Published Date : Feb 03, 2016
North America has been a lucrative regional market for fashion and apparel industry. The opulence of developed nations in the region has attracted many enterprises in the fashion industry to capitalize on the existing opportunities. The footwear market is one such segment in the fashion and apparel industry that has been witnessing a steady rise in demand from the North America Market.
Transparency Market Research in its latest report has pegged the overall value of the North America footwear market US$80,594.4 mn in 2014. Rising at a modest CAGR of 1.5%, the market is expected to reach US$80,594.4 mn by the end of 2021.
Athletic Footwear Segment Witnesses Rising Demand
The footwear market in North America is poised to undergo several changes as new styles are launched in different footwear categories. Based on type, the North America market for footwear can be segmented into athletic and non-athletic footwear segment. The athletic footwear segment is witnessing rising demand in North America as people living in the region grow more inclined to live a fit and active lifestyle.
The non-athletic footwear segment on the other hand accounts for the larger share of the market. This segment has been capitalizing on the rising access to the internet. The segment offers a broad range of products that can be easily purchased online, a key factor boosting the sales figure of non-athletic footwear in North America.
North America Footwear Market Dominated by Non-Athletic Footwear Segment
While the non-athletic footwear segment at present leads the market, its athletic counterpart will exhibit the highest CAGR between 2015 and 2021. The athletic footwear segment can be further categorized into backpacking boots and hiking shoes, insert shoes, and sport shoes. The non-athletic footwear segment on the other hand comprises casual footwear, fashion footwear, and formal footwear.
U.S. Held Largest Share in North America Footwear Market
Attracted by the opulence and prosperity of the developed nations in North America, several businesses ventured in the footwear industry of the nation. Countries such as the U.S., Mexico, and Canada exhibit high demand for footwear. The market also sees prospects in the Rest of North America, however, North America being one of the early adopters of the latest fashion trends, the demand for footwear and other fashion apparels in the region has become stagnant. Among the aforementioned countries, the U.S. dominated the North America footwear market in 2014.