The new report by Expert Market Research titled, ‘Global Footwear Market Size Report and Forecast 2020-2025′, gives an in-depth analysis of the global footwear market, assessing the market based on its segments like products, materials, distribution channels, pricing, end uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2015-2025)
- Historical Market Size (2019): USD 235.5 billion
- Forecast CAGR (2020-2025): 3%
- Forecast Market Size (2025): USD 281.2 billion
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In combination with product innovation and premiumisation, the global footwear market is being powered by the rising demand for high-quality footwear. The manufacturers’ focus on the production of designs, taking the consumer’s comfort into account, is steadily contributing to the market growth. It has contributed to the introduction of new, convenient, and trendy goods, which have influenced the market positively. Increasing interest in sports and a growing attraction to physical exercises, such as jogging, have positively affected the footwear industry growth. The thriving retail outlets and improved interaction between customers and sales executives are also driving the market growth. In the coming years, the rising e-commerce platforms, offering a wider range of brands and designs, along with providing lucrative discounts to consumers, are expected to aid the market growth significantly.
Industry Definition and Major Segments
Footwear is defined as a product worn to provide feet with comfort and protection. This is made of a wide variety of materials, including leather, linen, jute, plastics, and rubber. The global footwear market is bifurcated on the basis of product into:
- Non-Athletic Footwear
- Athletic Footwear
Currently, non-athletic footwear represents the most popular type, accounting for the largest share of the market.
Based on the material, the industry is segmented into:
Leather is the most common material utilised in making footwear.
On the basis of distribution channel, the industry is categorised into:
- Footwear Specialists
- Online Sales
- Supermarkets and Hypermarkets
- Departmental Stores
- Clothing Stores
Among these, footwear specialists hold the majority of the global market share.
On the basis of pricing, the industry is categorised into:
At present, mass products represent a clear dominance in the market.
On the basis of end-uses, the industry is divided into:
Currently, women represent the leading end use segment in the industry.
The report also covers the regional markets of footwear like:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The Asia Pacific accounts for the leading market share among other regions.
The growth of the footwear market can be attributed to the high demand for comfortable and convenient shoes. Companies also rely on a couple of key metrics for improving product sales, including innovative designs, product development, as well as advanced technical manufacturing.
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Already anticipated to be among the main drivers of the global economy, the fast-expanding e-commerce sector is also expected to drive the forecast market growth for footwear. The growth of the online channel segment is due to the comfortable and hassle-free shopping experience provided by the platforms. In addition, on e-commerce platforms, consumers can compare different products and brands, which is also expected to influence the industry positively.
Key Market Players
The major players in the market are Nike, Inc., Adidas America, Inc., PUMA SE, Skechers USA, Inc., Crocs Retail, LLC, TBL Licensing LLC, and Wolverine World Wide, Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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