The Asia Pacific footwear market is cluttered with a large number of market vendors who are progressively absorbing the market tendencies to cater to the needs of the consumers. It is expected that the market vendors would keep making changes to their marketing strategies as well to their logistics in order to stay relevant in an ever-changing market. The Asia Pacific market for footwear is characterized by changing trends and propensities, and this puts pressure on the market players to continually recalibrate their approach. The leading market players are expected to expand their product portfolio in order to accommodate the varying needs and preferences of customers.
Fashion trends also play a pivotal role in influencing demand within the Asia Pacific market for footwear, and hence, the market players are required to stay wary of the latest fashion quotients. The leading market players can afford to produce footwear of all types including fashion wear, sports shoes, and footwear for daily use. Besides this, the leading market players are expected to use the durability and quality of their products as the basis for projecting them in the market. NIKE Inc., ABC-Mart Inc., ANTA Sports Products Ltd., Pou Chen, Bata India Ltd., Asics Corp., Li Ning Co Ltd., and Yue Yuen Industrial (Holdings) Ltd., are some of the key players in the Asia Pacific market for footwear. The smaller market players are expected to focus on attracting consumers from their respective regions.
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A report published by Transparency Market Research (TMR) digs into the trends and opportunities floating in the Asia Pacific market for footwear. The report predicts that the Asia Pacific market would expand at a steady CAGR of 2.0% over the period between 2014 and 2020.
Influence of Fashion Industry Drives Demand
The growth of the market for footwear in Asia Pacific largely relies on the popularity of fashion trends and pop culture in the region. Since the dispelling of fashion trends through social media, magazines, and other channels has become popular across India, China, Japan, and Malaysia, the demand within the Asia Pacific footwear market has escalated. Furthermore, the sports industry has also played a key role in driving demand within the Asia Pacific market for footwear. The availability of shoes customized for different sports has created growth spaces within the regional market. On an extrinsic front, the rising population in China and India coupled with an increase in the disposable income of the masses has also created demand within the Asia Pacific footwear market.
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Manufacturing of Pirated Footwear to Hamper Growth
Despite the swift growth of the market for footwear in Asia Pacific, several impeding factors exist in the regional market. India has a wide market of duplicate goods which covers the footwear segment as well. The cajoling of the public by the sellers of duplicate goods affects the overall growth of the market for footwear. Besides this, the trends in the fashion industry keep changing, and this makes it difficult for market players to cater to the preferences of the people. Nevertheless, the indispensable need for footwear across all the population demographics is expected to maintain a regular inflow of demand within the Asia Pacific footwear market.
The review is based on TMR’s report titled, “Footwear Market – Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”.