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Online platforms have gained unprecedented acceptance among teenagers and the youth population. Market players are carefully working on different strategies such as product launch, partnerships and expansions to sustain and remain competitive in Companies are also using various platforms such as Olympic Games, F1 car racing events and are collaborating with international sports platforms in a bid to promote themselves, worldwide. In July 2014, Adidas collaborated with Manchester United to promote its brand among football teams.
The LAMEA footwear market is expected to reach $55.7 billion by 2022, growing at a CAGR of 7.9% during the forecast period (2016-2022). Athletic footwear holds significant market share within the LAMEA footwear market, whereas non-athletic footwear dominates the market by footwear type. Athletic segment market would reach $24.2 billion by 2022, growing at CAGR of 7.6% during the forecast period. Footwear market has evolved in the last few years. Product launches and innovation have been a major part of the strategy to gain market share and remain competitive in the footwear market.
Strategically, South Africa and Middle East regions hold tremendous potential for the footwear market. To add on the trend, changing lifestyle and rising disposable income have had tremendous impact on the market growth. The key players profiled in the report includes Nike, Adidas AG, Asics Corporation, Puma, VF Corporation, Wolverine Worldwide, K-Swiss and Sketchers.
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