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Footwear Market Highlights
The Global Footwear Market registered a substantial growth in terms of product innovations and technological advancements. The global footwear market size is estimated to reach USD 223.2 Billion by the end of 2024 and record a CAGR of 5.7%. Youngsters are increasingly inclined toward participating in sports and other outdoor activities which is expected to increase the demand for sports footwear during the forecast period. Moreover, consumers are also concerned about using appropriate shoes while participating in different sports activities to prevent injuries and improve their performance. Apart from that, the rising number of working professionals in the developing economies is expected to further propel the demand for formal shoes which in turn is expected to accelerate the growth of the global footwear market at a high pace.
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Leading Key Players
Some of the key players in the Global Footwear Market are
Nike Corporation (US)
Adidas AG (Germany)
VF Corporation (US)
Crocs Retail Inc. (US)
ECCO Sko A/S (Denmark)
Wolverine World Wide Inc. (US)
Under Armour Inc. (US)
New Balance Athletics Inc. (US)
Asics Corporation (Japan)
Deichmann SE (Germany)
AeroGroup (Canada)
Kering S.A. (Japan)
Geox S.p.A (Italy)
Skechers USA
Incorporation (US)
The Columbia Sportswear Company (US)
Industry Segments:
The Global Footwear Market has been segmented based on product type, category, end user, distribution channel, and region.
Based on Product Type, the global footwear market has been segmented into formal footwear, casual footwear, and sports footwear.
The market for global footwear has been bifurcated, based on Category, into open footwear and closed footwear.
Based on End User, the global footwear market has been bifurcated into men and women.
Based on Distribution Channel, the global footwear market has been segmented into store-based and non-store-based channels. The store-based distribution channel is estimated to account for a significant market share both in developed and developing economies. The store-based segment has been further segmented into supermarkets and hypermarkets, specialty stores, and others.
Key Developments
June 2019: Nike Corporation introduced a new product in India under the brand name of “Air Jordan 7 Retro Sp”.
March 2019: Nike Corporation increased the production of its renowned brand Adapt due to the increasing consumer inclination toward the auto-lacing technologies.
October 2017: Adidas AG increased the production capacity of its plant in Germany and opened a production facility in Ansbach, Germany.
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Regional Outlook
The global footwear market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in Asia-Pacific is expected to retain its dominance throughout the forecast period in the global footwear market. Large population size in the countries of the Asia-Pacific region is one of the major factors for the rising demand for footwear. Rise in per capita disposable incomes of the consumers in developing nations such as India, China, and Indonesia are expected to fuel the sales of footwear during the forecast period. The markets in China and India accounted for significant market share in 2018 and the trend is expected to continue during the forecast period. China accounts for the highest production of footwear products in the Asia-Pacific region.
The market in Europe accounted for approximately 27% of the market share of the global footwear market. Germany and France have major footwear production facilities which assists in the growth of the regional market.
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