38% of Growth to Originate from North America for Footwear Market: By Product, End-user, Distribution channel, and Geography | Technavio
NEW YORK, Dec. 15, 2021 /PRNewswire/ -- Footwear Market Facts at a Glance-
NEW YORK, Dec. 15, 2021 /PRNewswire/ -- Footwear Market Facts at a Glance-
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According to the recent market study by Technavio, the Footwear Market Share in Footwear Industry is expected to increase by USD 16.85 billion from 2020 to 2025, with an accelerated CAGR of 1.13%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
APAC will register the highest growth rate of 38% among the other regions. China and India are the key markets for footwear. Moreover, market growth in APAC will be faster than the growth of the market in other regions.
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Vendor Insights-
The footwear market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Burberry Group Plc - In May 2021, the company launched a series of global pop-ups to celebrate the brand signature Olympia bag, with the first opening in Harrods. which is specially designed to offer an even smoother and more cushioned ride.
ASICS Corp. - In April 2021, the company launched MAGIC SPEED, which offered high-level performance and energy efficiency to help runners go for longer and faster.
Under Armour Inc. - In February 2021, the company unveiled its fastest performance running shoe, UA Flow Velociti Wind.
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Regional Market Outlook
The footwear market in APAC is expected to garner significant business opportunities for the vendors during the forecast period. China and India are the key markets for footwear in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rising disposable incomes of people, the increasing preference for premium footwear, and the growing health consciousness among people will facilitate the footwear market growth in APAC over the forecast period.
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Latest Drivers & Trends Driving the Market-
The vendors are constantly innovating and introducing new patterns and designs due to market competition and evolving customer demand because of continuous changes in the fashion industry. Customers seek footwear for formal, especially leather footwear, and casual, such as sports or canvas shoes, purposes. Therefore, the vendors regularly expand their brand and product lines. Athletic footwear belongs to the promoted product segment. The demand for such footwear has been increasing because of the availability of innovative products, which offer premium appeal, that can also be used as partywear. High demand and premiumization allow manufacturers to increase the price of their products. Innovations in designs and celebrity endorsements of products have enabled vendors to cater to the demand from the high-income customer base. Key vendors design personalized and customized athletic shoes to expand their customer base.
Customization is available for various types of footwear. The customization of premium footwear includes the application of hard metals, such as gold and silver, and precious stones, such as diamonds. In the last five years, the popularity of customized products has increased in developed regions such as the Americas and Europe. Emerging countries, such as China and India, are also experiencing a growing demand for customized premium goods, including premium footwear. In the premium segment, the leading vendors offer customized products, which have an aesthetic appeal. The extent of personalization can vary from design, logo, color, buckles to embroidery or adding names. The advent of the customization of footwear globally complements market growth through new purchases. During the forecast period, the customization of footwear is expected to increase the revenues of the footwear manufacturers.
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Sports Footwear Market by Product, End-user, Distribution Channel, Application, and Geography - Forecast and Analysis 2021-2025: The sports footwear market has the potential to grow by USD 8.36 billion during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 1.95%. Download Exclusive Free Sample Report
Footwear Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 1.13% |
Market growth 2021-2025 |
$ 16.85 billion |
Market structure |
Fragmented |
YoY growth (%) |
-0.72 |
Regional analysis |
APAC, North America, Europe, South America, and MEA |
Performing market contribution |
APAC at 38% |
Key consumer countries |
US, China, UK, Germany, France, and India |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
adidas AG, ASICS Corp., Burberry Group Plc, New Balance Athletics Inc., Nike Inc., PUMA SE, Skechers USA Inc., Under Armour Inc., VF Corp., and Wolverine World Wide Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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SOURCE Technavio
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