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The footwear market size is estimated to grow by USD 113.6 billion at a CAGR of 4.73% between 2023 and 2028. The market is experiencing robust growth, driven by various factors shaping consumer preferences worldwide. Innovations in design and materials are fueling product premiumization, attracting discerning consumers seeking both style and quality. Furthermore, the market is witnessing a surge in demand for exclusive luxury footwear, catering to fashion-conscious individuals looking for unique and trendy footwear options. Additionally, celebrity endorsements wield significant influence, further propelling the market's growth as consumers aspire to emulate their favorite stars' styles and fast fashion. It also includes an in-depth market analysis and report of drivers, trends, and challenges.
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The market encompasses a wide range of products, including athletic shoes, boots, sandals, and sneakers. These types of footwear are essential for various outdoor activities, gymming, and playing sports. Comfort and protection are key considerations in the design of athletic footwear. Cushioning and torsional stability are important features that ensure comfort and support for the foot. Designers continue to innovate in the field of sustainable footwear, creating eco-friendly sneakers and sandals made from non-biodegradable materials like recycled plastics. These initiatives aim to reduce water usage and minimize the impact on land resources and labor costs. The footwear industry is shaped by footwear market research reports that analyze footwear industry trends and market segmentation. These reports offer comprehensive details on the footwear market, helping stakeholders grasp emerging trends and segment-specific insights for strategic planning and growth.
Environmental protection is a growing concern in the footwear industry, with a focus on reducing the use of non-sustainable materials and improving material supply chains through supply chain management software. The sales markets for athletic footwear are diverse, with demand coming from both fashion-conscious consumers and those seeking functional footwear for outdoor activities. The V-10 sneaker series, for example, offers both style and performance, making it a popular choice for many. Ultimately, the market is driven by a desire for comfortable, protective, and sustainable footwear that meets the needs of consumers in various markets and industries. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Design and material innovations leading to product premiumization are the key factors driving global footwear market growth. The market encompasses various categories, including athletic shoes and fashion footwear. Athletic footwear, such as the V-10 sneaker series, is in high demand due to innovative designs, comfort, and durability. These shoes offer torsional stability, traction, and cushioning, making them suitable for outdoor activities and casual wear. This includes boots, heels, flats, mules, and sandals.
Moreover, designers continue to introduce eco-friendly sneakers and tactical footwear, prioritizing environmental protection and reducing non-biodegradable materials. Sales markets for footwear extend to men's and women's categories, with e-commerce and advertising playing significant roles. Thus, with increasing demand for personalized products, the sports market will witness high growth during the forecast period.
The increasing demand for customized options will fuel footwear market growth. The market encompasses various categories, including athletic footwear, fashion footwear, and leather boots. Customization is a growing trend, with options ranging from design and color to the application of precious materials. In the athletic segment, comfort and cushioning are key features, while eco-friendly sneakers prioritize environmental protection.
Moreover, fashion footwear includes flats, heels, mules, and sandals, focusing on flexibility and style. Brands offer customization for men's and women's shoes, with designers incorporating sustainable materials and reducing non-biodegradable plastic usage. Thus, the customization is expected to increase the revenues of manufacturers during the market forecast period.
The rising labor costs and fluctuating raw material prices are major challenges to global footwear market growth. The market encompasses various categories, including athletic shoes, boots, flats, sandals, and fashion shoes for men and women. Brands like Prada, Tapestry, and D & G source production from Asian countries, such as China, India, Indonesia, Bangladesh, and Vietnam, due to low operational costs. However, escalating labor costs and evolving economic conditions have adversely impacted production expenses.
Moreover, key features of footwear include comfort, cushioning, flexibility, protection, and torsional stability. Designers continue to innovate, offering eco-friendly sneakers and sustainable shoes that prioritize environmental protection. Material supply and usage, including plastics and water, are crucial considerations. Sales markets for footwear span outdoor activities, fashion, and e-commerce. Such fluctuations in the prices of raw materials and increasing labor costs may restrain the growth of the sports market during the forecast period.
The footwear market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the footwear market analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Dolce and Gabbana Srl - The company offers products such as marabou sandals. Also, the company offers footwear, clothing, accessories, beauty products for men, women, and children, and food and beverages.
The footwear market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak. The footwear market industry analysis highlights current footwear market trends and provides a comprehensive footwear industry overview. Footwear industry market research reveals insights into evolving trends and market dynamics, shaping the industry's future trajectory.
The market share growth by the non-athletic footwear segment will be significant during the forecast period. The non-athletic footwear segment is the largest product segment in the global market. This segment includes the casual, fashion, and formal/work categories. The key factors driving the demand for non-athletic products include the growing consumer fashion consciousness and the rising adoption of trendy shoes in the men and children segments. In addition, the demand for private-label product brands is increasing due to the availability of top-quality products at low prices. Furthermore, non-athletic products witness high demand as many customers prefer to buy multiple pairs of non-athletic products to be worn on different occasions and for various purposes. Although this trend is observed among all age groups, it is comparatively high among Generation Z and Millennials.
The availability of comfortable and trendy non-athletic products is expected to augment the growth of this segment during the forecast period. In the footwear industry market research, the footwear market trends are analyzed, offering a detailed footwear market industry analysis. This research contributes to the footwear industry overview, identifying key drivers and future directions in the industry. Footwear market research reports highlight key insights into the footwear industry, focusing on footwear industry trends and market segmentation. These reports provide valuable data on various segments of the footwear market, aiding businesses in understanding current dynamics and making informed decisions.
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The non-athletic footwear segment showed a gradual increase in market share from USD 237.10 billion in 2018 and continued to grow by 2022. The demand for premium non-athletic products is also growing at a rapid pace across the globe. The growth in the demand for premium non-athletic products is mainly attributed to the rising disposable income of the population across the globe. High disposable incomes of consumers are raising their spending power, empowering them to spend more on premium fashion products. Such factors will increase segment growth during the forecast period.
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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is expected to grow at the fastest rate during the forecast period, mainly due to the rising disposable incomes of people, the increasing preference for premium products, and the growing health consciousness among people (leading to the high demand for athletes shoes, especially training shoes).
The main revenue contributors to the market in APAC are China, India, and Japan. China is the most prominent market in the region due to the increased spending by Chinese consumers on fashion products. China and India are two of the most populous countries in the world and represented 36.32% of the global population in 2016. Also, most products, especially daily-use and lifestyle shoes, are easily affordable by the mass population in these countries. Furthermore, China and India are two of the fastest-growing economies in the world, which means that the disposable incomes of people are increasing in these countries. Owing to these factors, the market in APAC is expected to grow during the forecast period.
The footwear market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
In the dynamic and ever-evolving market of footwear, various brands and manufacturers continually strive to captivate consumers' attention. Athlete footwear, such as shoes for running or training (athletic shoes), is a significant segment of this industry. Shoes for fashion (footwear for women) and comfort shoes are also popular choices. Brands like Adidas, Nike, and Reebok dominate the athletic market, while Comfortable shoes from brands like Crocs and New Balance cater to those seeking ease and support. Flats, sandals, and boots are popular footwear types for fashion, with brands like Steve Madden, Flexibility, and Land Bor offering a wide range of options. E-commerce platforms and physical stores alike contribute to the market's growth, with online sales increasing due to convenience and the wide variety of options available. The market is a global one, with major players based in countries like China, the US, and South Korea. The environmentally conscious trend has led to the emergence of eco-friendly footwear, such as those made from recycled materials. The footwear industry is a vast and diverse one, with numerous players and trends shaping its future.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.73% |
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Market growth 2024-2028 |
USD 113.6 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.86 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 46% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adidas AG, ASICS Corp., Brooks Sports Inc., Burberry Group Plc, Dolce and Gabbana S.r.l., ECCO USA Inc., FILA Holdings Corp., Geox S.p.A, Hermes International SA, Kering SA, Li Ning Co. Ltd., LVMH Group., New Balance Athletics Inc., Nike Inc., PUMA SE, Skechers USA Inc., Under Armour Inc., VALENTINO Spa, VF Corp., and Wolverine World Wide Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Market Segmentation by Distribution Channel
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
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