Dubai, UAE, May 09, 2023 (GLOBE NEWSWIRE) -- The Global Footwear Market is projected to grow from USD 385.1 billion in 2021 to USD 575.7 billion by 2030, recording a CAGR of 5.5% during the forecast period. The market is expected to be driven by an increase in demand for high-quality footwear and product innovation.
The global footwear market is likely to be fueled by the rise in demand for fashionable and cutting-edge footwear. Market participants are switching from traditional leather to natural and recyclable raw materials in the production of footwear due to the rising demand for environmentally friendly products across the globe. Emerging economies are concentrating on boosting their market share by increasing their focus on several programs.
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Competitive Landscape
The presence of several well-known players is what defines the global footwear market. Small-to-midsized companies with a narrow selection of shoes compete in the market. Businesses in the market are concentrating on partnerships to launch cutting-edge products to bolster their market position.
Key Players in the market include:
- Nike Inc.
- Adidas Group
- Mizuno Corporation
- PUMA SE
- Under Armour®, Inc.
- SKECHERS USA, Inc.
- FILA Holdings Corp.
- Converse
- Diadora S.p.A.
- ASICS Corp.
Trending Now: NAVIGATOR - India’s First AI-Inspired Smart Shoe by Ajanta Shoes
The first "made in India" smart shoe, the NAVIGATOR, which is perhaps the biggest disruptor in the nation's footwear business so far, was introduced by Ajanta Shoes, a 66-year-old legacy footwear brand. This innovation has once again transformed the country's footwear sector. The gyroscopically powered artificial intelligence serves as the basis for the smart shoe.
More precise step counting, fitness tracking, fall detection, quick call dialing, access to music applications and websites, and other customizations are all available with the smart shoe and can be done with a few touches or foot motions.
To use the great potential for technological innovation of the Indian manufacturing sector, the smart shoe is produced in India, with most of its components produced in the country.
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Market Segmentation by Type
- Athletic Footwear
- Non-Athletic Footwear
Athletic Footwear Segment to Gain Traction Owing to Growing Inclination Towards Physical Activities
The athletic footwear segment is anticipated to grow fastest during the forecast period. The primary factor fueling the demand for athletic footwear is individuals' rising participation and propensity toward everyday physical activities such as running, working out in the gym, and cycling.
Market Segmentation End User
- Men
- Women
- Kids
Growing Popularity of Outdoor Sports Amongst Men to Propel Market Growth
In terms of end-user, the men segment is expected to grow rapidly in the upcoming years. The demand for men's footwear has been driven by their rising inclination for outdoor activities. Golf, cricket, hockey, and trekking have all historically been popular sports among men. As a result, new launches that target specific sports categories are likely to aid in accelerating the segment's growth.
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Sustainability to be the Latest Footwear Trends Gaining Significant Traction in the Market
To balance knowledge, artisanal skills, and automation in manufacturing, businesses in the footwear market are progressively incorporating Industry 4.0 into the production process. Industry 4.0 integration is anticipated to improve supply chain management, enabling producers to meet the increase in demand for footwear successfully.
The footwear sector's future lies in sustainable production. Leading market players are concentrating on producing footwear manufactured using recyclable and plant-based materials. Leading footwear brand Reebok International Ltd introduced the Floatride Energy Grow running shoes in April 2021. These shoes are made of 50% USDA-certified bio-based ingredients. Similarly, Veja sells sneakers made from raw ecological and organic farming materials.
North America to Grow Significantly Owing to the Presence of Prominent Players
North America is anticipated to expand significantly during the forecast period. The regional market is attributable to the presence of significant shoemakers in the region. Footwear is still among the most common purchases made by Americans. To deliver high-quality shoes on time, footwear companies invest tens of millions of dollars yearly in their staff, stores, and platforms. One of the most durable supply chains in the world is found in the footwear sector.
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Cheap Labor Access in Asia Pacific to Promote Sales in the Region
Asia Pacific accounted for the largest market share in 2022 and is likely to grow at a rapid CAGR in the upcoming years. The labor-intensive footwear business is influenced by several factors, including the availability of land, the cost of labor, the availability of materials, environmental protection, and the sales markets. The major drivers fueling the product demand in the region are rising disposable income and rising consumer living standards.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Footwear Market
Chapter 5. Global Footwear Market Overview, By Type, 2017 - 2030 (USD Million)
Chapter 6. Global Footwear Market Overview, By End User, 2017 - 2030(USD Million)
Chapter 7. Global Footwear Market Overview, By Distribution Channel, 2017 - 2030(USD Million)
Chapter 8. Global Footwear Market Overview, By Geography, 2017 - 2030(USD Million)
...
Chapter 14. Competitive Landscape
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
...TOC Continued
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