NEW YORK ( TheStreet) -- Widening product lines coupled with strong marketing and innovation has contributed to Nike's ( NKE) rising market share in the global footwear market. Its share has increased from almost 14% in 2006 to around 16% in 2009, and we expect this trend to continue over our forecast period.Nike competes with Skechers ( SKX), Adidas ( ADS), Steve Madden ( SHOO) and K-Swiss ( KSWS) in the global footwear market. According to our estimates, Nike branded footwear constitutes around 44% of Nike's stock; hence the stock is significantly impacted by the global footwear market share. If Nike's footwear share reaches 21% in coming years instead of the 19% that we currently forecast, this could create an upside of 5% to our current price forecast. We currently have a Trefis price estimate of $68.63 for Nike's stock, which is about 20% below the current market price.