NEW YORK, Feb. 15, 2024 /PRNewswire/ — The footwear market is estimated to grow at a CAGR of 5.69% between 2022 and 2027. The size of the market is forecast to increase by USD 133.09 billion. The market has been segmented by type, product, distribution channel, and region. By Product (Non-athletic footwear and Athletic footwear), the non-athletic footwear segment is the largest product segment in the global footwear market. The types of footwear included in this segment are formal/work, fashion, and casual. The increasing fashion consciousness of consumers and the rising popularity of trendy shoes among men and kids are the main factors propelling the demand for non-athletic footwear. Additionally, the availability of high-quality footwear products at affordable costs is driving up demand for private-label footwear brands. Furthermore, the global market for high-end non-athletic footwear is expanding quickly. The increase in global disposable income of the populace is primarily responsible for the rise in demand for high-end non-athletic footwear. Consumers with high discretionary incomes have more purchasing power and are able to spend more on high-end fashion items like footwear. Such factors will increase segment growth during the forecast period. To know about other major vendor offerings – Request the Latest sample report
Technavio has announced its latest market research report titled Global Footwear Market
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Report Coverage |
Details |
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Page number |
181 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.69% |
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Market growth 2023-2027 |
USD 133.09 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
4.73 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 36% |
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Key countries |
US, China, UK, Germany, and France |
End-user Outlook
Women
Men
Children
Distribution Channel Outlook
Online
Offline
Design and material innovations leading to product premiumization have been instrumental in driving the growth of the market. This study also identifies the increasing demand for customization as one of the prime reasons driving the growth during the next few years. However, the rising labor costs and fluctuating raw material prices might hamper the market growth.
Adidas AG, ASICS Corp., Brooks Sports Inc., Burberry Group Plc, Dolce and Gabbana Srl, ECCO USA Inc., FILA Holdings Corp., GEOX Spa, Hermes International SA, Kering SA, Li Ning Co. Ltd., LVMH Moet Hennessy Louis Vuitton SE, New Balance Athletics Inc, Nike Inc., PUMA SE, Skechers USA Inc., Under Armour Inc., VALENTINO Spa, VF Corp., and Wolverine World Wide Inc. are among some of the major market participants.
Brooks Sports Inc. – The company offers glycerin 20.
Burberry Group Plc – The company offers logo-printed suede sneakers.
Dolce and Gabbana Srl – The company offers marabou sandals.
The report forecasts growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Geography
APAC
North America
Europe
South America
Middle East And Africa
During the forecast period, APAC is expected to contribute 36% to the development. Owing to people’s rising disposable incomes, growing desire and rising health awareness, the market in APAC is anticipated to expand at the fastest rate during the forecast period. China, India, and Japan are the top three revenue-generating countries in the APAC industry. As Chinese consumers are spending more money on fashion items , China is the most significant. Two of the world’s most numerous nations, China and India, accounted for 36.32% of the world’s population in 2016. Additionally, most shoes for daily use and casual wear, is readily accessible to the general public. Therefore, due to these factors, the market in APAC is expected to grow during the forecast period. For insights on global, regional, and country-level parameters with growth opportunities, historic (2017 to 2021), and forecast size (2023 to 2027) – Request the Latest sample report
The global sector continues to expand, driven by various factors including advertising efforts by leading brands. Demand for athletic footwear is on the rise due to increased participation in sports and fitness activities, while concerns about lifestyle-related health issues such as stress and obesity emphasize the importance of comfortable and supportive shoes. Consumers are increasingly seeking style that aligns with athleisure-oriented lifestyles. Moreover, there’s a growing emphasis on sustainability, with brands focusing on eco-friendly materials to address concerns about non-biodegradable materials. Initiatives like those by the U.S. Department of the Interior underscore the importance of environmental stewardship in the industry’s growth.
In the competitive industry, labor-intensive industry relies heavily on skilled workers for production. Manufacturers strategically utilize land resources for factories, considering accessibility to lower-cost countries for outsourcing labor. Labor costs greatly impact pricing strategies, influencing consumer affordability. Seamless material supply chains ensure timely production, while emphasis on environmental protection drives sustainable practices. Designs cater to diverse activities like running, walking, and gymming, demanding comfortable shoes with flexibility and traction. Manufacturers prioritize durability and performance to meet consumer demands. Global trends indicate a shift towards eco-friendly materials and ethical manufacturing, reflecting consumer values. In this dynamic sector, innovation and adaptability remain paramount for success.
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Table of Contents:
Executive Summary
Landscape
Sizing
Historic Size
Five Forces Analysis
Segmentation by Product
Segmentation by end-user
Segmentation by Deployment
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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SOURCE Technavio