear. Growing consumer awareness on the advantages of sports and fitness activities and the rise in international sporting events are expected to increase the demand for athletic shoes in the region. During the forecast period, this is expected to increase the demand for athletic shoes in the region. Furthermore, the rising enthusiasm for taking part in a variety of sporting events, such as the Asian Games, the ICC Cricket World Cup, and the ACC Asian Cup is also driving the market growth. Additionally, rising disposable income enables Indians to move up the value chain and require goods for various purposes, which promotes the emergence of new footwear product categories in terms of value, functionality, and aesthetic appeal. Hence, such factors will drive regional market growth during the forecast period. For more insights on the market - Request a sample report
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Footwear market in APAC – Market Dynamics
Leading trends influencing the market
In APAC, increasing internet penetration is an emerging trend in market growth.
In the region, the average spending per online transaction and the volume of online transactions are rising.
The market is expanding as a result of the rising number of smartphone and internet users as well as their buy-now attitude.
Customers are encouraged to shop online due to the convenience and time-saving features of online shopping as well as access to a wide selection of products.
Online payments' enhanced security features, free shipping, improved online customer service, and more convenient purchasing sites will also foster the market's expansion during the forecast period.
Major challenges hindering the market growth
An increase in labor cost is the major challenge impeding market growth in APAC.
Numerous companies with factories in Asia, including Indonesia, China, Bangladesh, Vietnam, and India, offer shoes in the regional market.
These countries' recent increases in labor costs are a result of their rapid economic growth. Expensive labor force increases the overall production costs of the product and reduces vendor profit margins.
Due to substantial wage increases in China and Indonesia, many businesses have been compelled to relocate their production facilities from these countries. As a consequence, such companies have experienced losses.
Such factors will hinder the regional footwear market growth during the forecast period.
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Footwear market in APAC – Vendor Analysis
Vendor Landscape - The footwear market in APAC is characterized by the presence of various vendors such as adidas AG, Alpinestars USA Inc., ASICS Corp., Bata India Ltd., Belle International Holdings Ltd., Daphne International Holdings Ltd., GEOX Spa, Industria de Diseno Textil SA, LVMH Moet Hennessy Louis Vuitton SE, Metro Brands Ltd., Nike Inc., Paragon Polymer Products Pvt. Ltd., PUMA SE, PVH Corp., Sara Suole Pvt. Ltd., VF Corp., Wolverine World Wide Inc., Woodland Worldwide, VKC Pride, and Reliance Industries Ltd.
Footwear market in APAC - Segmentation Assessment
Technavio has segmented the market based on distribution channel (offline and online).
The APAC Footwear Market share growth in the offline segment will be significant during the forecast period. Specialty stores (including brand stores, multi-brand stores, clothing stores, fashion and personal accessory stores, and sporting goods stores), hypermarkets, supermarkets, convenience stores, clubhouses, and department stores are the sources of revenue for offline sales channels.
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What are the key data covered in this Footwear market in APAC report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the footwear market in APAC between 2021 and 2026
Precise estimation of the size of the footwear market in APAC size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of footwear market in APAC vendors
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The online footwear market is estimated to grow at a CAGR of 8.89% between 2022 and 2027. The size of the market is forecast to increase by USD 34.03 billion. This report extensively covers market segmentation by product (non-athletic footwear and athletic footwear), end-user (men, women, and children), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
The high heels footwear market is estimated to grow at a CAGR of 1.88% between 2022 and 2027. This report extensively covers market segmentation by distribution channel (offline and online), type (1-1.75, 2-2.75, 3-3.75, and 4-4.75), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
Footwear Market In APAC Scope
Growth momentum & CAGR
Accelerate at a CAGR of 8.36%
Market growth 2022-2026
USD 55.92 billion
YoY growth 2022-2023 (%)
China, Japan, India, South Korea, and Rest of APAC, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
adidas AG, Alpinestars USA Inc., ASICS Corp., Bata India Ltd., Belle International Holdings Ltd., Daphne International Holdings Ltd., GEOX Spa, Industria de Diseno Textil SA, LVMH Moet Hennessy Louis Vuitton SE, Metro Brands Ltd., Nike Inc., Paragon Polymer Products Pvt. Ltd., PUMA SE, PVH Corp., Sara Suole Pvt. Ltd., VF Corp., Wolverine World Wide Inc., Woodland Worldwide, VKC Pride, and Reliance Industries Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
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Table of Contents:
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2021
3.4 Market outlook: Forecast for 2021-2026
4 Five Forces Analysis
4.1 Five forces summary
4.2 Bargaining power of buyers
4.3 Bargaining power of suppliers
4.4 Threat of new entrants
4.5 Threat of substitutes
4.6 Threat of rivalry
4.7 Market condition
5 Market Segmentation by Distribution Channel
5.1 Market segments
5.2 Comparison by Distribution Channel
5.3 Offline - Market size and forecast 2021-2026
5.4 Online - Market size and forecast 2021-2026
5.5 Market opportunity by Distribution Channel
6 Customer Landscape
6.1 Customer landscape overview
7 Geographic Landscape
7.1 Geographic segmentation
7.2 Geographic comparison
7.3 China - Market size and forecast 2021-2026
7.4 Japan - Market size and forecast 2021-2026
7.5 India - Market size and forecast 2021-2026
7.6 South Korea - Market size and forecast 2021-2026
7.7 Rest of APAC - Market size and forecast 2021-2026
7.8 Market opportunity by geography
8 Drivers, Challenges, and Trends
8.1 Market drivers
8.2 Market challenges
8.3 Impact of drivers and challenges
8.4 Market trends
9 Vendor Landscape
9.2 Vendor landscape
9.3 Landscape disruption
9.4 Industry risks
10 Vendor Analysis
10.1 Vendors covered
10.2 Market positioning of vendors
10.3 adidas AG
10.4 ASICS Corp.
10.5 Bata India Ltd.
10.6 Belle International Holdings Ltd.
10.7 GEOX Spa
10.8 Nike Inc.
10.9 PUMA SE
10.10 VF Corp.
10.11 Wolverine World Wide Inc.
10.12 Woodland Worldwide
11.1 Scope of the report
11.2 Inclusions and exclusions checklist
11.3 Currency conversion rates for US$
11.4 Research methodology
11.5 List of abbreviations
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