Footwear market is estimated to grow by USD 133.09 billion between 2022 and 2027 | Design and material innovations leading to product premiumization to drive the market growth - Technavio
NEW YORK, Nov. 2, 2023 /PRNewswire/ -- The footwear market is estimated to grow at a CAGR of 5.69% between 2022 and 2027. The size of the market is forecast to increase by USD 133.09 billion. Design and material innovations leading to product premiumization have been instrumental in driving the growth of the market. This study also identifies the increasing demand for customized footwear as one of the prime reasons driving the footwear market growth during the next few years. However, the rising labor costs and fluctuating raw material prices might hamper the market growth.
Key Company Insights
Adidas AG, ASICS Corp., Brooks Sports Inc., Burberry Group Plc, Dolce and Gabbana Srl, ECCO USA Inc., FILA Holdings Corp., GEOX Spa, Hermes International SA, Kering SA, Li Ning Co. Ltd., LVMH Moet Hennessy Louis Vuitton SE, New Balance Athletics Inc, Nike Inc., PUMA SE, Skechers USA Inc., Under Armour Inc., VALENTINO Spa, VF Corp., and Wolverine World Wide Inc. are among some of the major market participants.
- Brooks Sports Inc. - The company offers footwear such as glycerin 20.
- Burberry Group Plc - The company offers footwear such as logo-printed suede sneakers.
- Dolce and Gabbana Srl - The company offers footwear such as marabou sandals.
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Footwear market2023-2027: Scope
The footwear market report covers the following areas:
Footwear market 2023-2027: Segmentation Analysis
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type, product, distribution channel, and region.
- Product
- Non-athletic footwear
- Athletic footwear
The non-athletic footwear segment is the largest product segment in the global footwear market. The types of footwear included in this segment are formal/work, fashion, and casual. The increasing fashion consciousness of consumers and the rising popularity of trendy shoes among men and kids are the main factors propelling the demand for non-athletic footwear. Additionally, the availability of high-quality footwear products at affordable costs is driving up demand for private-label footwear brands. Furthermore, the global market for high-end non-athletic footwear is expanding quickly. The increase in global disposable income of the populace is primarily responsible for the rise in demand for high-end non-athletic footwear. Consumers with high discretionary incomes have more purchasing power and are able to spend more on high-end fashion items like footwear. Such factors will increase segment growth during the forecast period.
- Geography
- APAC
- North America
- Europe
- South America
- Middle East And Africa
During the forecast period, APAC is expected to contribute 36% to the development of the global market. Owing to people's rising disposable incomes, growing desire for high-end footwear, and rising health awareness, the market in APAC is anticipated to expand at the fastest rate during the forecast period (leading to the high demand for athletes' footwear, especially training shoes). China, India, and Japan are the top three revenue-generating countries in the APAC industry. As Chinese consumers are spending more money on fashion items like footwear, China is the most significant market in the area for footwear. Two of the world's most numerous nations, China and India, accounted for 36.32% of the world's population in 2016. Additionally, most footwear, particularly shoes for daily use and casual wear, is readily accessible to the general public. Therefore, due to these factors, the market in APAC is expected to grow during the forecast period.
- End-user Outlook
- Women
- Men
- Children
- Distribution Channel Outlook
- Online
- Offline
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Footwear market2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist footwear market growth during the next five years
- Estimation of the footwear market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the footwear market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of the footwear market vendors
Table of Contents:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Product
- Market Segmentation by end-user
- Market Segmentation by Deployment
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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