Transparency Market Research delivers key insights into the North America footwear market. In terms of revenue, the North America footwear market is estimated to expand at a CAGR of 8% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the North America footwear market report.
In this market report, TMR predicts that the North America footwear market will be broadly affected by several factors. Footwear has gained immense relevance in sportswear due to increasing sports activity, emphasis on performance, and advancements in technology, which are factors expected to boost the North America footwear market during the forecast period.
The overall rise in retail infrastructure is triggering the North American footwear market. Consumers are becoming more fashion-conscious, thereby generating huge demand for both athletic and non-athletic footwear. Factors such as great diversity in the footwear market and easy availability of products in many retail outlets are anticipated to encourage impulse buying of these products. Different brands, as well as retailers, are re-orienting their focus on this market, which has led to a significant increase in the number of retail outlets in the region. Moreover, Internet retailing is also gaining prominence for the purchase of footwear across different geographies of the region. This channel is gaining popularity for the purposes of shopping for women’s footwear as well as sports footwear. The collection, variety, discount, and price range of products available with online retailers is diverse, leading to its increasing popularity. Considering all these factors, the impact of this driver is moderate currently and is likely to become high with the growth in retail activity.
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North America Footwear Market Expansion
The North America market for footwear has been segmented based on type, usage, price range, end-user, distribution channel, and country. Based on type, the market has been divided into sports shoes & bellies shoes, boots, sandals, and others, wherein, sports shoes & bellies shoes segment is projected to be a highly lucrative segment in the region from 2021 to 2031 due to rising participation of users in sports activity. Additionally, bellies shoes have become one of the trendiest casual wear footwear option, especially among youngsters. The worldwide growth of security, military, corporate, and institution sectors is likely to promote the expansion of the footwear market in terms of boots.
The influx of new and innovative designs coupled with increasing consumer awareness about trendy and fashionable lifestyles are among the major factors fueling the growth of the footwear market in the region. In terms of usage, the footwear market has been divided into athletic and non-athletic. The athletic footwear market is driven by rising demand for comfortable footwear with new styles and innovative designs. Moreover, increasing participation of users in high profile sporting events has resulted in extensive usage of athletic shoes.
Based on price range, the North America footwear market has been divided into low, medium, and high. The end-user segment of the market has been classified into men, women, and kids. Men’s footwear segment is expected to witness dynamic growth during the forecast period. Men have taken to changing styles often and they prefer casual alternatives in terms of footwear such as colored footwear or more comfortable athletic footwear that can be worn, along with a suit.
Based on distribution channel, the market has been divided into online and offline. Rapid advancement in the field of technology and advent of high-speed Internet services such as 4G and 5G have contributed to the growth of the online segment of the footwear market. Furthermore, major manufacturers operating in this industry are opting to sell through online platforms due to the emergence of several e-commerce companies in order to attain a broader consumer base, as it helps them to promote their products with large discounts and offers to attract consumers.
North America Footwear Market: Prominent Country
The U.S. dominates the North America footwear market in terms of revenue. The growing footwear purchase by consumers via e-commerce platforms such as Amazon, Walmart, and others, and the launch of improved product range by manufacturers are key trends in the North America footwear market.
In terms of revenue, North America is witnessing major growth of the footwear industry, owing to the presence of a large customer base in the region. The increasing demand for usage of athletic and non-athletic footwear in the region is driving the expansion of the footwear market in North America.
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North America Footwear Market: Key Players
The competition landscape of the footwear market in North America is highly fragmented with leading players accounting for majority of revenue share. Key players operating in the footwear market in the region include Adidas AG, Converse, Crocs Inc., FILA Luxembourg, S.a.r.l, New Balance, Inc., Nike, Inc., PUMA SE, and Sketchers USA Inc., among others.
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