CHICAGO, Jan. 31, 2023 /PRNewswire/ — Data Bridge Market Research has just released their extensive report on the ‘Footwear Market‘ which details the industry’s past, present, and future in terms of both products and marketing. A trustworthy Footwear market analysis report endows with an examination of various segments that are relied upon to witness the quickest development based on the approximated forecast frame. Business intelligence is an essential aspect when it comes to accomplish thorough and wide-ranging market insights and the same is applied for generating this market research report. The report offers CAGR value fluctuation during the forecast period of 2023-2030 for the market. Not to mention, the world class Footwear market document delivers a far-reaching study with respect to present and upcoming opportunities which shed light on the future investment in the market.
The sources of data and information mentioned in the hand-picked Footwear market research report are very reliable and include websites, annual reports of the companies, journals, and mergers which are checked and validated by the market experts. The report can be used by both established and new players in the industry for complete understanding of the market. This market report is also sure to help in the journey to achieve the business growth and success. The precise and exact market research information provided through a significant Footwear market document will drive the business in the right direction.
Data Bridge Market Research analyses that the footwear market in global is expected to reach the value of USD 626,164.40 million by 2030, at a CAGR of 5.8% during the forecast period. “Sandals/flip-flops” accounts for the most used segment in the footwear market due to mostly prefer to wear indoors, on holidays and gym and can be worn with shorts, trousers, chinos, semi-formals, or any outfits you wear except with formals as long as you feel comfortable, is anticipated to boost the segment’s growth.
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The footwear market industry is concerned with the design, production and distribution and supply of shoes. The raw material may be natural or synthetic, which may be using products of the chemical industry. The footwear industries contribute significantly to the national economy of many countries.
Growing awareness of the latest fashion trends among the young generation is an important driver for the global footwear market. Increasing spending on footwear from online platforms and rising willingness to pay a premium for high-quality shoes are expected to propel the global footwear market growth.
Opportunities for Players:
- Recent advancements in innovation with new features and design
With the fast evolution and changing lifestyle day by day, and with rising consumers’ disposable income, consumers are more inclined toward fashionable products. Consumers are improving their living standards on the basis of their disposable income and are consuming more fashionable and trendy products. So these kinds of inclinations of the consumer will create an opportunity for the market players operating in the global leather goods market.
Increasing innovation in footwear with new features and designs is the main factor responsible for providing a host of opportunities for a growing consumer base of footwear products. Consumers are more and more aware of the latest fashion trends due to the increasing adoption of social media, and this is expected to create space for new features and designs in the production of different types of leather goods.
- Collaboration with social influencers and superstars
Advertisement and promotion is the main component in uplifting the sales of any product. Businesses use advertising to accomplish various goals. Companies spend a hefty amount of money in promotion and advertisement to promote their brands and products to reach the most consumer and when it comes to the footwear industry is no exception, footwear companies collaborate with various sports events and athletes from various categories to promote their products.
Some of the major players operating in the Footwear market are:
- Crocs Retail, LLC,
- SKECHERS USA, Inc.,
- Nike, Inc.,
- Bata Corporation,
- GEOX s.p.a,
- Under Armour®, Inc.,
- Wolverine World Wide, Inc.,
- ASICS Corporation.,
- ALDO GROUP,
- Relaxo Footwears Limited.,
- VF Corporation,
- Deichmann SE,
- FILA Holdings Corp.,
- New Balance,
- ECCO Sko A/S,
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- In December 2022, Asics developed a gel-resolution 9: high-tech tennis shoe to support your dynamic footwork along the baseline. GEL-RESOLUTION™ 9 shoes are designed to provide excellent kinetic stability for lateral movements in fast-paced tennis matches
- In September 2022, under armour launched its first running shoe made on a women’s last UA Flow Synchronicity combines revolutionary UA Flow technology and consumer insights to create a shoe designed for HER – her form, her speed, her rhythm, her Journey to Compete
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Footwear market
Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market
Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market
Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Footwear Market
Market Dynamics: Footwear Market
- Rising demand for convenient, comfortable and fancy footwear
Shoes and clothes are a necessity for every human need, and just like clothes protect from weather elements such as strong sunlight, cold and rain same, shoes also provide us protection from all the weather elements. Besides that, it also provides a hygiene barrier and safety to our feet that protects us from stones and rumble while walking. It also keeps infectious and toxic materials away from our feet. When it comes to finding a perfect pair of shoes, comfort and look are the customer’s main objectives of the are looking upon to. People buy a shoe based on their needs and requirement. Various types of shoes are worn for different events and occasions. For instance, sports shoes are worn for physical activities like running and playing matched up with sporty outfits, formal shoes are worn for formal events paired up with casual outfits, and fancy shoes are worn for fancy events. Not to deny the fact that beyond looks, people also look for comfort in them.
- Increasing spending on footwear from online platforms
With the improvement of consumer disposable personal income, it is human nature to improve their life standard and provide themselves with things that are more than necessities—buying quality shoes, both mid-range and high-range, with prices instantly increasing. The shoe industry is more interconnected with the digital world. Digital platforms and digital marketing strategies have become the most prevalent platform for customers to shop for the shoes of their choice. With more companies selling their product online via their own website or cooperating with other E-commerce companies, the focus of customers is more towards the online platform where they can see various products in a single click on their fingers regardless of any location they are stationed.
- Increasing sports events and involvement of people in physical activities
Shoes are the most important equipment for every athlete, irrespective of the events and categories they play. Sports like basketball, football, running, cycling and cricket demand high-quality shoes for athletes for comfort, better performance and, most importantly, to prevent injuries. Sports and high physical activities can put tremendous pressure on the feet, ankles and legs. For instance, Jumping and running can generate three to five times more force compared to the body weight on our legs. Companies like Nike, Adidas, and Puma specifically design shoes for various games and sports with advanced technologies that provide comfort and high performance and prevent athletes from being prone to injuries.
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- Restriction in regulation from environmental and quality control authority
In today’s world, people have started looking for “Green Products” everywhere. In terms of footwear products, the purchasing decision of consumers was previously based upon comfort, style and aesthetic products, but now more on the eco-friendliness of the products. Many footwear companies have started providing footwear made from eco-friendly fabrics, and the demand for these green products is also increasing.
Key Industry Segmentation: Footwear Market
- Healthcare shoes
- Specialty stores
- Convenience stores
Regional Analysis/Insights: Footwear Market
The countries covered in the footwear market report are U.S., Canada, Mexico, Germany, France, Spain, Turkey, U.K., Netherlands, Russia, Switzerland, Belgium, Luxembourg, Italy and Rest of Europe, China, India, Japan, Australia & New Zealand, South Korea, Malaysia, Singapore, Thailand, Indonesia, Philippines and Rest of Asia-Pacific, Brazil, Argentina and Rest of South America, South Africa, Saudi Arabia, U.A.E, Israel, Egypt and Rest of Middle East and Africa.
Asia-Pacific is anticipated to dominate the global footwear market owing to the driving growth of footwear industries across the country. Sandals/flip-flops are found to be the most commonly footwear in the Asia-Pacific market.
Table of Contents:
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Footwear Market: Regulations
- Market Overview
- Global Footwear Market, By Type
- Global Footwear Market, By Shoe Material
- Global Footwear Market, By Soling Material
- Global Footwear Market, By End User
- Global Footwear Market, By Distribution Channel
- Global Footwear Market, By Region
- Global Footwear Market: Company Landscape
- SWOT Analyses
- Company Profile
- Related Reports
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