Global formal shoes market is expected to exhibit considerable growth over the forecast period from 2019 to 2023, according to the latest research report from Market Research Future (MRFR). The research report profiles the global formal shoes market in great detail and provides readers with a comprehensive overview of the market. The market’s historical growth trajectory, present conditions, and future growth prospects are studied in the report. The report provides a comprehensive overview of the market’s historical growth trajectory by detailing the historical stats regarding the market. Future projections are based on the detailed historical stats offered in the report. Based on this platform, future projections for the formal shoes market’s growth trajectory over the forecast period are provided in the report. The report also profiles the leading players in the global formal shoes market and gives readers a comprehensive analysis of the leading players in the global Formal Shoes Market Trends. The report also profiles the major drivers and restraints affecting the global formal shoes market. The factors making the market tick and those holding the market back are studied in detail in the report. The impact of the COVID-19 pandemic on the formal shoes market is also assessed in the report.
The global formal shoes market has been driven by the growing urbanization in emerging areas of the world, such as Asia Pacific and Latin America. The increasing number of office jobs available in these regions has driven the demand for formal shoes, as most offices these days make formal shoes compulsory. The increasing IT sector in Asia Pacific is thus likely to be a major driver for the global formal shoes market over the forecast period, as the IT sector is likely to account for an increasing number of jobs in the coming years.
The increasing fashion variations in formal shoes are also likely to be a major driver for the global formal shoes market. With growing fashion awareness among consumers, formal shoe manufacturers have come up with several new design innovations to make their products appeal to urban consumers. This is likely to remain a major driver for the global formal shoes market over the forecast period.
Leading players in the global formal shoes market include C. & J. Clark, Alberto Torresi, Cole Haan LLC, The Aldo Group Inc., ECCO Sko A/S, Bata Limited, Hush Puppies, Steve Madden, Kenneth Cole Production Inc., and Roush.
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The global formal shoes market is segmented on the basis of type, end user, distribution channel, and region.
By type, the global formal shoes market is segmented into ballerina, mules, oxfords, brogues, derbys, boots, and others. The boots segment is likely to retain a dominant share in the global formal shoes market over the forecast period due to the widespread popularity of boots across the gender divide. Boots are one of the oldest forms of formal shoes and their longstanding popularity is likely to be a major driver for the global formal shoes market over the forecast period.
By end user, the global formal shoes market is segmented into men and women. The men segment is likely to be the majority shareholder in the global formal shoes market over the forecast period. This is due to the dominance of men in offices around the world. However, the rising number of working women around the world is likely to drive the women segment of the global formal shoes market over the forecast period.
By distribution channel, the global formal shoes market is segmented into store-based and non-store-based. The store-based segment is further sub-segmented into supermarkets and hypermarkets, specialty stores, and others. The store-based segment is likely to dominate the global formal shoes market over the forecast period.
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North America holds the dominant share in the global formal shoes market, followed by Europe and Asia Pacific. However, Asia Pacific is likely to be the major growth market for the formal shoes market over the forecast period due to the rapid urbanization in the region.
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