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As per a market intelligence report by IndustryARC, the global footwear market size was estimated to be $340 billion in 2018. According to the report, “Rampant shares expansion in the footwear industry is majorly attributed to the extension of footwear from an ordinary consumer lifestyle product towards an industrial, healthcare and athletic merchandise.” The global footwear market place has developed novel and specialized fronts such as industrial protective footwear and ortho diabetic and handicap footwear, thereby adding impetus to the market demand for footwear. These factors, amalgamated with the rise in demand for athletic footwear and evolution of footwear as an emblem of fashion requiring frequent variations among the millennial generation, are estimated to help the market grow at a CAGR of 4.5% during the forecast period 2019 to 2025.The report titled, “Footwear Market: By Type (Athletic and Non Athletic); By Retail Type (Retail sale and Online Sale); By Material (Leather and Non-Leather); Geography and Forecast 2019-2025”, presents a detailed analysis of the competitive landscape, taking into account the market shares of leading companies. It also provides information on size of unit shipments on a yearly basis. All the commercial aspects of the trending footwear market stretching from its end user verticals, applications insights and regional revenue pockets to an imperative competitive landscape and pricing conditions are covered. The report also presents the challenging aspects pertaining to each segment, assisted by effective solutions and covers footwear market size by type and applications, footwear market share by top 5 companies and also the market share by start-ups during the forecast period.
View Full Table of Contents of Footwear Market:
https://www.industryarc.com/Research/Footwear-Market-Research-5026451
The U.S. Aiding North American Dominance of Global Footwear Imports:
Increased imports of footwear from manufacturing hubs in the Asia-Pacific (APAC) region has led to North America accounting for 36% of the global footwear market size in 2018. The U.S. is the leader in this segment holding 19% of the global import share, valued at $18.8 billion in 2017, with 80% of the imports coming in from APAC. APAC countries such as China, Indonesia and India accounted for 43%, 5.7% and 2.4% of global footwear exports in 2017. Increase in disposable personal income (DPI) of the working population, and a strong drift towards fashion and improved lifestyles, has increased the uptake of footwear in North America.
Bifurcating the global footwear market on the basis of gender, dominant growth is observed in the male segment. It is the fastest growing segment, growing at a CAGR of 3.9% going through 2025. This is mainly due to the higher number of males in the working population, which results in a higher proportion of the purchasing power residing with them.
Global Footwear Market-Disruptive Trends:
As a consequence of the on-going trade war between the nations, the U.S. government imposed tariffs ranging from 10 to 25% on Chinese imports, including footwear. With consumers unhappy at the consequent increase in prices, this can divert traffic and break the monopoly of Chinese footwear in the U.S. market, leading to a growth for indigenous manufacturers of North America.
In May 2019, Xtep International Holdings Ltd, a Chinese sportswear firm, announced that it will acquire all outstanding shares of the ‘K-Swiss’ brand from its owner E-Land Footwear USA Holdings Inc. The development is a lucrative opportunity for the Chinese participant to capitalize on the brand’s portfolio of globally celebrated sportswear and lifestyle products which target the premium market segment. E-Land Footwear owns several other brands, including Palladium, PLDM, Supra and KR3W.
Nike Inc. announced in May 2019 that it will implement augmented reality (AR) technology for its iPhone application, to enhance footwear sizing, by July 2019. With its Nike Fit technology added to the iPhone application, and retail units equipped with AI and machine learning software, Nike is determined to revolutionize the customer service experience.
To address the grave environmental threat posed by plastics, Adidas introduced performance running shoes, in 2019, that can be 100% grounded and liquefied into its raw ingredients, and then re-used to produce a brand-new shoe devoid of any waste.
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Global Footwear Market-Competitive Landscape:
Some of the key players operating in the global footwear market are Nike Inc., Adidas AG, PUMA, GEOX S.p.A, SKECHERS USA, Inc., Under Armour, INC., Wolverine World Wide, Inc., Timberland, Crocs Retail, Inc., and ECCO Sko A/S.
Related Reports:
A. Ortho Diabetic and Handicap Footwear Market
https://www.industryarc.com/Report/15488/ortho-diabetic-hicap-footwear-market.html
B. Footwear Materials Market
https://www.industryarc.com/Report/11741/footwear-materials-market.html
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