Growing awareness of the latest footwear trends among people is increasing the demand for footwear globally. In addition, the trend of fitness exercises such as Zumba, yoga, and gym is producing huge demand for sports shoes among individuals. The increase in the number of sports lovers, athletes, and fan followers of sports such as football, basketball, and hockey is further creating higher demand for various kinds of footwear. People are highly influenced by actors and influencers and follow their unique footwear designs which surge the demand for footwear. According to Data Bridge Market Research, the Footwear Market is expected to reach USD 626,164.40 million by 2030. The market is expected to grow with a CAGR of 5.8% in the forecast period of 2023 to 2030.
“Rising demand for convenient, comfortable and fancy footwear”
Shoes and clothes are a requirement for every human, clothes protect from weather conditions such as sunlight, cold, and rain, and similarly, shoes protect from all weather conditions. While finding the perfect pair of shoes, comfort and look of the footwear are the customer's major preferences. People nowadays are preferring convenient, comfortable, and fancy footwear according to the occasion which is surging the market’s growth. Sports shoes are used during physical activities such as running and exercising and others, formal shoes are used during formal events paired up with casual outfits, and fancy shoes are used during fancy events. Therefore, the rising demand for comfortable, convenient, and fancy footwear is driving the market’s growth.
What restraints the growth of the footwear market?
“Fluctuation in price and unavailability of raw material”
The prices of crude oil are rising constantly and crude oil is the main source of synthetic rubber and fibers, which are widely used in the manufacturing of footwear thus footwear raw material prices are increasing. This ongoing concern is significantly distrusting the supply chain of both finished products and raw materials in the footwear industry. Crude oil prices are increasing owing to the high crude oil inventory draw, widely spreading floods, and power outages because of the heavy rains in oil-producing parts of the globe. Thus, the fluctuation in price and unavailability of raw materials is hindering the market’s growth.
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Footwear Market Analysis and Size
The global footwear market appears to be fragmented due to the presence of many well-established companies. Furthermore, this raises the level of competition in the market. As a result, players are employing various strategies such as mergers, acquisitions, and joint ventures to maintain their market leadership. Several market players, for example, are collaborating with other companies in order to expand their production capabilities and develop innovative products. Many companies in the footwear industry are increasing their RD efforts in order to develop next-generation products. In order to expand their customer base, they are also focused on providing cost-effective and high-quality products. These initiatives are expected to generate revenue opportunities in the global footwear industry.
Market Definition
Footwear refers to garments worn on the feet that were originally designed to protect against environmental adversities, most notably ground textures and temperature.
Footwear Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
increasing demand for convenient and comfortable footwear
Due to the high demand for convenient and comfortable footwear, and companies focusing on a few key specifications, such as creative designs, product advancements, and advanced technical manipulations, the footwear market is expected to grow.
Increased sports activities and technological advancement
the rise in sports activities, emphasis on performance, and technological advancements have resulted in the footwear gaining immense popularity in sportswear, as well as the growing demand for fashionable, comfortable, and convenient footwear, as well as the growing number of working people around the world, are some of the key factors expected to drive the footwear market during the forecast period.
Segmentation: Global Footwear Market
The footwear market is segmented on the basis of type, shoe material, soling material, distribution channel and end user.
- On the basis of type, the footwear market is segmented loafer, shoes, sandals/flip-flops, ballerinas, boots, wedges, athletic, healthcare shoes, and others.
- Based on shoe material, the footwear market is segmented into plastic, rubber, leather, textile, and others.
- On the basis of soling material, the footwear market is segmented into plastic, rubber, leather, and others.
- On the basis of distribution channel, the footwear market is segmented into e-commerce, specialty stores, supermarkets/hypermarkets, convenience stores, and others.
- On the basis of end user, the footwear market is segmented into women, men, and children.
- Global Footwear Market Scope
The footwear market is segmented on the basis of product type, material, end-user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
Athletic
Non athletic
Based on product type, the footwear market is segmented into athletic, non-athletic footwear.
Material
Plastic
Synthetic rubber
Plant based
Others
Based on material, the footwear market is segmented into plastic, synthetic rubber, leather, plant based, others.
Distribution channel
Hypermarkets
Online channels
Specialty stores
Others
Based on distribution channel, the footwear market is segmented into hypermarkets, online channels, specialty stores, others.
End users
Men
Women kids
Based on end-user, the footwear market is segmented into men, women, kids.
Footwear Market Regional Analysis/Insights
The footwear market is analysed and market size insights and trends are provided by country, product type, material, end-user and distribution channel as referenced above.
The countries covered in the footwear market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the footwear market due to the presence of a large consumer usage base in developing countries such as China, India, and Indonesia, as well as the region's growing demand for athletic and non-athletic footwear usage.
Competitive Landscape and Footwear Market Share Analysis
The footwear market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to footwear market.
Some of the major players operating in the footwear market are:
Bata Brand (India)
Honeywell International Inc. (U.S.)
Wolverine World Wide Inc. (U.S.)
Rahman Group (India)
Dunlop Protective Footwear (Portugal)
VF Corporation (U.S.)
Uvex group (Germany)
Hewat's Edinburgh (U.K.)
ELTEN GmbH (Germany)
COFRA Holding (Switzerland)
Rock Fall Ltd. (U.K.)
Oftenrich Holdings Co. Ltd. (U.S.)
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Table of Content:
Part 01: Executive Summary
Part 02: Scope of the Report
Part 03: Global Footwear Market
Part 04: Global Footwear Market Sizing
Part 05: Global Footwear Market Segmentation by Product
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
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