Growing awareness of the latest footwear trends among people is increasing the demand for footwear globally. In addition, the trend of fitness exercises such as Zumba, yoga, and gym is producing huge demand for sports shoes among individuals. The increase in the number of sports lovers, athletes, and fan followers of sports such as football, basketball, and hockey is further creating higher demand for various kinds of footwear. People are highly influenced by actors and influencers and follow their unique footwear designs which surge the demand for footwear.
According to Data Bridge Market Research the Footwear Market is expected to reach USD 626,164.40 million by 2030. The market is expected to grow with a CAGR of 5.8% in the forecast period of 2023 to 2030.
“Rising demand for convenient, comfortable and fancy footwear”
Shoes and clothes are a requirement for every human, clothes protect from weather conditions such as sunlight, cold, and rain, and similarly, shoes protect from all weather conditions. While finding the perfect pair of shoes, comfort and look of the footwear are the customer's major preferences. People nowadays are preferring convenient, comfortable, and fancy footwear according to the occasion which is surging the market’s growth. Sports shoes are used during physical activities such as running and exercising and others, formal shoes are used during formal events paired up with casual outfits, and fancy shoes are used during fancy events. Therefore, the rising demand for comfortable, convenient, and fancy footwear is driving the market’s growth.
What restraints the growth of the footwear market?
“Fluctuation in price and unavailability of raw material”
The prices of crude oil are rising constantly and crude oil is the main source of synthetic rubber and fibers, which are widely used in the manufacturing of footwear thus footwear raw material prices are increasing. This ongoing concern is significantly distrusting the supply chain of both finished products and raw materials in the footwear industry. Crude oil prices are increasing owing to the high crude oil inventory draw, widely spreading floods, and power outages because of the heavy rains in oil-producing parts of the globe. Thus, the fluctuation in price and unavailability of raw materials is hindering the market’s growth.
Segmentation: Global Footwear Market
The footwear market is segmented on the basis of type, shoe material, soling material, distribution channel and end user.
- On the basis of type, the footwear market is segmented loafer, shoes, sandals/flip-flops, ballerinas, boots, wedges, athletic, healthcare shoes, and others.
- Based on shoe material, the footwear market is segmented into plastic, rubber, leather, textile, and others.
- On the basis of soling material, the footwear market is segmented into plastic, rubber, leather, and others.
- On the basis of distribution channel, the footwear market is segmented into e-commerce, specialty stores, supermarkets/hypermarkets, convenience stores, and others.
- On the basis of end user, the footwear market is segmented into women, men, and children.
Regional Insights: Asia Pacific dominates the Footwear Market
Asia-Pacific dominates the market owing to the driving growth of footwear industries across the country. Sandals/flip-flops are the most common footwear in the Asia-Pacific market. Along with this growing awareness of the latest fashion trends among the young generation, growing spending on footwear from online platforms and mounting inclination to pay a premium for high-quality shoes is driving the market’s growth in the region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-footwear-market
Recent Developments in Footwear Market
- In December 2022, Asics developed a gel-resolution 9: high-tech tennis shoe to support your dynamic footwork along the baseline. GEL-RESOLUTION™ 9 shoes are designed to provide excellent kinetic stability for lateral movements in fast-paced tennis matches
- In September 2022, under armour launched its first running shoe made on a women's last UA Flow Synchronicity combines revolutionary UA Flow technology and consumer insights to create a shoe designed for HER - her form, her speed, her rhythm, her Journey to Compete
The Prominent Key Players Operating in the Footwear Market Include:
- Crocs Retail, LLC (U.S.)
- Adidas (Germany)
- SKECHERS USA, Inc. (U.S.)
- Nike, Inc. (U.S.)
- Okabashi. (U.S.)
- Bata Corporation (Switzerland)
- GEOX s.p.a. (Italy)
- PUMA (Germany)
- Wolverine World Wide, Inc. (U.S.)
- ALDO Group Inc. (Canada)
- Relaxo Footwears Limited. (Australia)
- Under Armour®, Inc. (U.S.)
- ASICS (Japan)
- KERING (France)
- VF Corporation (U.S.)
- Deichmann SE (Germany)
- FILA Holdings Corp. (South Korea)
- New Balance (U.S.)
- ECCO Sko A/S (Denmark)
- Burberry Limited (U.K.)
Above are the key players covered in the report, to know about more and exhaustive list of footwear market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Footwear Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
