Portland, OR, May 13, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the global footwear market generated $365.5 billion in 2020, and is estimated to reach $530.4 billion by 2027, registering a CAGR of 5.5% from 2020 to 2027.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
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Rise in health consciousness, changes in lifestyles, surgein number of sports-inspired consumers, and increase in government investment in sports events drive the growth of the global footwear market. However, availability of counterfeit productsmay hinder the market growth. On the other hand, aggressive social media marketing and increase in demand for fancy and comfortable footwear create new opportunities in the coming years.
Covid-19 scenario:
- The utilization of sport footwear has been stopped due to restrictions on sports events during the coronavirus pandemic.
- All the fitness activity centers such as gyms, yoga centers, and physical activity centers are shut down to curb the spread of coronavirus.
- The manufacturing operations are also on hold by the leading manufacturers to avoid social gathering.
The report offers a detailed segmentation of the global footwearmarket based on type, material, end user, distribution channel, and region.
Based on type, the non-athleticsegment contributed to the largest share in 2019, accounting for nearly three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, theathletic segment is expected to register the highest CAGR of 6.3% from 2020 to 2027.
Based on material, the non-leather segment accounted for the largest share in 2019, holding nearly three-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the leather segment is estimated to portray the highest CAGR of 6.3% during the forecast period.
Based on region, Asia-Pacificcontributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. Moreover, this segment is estimated to portray the highest CAGR of 6.5% from 2019 to 2026.The report also analyzes the North America, Europe, and LAMEA region.
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Leading market players analyzed in the research include Adidas AG (Adidas), PUMA SE (KERING), Nike, Inc. (Nike), Skechers USA, Inc., Under Armour, Inc., VF Corporation, GeoxS.p.A, EccoSko A/S, CROCS, Inc., and Wolverine World Wide, Inc..
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.