Formal shoes segment include men and women dress shoes which can be worn at many places other than offices such as in formal parties, weddings and other formal occasions. These shoes form the significant segment of the overall footwear industry due to high cost of material used, finishing done, and design given. Formal Shoes Market Business are generally made up of pure or synthetic leather of different types such as suede, full grain, and many others. Ballerina and mule type women formal footwear are available in both wedges and heels and are gaining popularity due to their comfort and multi-occasional uses. Oxfords, brogues, and derbys are men’s classics and hold a significant share due to their unique designs. It is important to note that boots are gaining the maximum market traction due their vast subtypes and use with both formal and semi-formal attire.
Some of the key players in the global footwear market are C. & J. Clark (UK), Alberto Torresi (India), Cole Haan LLC (US), Kenneth Cole Production Inc. (US), The Aldo Group Inc. (US), ECCO Sko A/S (Denmark), Bata Limited (Canada), Hush Puppies (US), Steve Madden (US), Roush (India).
The global footwear market in North America is expected to remain dominant throughout the forecast period. Presence of major market players and higher awareness of products and high purchasing capacity in the region is expected to keep the market afloat in the region. Asia Pacific is expected to grow at the fastest rate during the forecast period. Increasing internet penetration leading to higher awareness of products and increasing disposable income among population is propelling the market of formal shoe in the region China is expected to dominate the Asia Pacific market due to large population size with medium to high disposable income.
Growing access to global brands and convenience of buying is propelling the market of formal shoes. The rising demand is attributed to formal footwear improved comfort, multi-purpose use, and innovative designs to cater changing fashion trends.
The North American market for formal shoes is expected to grow substantially during the assessment period. Increasing penetration of e-commerce along with increasing presence of many major formal shoes brands in the region has gained momentum in the past decade and has made the region a dominant market share holder in the formal shoes market. The presence of major market players and technological advancements in shoes design is expected to keep the market dominant throughout the forecast period.
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Asia Pacific is expected to be the fastest growing market for formal footwear due to growing growing disposable income and brand awareness among consumers in the region. Also, globalization and workforce expansion are expected to propel the market with the highest growth rate.
Europe is expected to witness moderate growth in the global footwear market during the forecast period. Technological innovation in shoes design and increasing number of brands will continue to drive the growth of footwear’s in Europe. As the economy in the region improves, countries of Western Europe especially Italy, France and Germany due to their changing fashion trends, present vivid opportunities for the footwear market in the region.
Rest of the World consist of regions namely, South America, Middle East, and Africa. The market of formal shoes is expected to grow at a great pace in South America and Middle East due to expansion of shoes manufacturing outlets, increasing penetration by global brands. The market in the Middle East will catch-up with the rapid influence of Western culture in the region and increasing expat population. Moreover, economically stable African countries such as South Africa are expected to have some demand of the formal shoes with increasing commercial spaces.