06th Oct 2020 - The Footwear Market accounted for USD 207.6 billion, in 2018. It is expected to register a CAGR of 3.8% during, 2019 to 2025. The growth of the market can be attributed to the increasing demand for comfortable footwear to protect the feet. Also, the convenience and fashion of trending footwear are expected to boost market growth in the upcoming years.
Premium footwear such as leather shoes also occupies a significant market share globally. The emergence of e-commerce sector during the last few years is also expected to boost the sales of footwear. This has become possible due to ease of shopping, doorstep delivery, and hassle-free return policy. Also comparing various products as per the brand has become easier with the use of such portals.
Footwear industry growth is anticipated to increasing number of manufacturers. Countries like India, China and Vietnam are the major manufacturing hubs for the industry. Low labor cost, skilled workforce and availability of land at a cheaper price is expected to increase the number of new entrants in this market. Thus, the market for Asia Pacific is anticipated to grow at a faster pace during the forecasted period.
Access Footwear Market Report with TOC @ https://www.millioninsights.com/industry-reports/footwear-market
The market can be segmented into Athletic and Non-athletic based on type. Owing to the rise in the awareness about personal health and wellbeing, the market for the athletic segment is expected to register the highest CAGR of 4.4% during, 2019 to 2025. Also, the increase in the popularity of the events like Olympics, FIFA and Commonwealth games is expected to have a positive impact on the growth of the market. The key players are also launching various sport-specific products to boost their sales. For Instance, Nike has launched lightweight sports shoes under the name of Max Air.
The non-athletic segment has the largest share in the market owing to the availability of a larger variety of products such as sandals, floaters, flip flops, brogues, and printed shoes. Also, some of the manufacturers like Simply Feet have started launching customized footwear. As the demand for such type is increasing, the market is expected to boost during the forecasted period.
End User Insights
The market can be segmented into men, women and children based on the end user type. The segment for men has the largest share and is expected to continue its growth during the forecast period. The major factor contributing to this growth are rising trend to spend more on apparels and fashion in order to look presentable.
The segment for women is projected to have a higher CAGR of 4.3% from 2019 to 2025 due to an increase in the number of working population and fashion trends prevalent among women. Also, the increase in disposable income and the rise in the living standard is expected to boost market growth.
Footwear Market Share Insights
The major players in this market are PUMA; Nike Inc.; Crocs, Inc.; Timberland etc. These players are investing more on R&Ds in order to develop new products to increase their market share.
Request a Sample Copy of Footwear Market Report @ https://www.millioninsights.com/industry-reports/footwear-market/request-sample
Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa