Shoe With Knitted Upper Market Size Estimated to Reach $4.7 Billion by 2026
Shoe with Knitted Upper Market size is estimated to reach $4.7 Billion by 2026, growing at a CAGR of 5.7% over 2021-2026. Shoe with knitted upper are footwear which is lightweight that provides extra comfort and support with the athletic look. Show with knitted upper provides a tailored fiber placement that helps in fitting to the upper of a lightweight running shoe set. Shoe with knitted upper are made of knitted material which has its quarter, tongue, lining, and collar in shoes that provides trendy athletic look with extra comfort feature. Shoe with knotted upper industry finds various applications in implantology and periodontology. Growing prevalence of obesity and overweight and rising improvement in living standards is the major factor driving the growth of this market. Furthermore, increasing development in knitted technology is set to further enhance the overall market demand for Shoe with Knitted Upper Market for the period 2021-2026.
Shoe with Knitted Upper Segment Analysis – By Type
The global Shoe with Knitted Upper Market based on Type can be further segmented into Casual Shoes, Sport Shoes, Running Shoes, and Others. The Casual Shoes segment is the major segment generating revenue in 2020. This is owing to increasing disposable income and increasing advertisement also has encouraged people to spend more on consumer goods such as clothes and shoes which is comfortable and lightweight increases the demand of this segment. The Sports Shoes segment is estimated to register the fastest CAGR of 5.8% for the period 2021-2026. This is owing to increasing health consciousness among people and rising physical activity among people and increasing adoption of tailored fiber placement shoes which provides fitting in sports shoes that are increasing the growth of this segment.
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Shoe with Knitted Upper Segment Analysis – By Distribution Channel
The global Shoe with Knitted Upper Market based on Distribution Channel can be further segmented into Supermarkets & Hypermarkets, Speciality Stores, E-commerce, and Others. The E-commerce segment registers for the Shoe with Knitted Upper highest market share in 2020. This is owing to increasing penetration of internet and smartphones. Moreover, online shopping offers added benefit and choices which makes it popular and increases the growth of this segment. The specialty stores segment is estimated to register the fastest CAGR of 6.2% over 2021-2026. This is owing to it provides immediate satisfaction owing to physical store which is received as safer and lightweight option by consumers that are increasing the growth of this market.
Shoe with Knitted Upper Segment Analysis – By Geography
North America dominated the Shoe with Knitted Upper Market with major share of 36% in 2020. This is owing to increasing adoption of shoe with knitted upper and presence of advanced technology for the development of advanced products. Moreover, rising prevalence of overweight and according to Centers for Disease Control and Prevention (CDC), about 32.5% adults have overweight that increases the demand of this market.
However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR of 25% during the forecast period 2021-2026 owing to increase in precautions about foot health and injury prevention among consumers.
Shoe with Knitted Upper Market Drivers
Growing Prevalence of Obesity and Overweight
Increasing prevalence of obesity and overweight and rising fitness among consumers increases the growth of the Shoe with Knitted Upper Market. According to World Health Organization, about 38.2 million children are overweight that increases the participation in jogging and another exercise which increases the demand of knitted shoe are increasing the growth of the Shoe with Knitted Upper Market over 2021-2026.
Rising Improvement in Living Standards
Increasing improvement in living standards and rising disposable income is increasing the growth of the Shoe with Knitted Upper Market. Moreover, growing number of sports-inspired children and youth increasing concerns about foot health among customers increases the growth of Shoe with Knitted Upper Market over 2021-2026.
Covid Impact:
During COVID-19 pandemic, the fitness and health awareness among people are increasing the demand of sports shoes for gyms and other exercises that increases the growth of shoe with knitted market. Moreover, increasing health problems, like diabetes and cardiac diseases influencing people to actively take part in both indoor and outdoor physical activities that increases the sales of shoes with knitted material for better comfort and are positively impacting the growth of the market.
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Shoe with Knitted Upper Market Challenges
Stringent Government Regulations Towards Foot Industry
The factors that are set to impede the growth of the Shoe with Knitted Upper Market are the stringent government regulations in foot industry is set to create hurdles for the Shoe with Knitted Upper Market.
Shoe with Knitted Upper Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Shoe with Knitted Upper Market. Shoe with Knitted Upper top 10 companies include Adidas AG, Asics Corporation, FILA Korea ltd., Jack Wolfskin GmbH & Co. KGaA, K-SWISS (E. Land World Company, ltd.), New Balance, Nike, Inc., Puma SE (Kering), Skechers USA, Inc. and VF Corporation (VFC).
Acquisitions/Product Launches
In November 2019, Adidas has partnership with International Space Station (ISS) U.S. National Laboratory for the innovation in advanced Primeknit upper features Tailored Fiber Placement technology which is precisely stitched and constructed.
Key Takeaways
Geographically, in 2020, North America dominated the Shoe with Knotted Upper Market owing to increasing adoption of shoe with knitted upper for its lightweight and presence of advanced technology for the development of advanced products.
Growing prevalence of obesity and overweight and rising improvement in living standards are likely to aid in the market growth of the Shoe with knitted upper.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Shoe with Knitted Upper Market report.
Stringent government regulation towards foot industry is set to create hurdles for the Shoe with Knitted Upper Market.
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