Footwear Market Share

APAC Market Statistics

 Asia Pacific industry is likely to account for largest revenue share of 40% by 2037. The market growth in the region is also expected on account of the growing desire for stylish, trendy, and comfortable footwear across all age groups. One of the main factors driving the footwear market has been the increase in the popularity of sports-specific footwear for sports like basketball, golf, cricket, and football, as well as the massive investments made by governments and international organizations to encourage sports leagues and participation. As per International Labor Organization, the Asia Pacific’s garment and footwear industry is witnessing growth amid this the exports increased by 5.1 percent in 2014, reaching $601 billion, or three-fifths of the global total.

Developed nations primarily import leather footwear from Asian nations like China and India. For instance, the Department for Promotion of Industry and Internal Trade estimates that in 2022, leather footwear products worth USD 2,047.08 million were exported from India to foreign countries.

One of the biggest global marketplaces for footwear is found in China. Although there has been some fluctuation recently, domestic footwear sales have continuously stayed above 400 billion yuan. In terms of sales income, textiles, and other footwear formed the largest section, with sneakers and athletic shoes gradually gaining prominence.

One of the main factors driving growth in South Korea's market is the increasing demand for comfortable and flexible footwear options that can be worn both on a physical level and as an expression of fashion. Furthermore, the production of footwear with greater durability, comfort, and environmental friendliness is facilitated by more advanced technological innovations in manufacturing processes. Pertaining to all these factors, by 2024, the South Korean fashion e-commerce market is estimated to be US$26,904.9 million and accounts for 17.9% of total online retail sales in Korea.

North America Market Analysis

The North American region will also encounter huge growth for the footwear market during the forecast period owing to growth in sports footwear sales in North America in the growing awareness of health and well-being among customers. The Athletic Footwear industry in North America is projected to produce US$34.69 in sales per capita in 2024 growing at a CAGR of around 3.%.  Participating in a variety of sporting goods and fitness activities has helped consumers around the region prioritize their mental and physical well-being. In addition, the growing quantity of athletes competing in sports like soccer, American football, and jogging, is also prospective for the footwear market’s growth.

In United States, USD 314 is the average household expenditure on footwear. Women in the US spend more money than men do on shoes. In actuality, a normal household spent about USD 155 on women's shoes in 2020, propagating the market’s growth.

The market for shoes is not the biggest in Canada. The annual shoe purchases made by each individual do not equal the enormous amounts observed in the top shoe-consuming nations, such as China and the US. That being said, Canadians do not lack a passion for shoes; the nation spends a comparatively high amount per person on clothing and footwear, and by 2025, the shoe market is expected to reach a valuation of over 9 billion Canadian dollars.