Footwear Market
Individuals must wear footwear in public locations to be able to move around. Materials used in the production of footwear include plastics, synthetic polymers, textiles, and leather. Market Research Future's (MRFR) worldwide footwear market study examines several breakthroughs in design, materials, and consumer demand, as well as their projections for the years 2019 to 2024. (Forecast period). The COVID-19 virus's quick breakout and its impact on the industry have also been investigated.
The global footwear market is expected to reach a valuation of USD 223.2 billion by 2024. It can exhibit a CAGR of 5.7% over the forecast period.
One of the primary drivers of the worldwide market is the huge demand for footwear in the APAC region. The market can benefit from the huge population, increased awareness of different types of footwear, and the introduction of new goods. Footwear marketing, both traditional and digital, has been successful in reaching a huge consumer base. Presence of online channels has led to mass bookings due to ease of delivery and nominal retail prices. The rise in disposable income levels of consumers has also acted in favor the market.
The potential of ecommerce platforms is high in developing economies of Brazil and Colombia. The large consumer base and influence of celebrity culture can work in favor of the market. But lack of proper infrastructure and slow internet speeds can dampen the market growth.
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Competition Outlook
VF Corporation, New Balance Athletics, Inc., ECCO Sko A/S, Skechers USA, Incorporation, The Columbia Sportswear Company, Wolverine Worldwide, Inc., Adidas AG, Nike Corporation, AeroGroup, Kering S.A., Deichmann SE, Asics Corporation, Geox S.p.A, Crocs Retail, Inc., and Under Armour Inc. are key players of the global footwear market.
Segmentation
The global footwear market has been segmented by product type, category, end user, and distribution channel.
The global footwear market has been classified, based on product type, into sports footwear, formal footwear, and casual footwear. Casual footwear is expected to rake in a massive share of the market owing to preference of sneakers among the public. The various designs and use of polymers have made it convenient and easy to wash and thus driving the sales in the global footwear market.
The global footwear market has been bifurcated, by category, into open footwear and closed footwear.
The global footwear market is segmented by end user into men and women.
The global footwear market has been classified, based on distribution channel, as store-based and non-store based. Store-based distribution channel has been further segmented into supermarkets and hypermarkets, specialty stores, and others.
Regional Analysis
The global footwear market has been analyzed for four key regions—North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW).
APAC is expected to dominate the market due to improved standards of living among the masses and increased purchasing power. Change in economic policies in China are likely to trigger the demand in footwear for children.
Europe is expected to display a stable growth rate over the forecast period. The rise of online shopping and growing social media awareness can foster growth in the global footwear market. Sales of athleisure are likely to drive the demand for sports shoes and bolster the demand in the global market.
In RoW, the Middle East can capture a major share of the market. On the other hand, Latin American countries can generate significant revenue due to the influence of sports and worship of celebrity culture. Venezuela, Brazil, and Colombia can contribute to the market as well.
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