Over the previous decade, the North America footwear market has witnessed steady growth and attained a market value of US$ 80,594.40 million in 2014. In current times, the market is experiencing high demand for stylish footwear with innovative designs and great comfort. Rising fashion-consciousness among the North American populace is driving this regional market significantly. Analysts expect the market to expand at a CAGR of 1.5% during the period from 2015 to 2021 and reach a value of US$ 89,717.90 million by 2021.
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The footwear market in North America is set to witness significant expansion as people there are becoming increasingly fashion conscious. To meet the rising demand for designer footwear that is, at the same time, also comfortable, market players are working hand on bringing innovative designs on the desk. For instance, nowadays, eco-fashion, which is made from environment-friendly materials, is the latest trend in the market. Footwear manufacturers have also come up with ethical and recycled footwear.
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Men’s Footwear Leads North America Footwear Market
The North America footwear market is categorized into the markets for men, women, and kids. Among these, the men’s footwear market occupies the largest share of the overall market. The trend is likely to remain influential over the next six years. The large population base of adult men in the region is the key reason for the impressive growth of this segment.
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In addition to this, rising innovation in men’s footwear designs is projected to stimulate growth of this market segment in the coming future. On the other hand, the women’s footwear segment is expected to witness steady growth on account of the increasing number of working women in North American nations.
Athletic Footwear to Report Fastest Growth in Near Future
Athletic and non-athletic footwear are the two major types of footwear available in the North America footwear market. Insert shoes, cross training/sports shoes, backpacking boots, and hiking shoes are the key components of the athletic footwear market, whereas formal, casual, and fashion footwear are the sub-segments of the non-athletic footwear market.
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The market share of the non-athletic footwear segment is comparatively higher than that of the athletic footwear segment and the trend is expected to continue in the coming years. However, increasing participation in athletic activities as well as growing concerns related to health and fitness, coupled with the rising awareness among consumers about the health benefits that athletic footwear offers, is expected to drive the market for athletic footwear in North America significantly; it is expected to report the faster growth rate of the two segments over the next six years.
U.S. Occupies Largest Share of Overall Footwear Market in North America
In 2014, the U.S. emerged as the leading footwear market in North America, generating highest revenue among all regional segments. The market is likely to maintain its dominance in the near future. The footwear market in Canada occupied the second position in the North American Market and is expected to remain at the same place in the forthcoming years.
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The major companies operating the footwear business in North America are Nike Inc., Asics Corp., Adidas AG, Skechers U.S.A. Inc., and The Aldo Group Inc.
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