ALBANY, New York, Feb. 28, 2019 /PRNewswire/ -- Transparency Market Research (TMR) witnesses that the global driving footwear market has a highly competitive vendor landscape owing to a large number of players operating globally. Puma SE, Alpinestars S.p.A, Adidas AG, Dainese S.p.A, and Fox Head Inc. are some of the key players in the global driving footwear market. The market witnesses the domination of the prominent companies, which has led to increase in competition level in the market.
According to TMR, the global driving footwear market is projected to collect revenue of US$3,087.9 Mn by the end of forecast period by expanding with a CAGR of 3.7% from 2018 to 2026.
Based on the material type, the leather segment is dominating the global driving footwear market and is expected to remain dominant by the end of the forecast period. Based on the distribution channel, e-commerce or online segment dominated the global driving footwear market. Based on region, Europe accounted for the largest share in the overall market in the 2017. This growth is attributable to the growing adoption of the safety measures while driving.
Booming Online Sales to Propel Market Growth
The driving footwear market is gaining traction due to flourishing market for the luxurious vehicles globally and especially in the developing countries. Additionally, booming footwear market is reflecting positively from past few years on the growth of the market and likely to remain dominant over the forecast period.
The factors such as growing urbanization and disposable income of mid-earning people is leading to increase desire for the luxurious cars globally are fuelling growth of the global driving footwear market. These factors are likely to remain major growth drivers for years to come.
The leading players in the market are increasingly offering improved and advanced featured products with great comfort. This factor is backing the demand for the driving footwear and boosting the market. Additionally, these players are also focusing on the offering diversified products, which are reflecting positively on the growth of the global driving footwear market.
Demand for Luxurious Wear to Propel Market Growth
Additionally, growing proliferation of the Internet is boosting e-commerce sites and online platforms globally and especially in developing countries as the connectivity is helping to connect the online sale channels to their consumer. Also, this is leading to make driving footwear largely available. This availability of the footwear products is encouraging adoption and boosting growth of the global driving footwear market. The demand for active wear and luxurious wear are growing substantially mainly from developed countries such as US and UK. The aforementioned factors are fuelling growth of the global driving footwear market.
However, comparatively high cost of the driving footwear is restraining growth of the global driving footwear market. Nevertheless, growing acceptance toward driving footwear from people earning mid-level income in the developing countries is expected to offer lucrative opportunities for growth of the driving footwear market.
This information is encompassed in the report by TMR, titled, "Driving Footwear Market (Product Type - Boots, Shoes; Material Type - Leather, Synthetic, Natural Fibers, Vehicle Type - Two Wheelers, Four Wheelers; Consumer Group - Men, Women; Distribution Channel - Online, Offline) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
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