Footwear market is estimated to grow by USD 133.09 billion between 2022 and 2027 | Design and material innovations leading to product premiumization to drive the market growth - Technavio

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Nov 02, 2023, 21:15 ET

NEW YORK, Nov. 2, 2023 /PRNewswire/ -- The footwear market is estimated to grow at a CAGR of 5.69% between 2022 and 2027. The size of the market is forecast to increase by USD 133.09 billion. Design and material innovations leading to product premiumization have been instrumental in driving the growth of the market. This study also identifies the increasing demand for customized footwear as one of the prime reasons driving the footwear market growth during the next few years. However, the rising labor costs and fluctuating raw material prices might hamper the market growth.

Technavio has announced its latest market research report titled Global Footwear Market

Key Company Insights

Adidas AG, ASICS Corp., Brooks Sports Inc., Burberry Group Plc, Dolce and Gabbana Srl, ECCO USA Inc., FILA Holdings Corp., GEOX Spa, Hermes International SA, Kering SA, Li Ning Co. Ltd., LVMH Moet Hennessy Louis Vuitton SE, New Balance Athletics Inc, Nike Inc., PUMA SE, Skechers USA Inc., Under Armour Inc., VALENTINO Spa, VF Corp., and Wolverine World Wide Inc. are among some of the major market participants.

Brooks Sports Inc. - The company offers footwear such as glycerin 20.
Burberry Group Plc - The company offers footwear such as logo-printed suede sneakers.
Dolce and Gabbana Srl - The company offers footwear such as marabou sandals.

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Footwear market2023-2027: Scope

The footwear market report covers the following areas:

Footwear market 2023-2027: Segmentation Analysis

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type, product, distribution channel, and region.

Product

Non-athletic footwear
Athletic footwear

The non-athletic footwear segment is the largest product segment in the global footwear market. The types of footwear included in this segment are formal/work, fashion, and casual. The increasing fashion consciousness of consumers and the rising popularity of trendy shoes among men and kids are the main factors propelling the demand for non-athletic footwear. Additionally, the availability of high-quality footwear products at affordable costs is driving up demand for private-label footwear brands. Furthermore, the global market for high-end non-athletic footwear is expanding quickly. The increase in global disposable income of the populace is primarily responsible for the rise in demand for high-end non-athletic footwear. Consumers with high discretionary incomes have more purchasing power and are able to spend more on high-end fashion items like footwear. Such factors will increase segment growth during the forecast period.

Geography

APAC
North America
Europe
South America
Middle East And Africa

During the forecast period, APAC is expected to contribute 36% to the development of the global market. Owing to people's rising disposable incomes, growing desire for high-end footwear, and rising health awareness, the market in APAC is anticipated to expand at the fastest rate during the forecast period (leading to the high demand for athletes' footwear, especially training shoes). China, India, and Japan are the top three revenue-generating countries in the APAC industry. As Chinese consumers are spending more money on fashion items like footwear, China is the most significant market in the area for footwear. Two of the world's most numerous nations, China and India, accounted for 36.32% of the world's population in 2016. Additionally, most footwear, particularly shoes for daily use and casual wear, is readily accessible to the general public. Therefore, due to these factors, the market in APAC is expected to grow during the forecast period.

End-user Outlook

Women
Men
Children

Distribution Channel Outlook

Online
Offline

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Footwear market2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist footwear market growth during the next five years
Estimation of the footwear market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the footwear market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of the footwear market vendors

Table of Contents:

Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by end-user
Market Segmentation by Deployment
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Company Landscape
Company Analysis
Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio