The global Footwear Market scope was projected at US$ 207.6 billion in 2018. It is expected to reach US$ 269.9 billion by 2025 with a CAGR of 3.8% during the forecast period. It comprises athletic and non-athletic foot ware. This includes kids’ shoes, women’s shoes, and men’s shoes. These consist of all types of indoor and outdoor and indoor footwear prepared from materials for example rubber, plastic, and leather.
Drivers & Restraints:
The global footwear market is increasing expeditiously because it is progressively becoming a style addition. Furthermore, the growing demand for fashionable, comfortable footwear amongst the age groups is an important reason motivating the global market. There is a huge demand for athletic shoes among non-sportspersons too, due to the growing partaking in sporting actions and altering standard of living. Manufacturing companies are constantly focused on increasing their range of product so as to increase reasonable lead. The obtainability of it over a number of retail channels and the growing fame of online shops are prompting the instinct of purchasing activities of the customers. In this manner helping the development.
The difficulties produced by deskbound routine for example many lingering illnesses and fatness are important to upsurge the stages of alertness. This is motivating leaning to the both - outdoor and indoor physical actions. Moreover, growing number of sporting occasions for example Cricket World Cup, FIFA World Cup, Olympics, Commonwealth Games, and Asian Games are enhancing demand for athletic footwear from sportspersons and their enthusiasts together. This is an additional factor motivating development of the global market.
Necessity of comfortable, trendy, and fancy footwear from all the age groups is majorly increasing demand for non-athletic footwear. Conversely, the readiness of fake products developed by native companies, is expected to hamper the development of the global market for the duration of the forecast. These replications are frequently as respectable as their original product. This is yet again additional obstacle for the global market for footwear.
The global footwear industry can be classified by Sales Network, End Use, Material, Product and Region. By Sales Network, it can be classified as Specialty Stores, Hypermarkets, Online Channels and Others such as unorganized stores, etc. By End Use, it can be classified as Kids, Men and Women. By Material, it can be classified as Plant Based, Synthetic Rubber, Leather, Plastic, Foam, Cotton, Polyester etc. By Product, it can be classified as Non-Athletic Footwear, Athletic Footwear.
By Region the global footwear market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the biggest market in the world. India and China alone represent almost 1/3rd of the global populace. That confirms the leadership of Asia Pacific in global market.
North America is the subsequent biggest market for footwear. By means of a specific inclination for sports and athletic shoes. The region houses numerous multi-national sports equipment manufacturing companies as well. These are frequently at the front position of modernization. It can be sensibly foretold that they will lead the world in developing new-fangled footwear which accomplishes equally the liking for design and a favorite for higher excellence also. The Internet substructure is strong, chiefly in the U.S.A and Canada, this too supports to the development.
Some of the important companies for footwear market are ASICS Corp., Polar Tec, The Aldo Group, BATA, Timberland, Under Arm our Inc., Skechers USA, Reebok, Nike Inc., Columbia Sportswear, Jack Wolf skin, Deichmann SE, New Balance Athletics Inc., ECCO Sko A/S, Geox, PUMA SE, Adidas AG.
Footwear Type Outlook (Revenue, USD Billion, 2015 - 2025)
• Non athletic
Footwear End User Outlook (Revenue, USD Billion, 2015 - 2025)
Footwear Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
Research Support Specialist, USA