Portland, May 14, 2019 (GLOBE NEWSWIRE) -- According to a recent report published by Allied Market Research, the accounted for $2.03 billion in 2017 and is expected to attain $3.19 billion by 2025, registering a CAGR of 5.9% during the forecast period, 2018-2025.
Surge in number of sports-inspired children worldwide along with growing trend towards sedentary lifestyle which causes myriad health concerns drive the growth of the global shoe with knitted upper market. However, the implementation of rapid government regulations toward footwear industries hampers market growth. Nonetheless, the upsurge in e-commerce sales is set to provide lucrative opportunities to emerging market players in the near future.
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By shoe type, the running shoes segment is projected to grow at the highest CAGR of 7.1% during the forecast period, on account of the rise in sports-inspired children and growing awareness of health and fitness around the globe. However, the casual shoes segment generated almost half of the overall revenue in 2017 and is expected to continue its dominance through 2025, owing to aggressive advertising and rise in disposable income of consumers.
By distribution channel, the e-commerce segment is expected to register the highest CAGR of 8.0% from 2018 to 2025, due to the increasing penetration of internet and smartphone worldwide that facilitates online shopping. However, the specialty stores segment is poised to continue its global market dominance on account of its massive popularity and being perceived as a safer option by consumers.
Regionally, Asia-Pacific would continue its global market dominance and occupy around three-quarter of the overall shares by 2025. This is attributed to the rise in number of sports-inspired children in the region and growing precautions concerning foot health and injury. However, LAMEA is projected to grow at the fastest CAGR of 7.8% during the forecast period, due to increasing adoption of sports and rising disposable income of people
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The key players analyzed in the report include Adidas AG, ASICS Corporation, K-Swiss, Nike, Inc., PUMA, and Skechers USA, Inc. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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