Market Scope
The global footwear market is expected toreach a valuation of USD 223.2 billion by 2024. It can exhibit a CAGR of 5.7% over
the forecast period.
Huge demand for footwear in the APAC regionis one of the major drivers of the global market. The large population,
awareness of different types of footwear, and launch of new products can bode
well for the market. Marketing of footwear via traditional and digital channels
have managed to reach a large 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 ishigh 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.
Footwear are essential items worn byindividuals to traverse in public places. Plastics, synthetic polymers,
fabrics, and leather are materials used in the manufacture of footwear. The
global footwear market research report by Market Research Future (MRFR) looks
at numerous developments in design, materials, and consumer demand and its
prospects for the period of 2019 to 2024 (forecast period). The sudden outbreak
of the COVID-19 virus and its impact on the industry has been explored as well.
Competition Outlook
VF Corporation, New Balance Athletics,Inc., ECCO Sko A/S, Skechers USA, Incorporation, The Columbia Sportswear
Company, Wolverine World Wide, 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 share has beensegmented by product type, category, end user, and distribution channel.
The global footwear market analysis hasbeen 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 has made it convenient and easy to wash and thus
driving the sales in the global footwear market.
The global footwear market has beenbifurcated, by category, into open footwear and closed footwear.
The global footwear market is segmented byend user into men and women.
The global footwear market has beenclassified, on the basis of 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 footwearmarket research 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 dueto 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 stablegrowth rate over the forecast period. The rise of online shopping and growing
social media awareness can foster growth in the global footwearindustry analysis 2020. Sales of athleisure are likely to drive the demandfor sports shoes and bolster the demand in the global market.
In RoW, the Middle East can capture a majorshare 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.
NOTE: Our Team of Researchers areStudying Covid19 and its Impact on Various Industry Verticals and wherever
required we will be considering Covid19 Footprints for Better Analysis of
Market and Industries. Cordially get in Touch for More Details.
Contact us:
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