Nike’s market share stands at about 27.4% in 2019, ahead of its industry rivals Adidas and ASICS, making Nike the world’s largest company in the global footwear market. Sports shoes are increasingly becoming an essential fashion accessory among global consumers and the sports shoes market is witnessing demand for trendy and comfortable footwear among all age groups. This is the primary factor which has been driving the growth of the global footwear market. With its advanced footwear innovations and well-established global sales network, Nike is expected to continue to hold the largest market share in the global footwear market over the next five years.
Suggested Read: Top 10 Shoe Companies in the World 2019
Global Footwear Market Analysis
According to the latest market analysis from Technavio, the global footwear market size will grow by USD 40.4 billion from 2019 to 2023, accelerating at a CAGR of over 2% during the forecast period. There is a strong increase in the demand of sports and active shoes in the global market, mainly driven by the changing lifestyles and rising awareness about health concerns. Such increasing demand for athletic and active footwear globally has significantly boosted the market share of several top sports shoe companies, including Nike, Adidas, Asics, and New Balance. Other factors such as the variety of products, rising population, and increase in disposable income are contributing to the growth of the footwear market over the recent years.
In terms of regional market share, North America is expected to continue leading the global footwear market. In terms of revenue, North America is holding approximately 33% of the global footwear market share. A rising demand for active footwear is the main factor driving the growth of the footwear market in this region. Also, growing fashion consciousness and innovation in product designs are some other factors driving the growth of the market.
The Asia Pacific is accounting approximately 29% of the total market share, but the region is expected to witness the fastest growth rate over the next five years, contributing about 42% of the global footwear market growth from 2019 to 2022. This is due to rising sales of footwear in countries like China and India. Escalating sports activities, adoption of western culture, and availability of cost-efficient footwear products are some of the driving factors for the growth of the footwear market in the Asia Pacific.
Nike Holds the Largest Market Share in the Global Footwear Market
Nike recently announced its financial results for Q3 2019, which reported revenue of USD 9.6 billion in Q3 2019, representing a 7% increasing from USD 9 billion in the year-ago period. With annual footwear sales of about USD 23 billion, Nike is still the world’s largest footwear manufacturer, and its leading position in the global footwear market is expected to continue through 2022.
Nike has always been at the leading edge of innovation, technology development and cutting-edge marketing campaigns that help them surpass all the other footwear brands in the world in terms of popularity and sales. Nike’s latest digital products SNKRS (sneakers) app and Nike Fit app have proved to be beneficial for the company this year as it helped grow their online sales of footwear products across the world. Today, Nike is reinventing itself for the digital era to become a retail tech company and many of its tactics are already appearing to be working. With its newly launched flagship products like Nike Air Max 270, ZoomX, React, and VaporMax, Nike is forecast to further strengthen its market share in the global footwear market over the near future.
Check Technavio’s Global Footwear Market Report 2019-2023
Check Technavio’s Global Footwear Market Report 2019-2023 for more market insights related to the Nike market share. This market research report provides the latest market size and market development for major market segments in terms of product types and regional market landscape. The report contains detailed market trends, market drivers, market challenges and key opportunities. In-depth market analysis such as Porter’s five force model, and comprehensive competitive landscape including detailed profiles of top companies are also included in the report. Take a look at Technavio’s Footwear Market Research Library and download your free sample report today.
