NEW
YORK, July 1, 2024 /PRNewswire/ -- The global
footwear market size is estimated to grow by USD 113.6 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of 4.73%
during the forecast period. Design and material innovations leading
to product premiumization is driving market growth, with a trend
towards increasing demand for customized footwear. However, rising
labor cost and fluctuating raw material prices poses a challenge.
Key market players include 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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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (Non-athletic
footwear and Athletic
footwear), End-user (Men, Women, and Children),
Distribution Channel (Offline and Online), and
Geography (APAC, Europe, North America,
South America, and Middle East and Africa)
|
Region
Covered
|
APAC, Europe, North
America, South America,
and Middle East and Africa
|
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.
|
Key Market Trends Fueling Growth
The footwear market is witnessing an upward trend in
customization, particularly in developed regions like North America and Europe. Customization options range from
design and color to embroidery and personalized text. Leading
vendors, such as Nike, offer customized shoes through segments like
Nike By You. This personalization not only enhances the shoes'
aesthetic appeal but also drives new purchases and revenue growth
for manufacturers. Emerging economies, including China, India,
and Brazil, are also embracing
this trend for premium footwear.
The footwear market is experiencing significant trends with
various styles and materials gaining popularity. Sneakers and
sandals are in high demand, with many consumers seeking sustainable
and comfortable options. Many retailers are focusing on e-commerce
and offering a wide range of choices online. Costs are also a
factor, with affordable prices driving sales. Additionally,
athletic footwear continues to be popular, especially for those
working from home. Overall, the footwear industry is adapting to
consumer preferences and trends, offering versatile and comfortable
options for all occasions.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The footwear market faces challenges from rising labor costs in
Asian production countries and fluctuating raw material prices.
Vendors, including Prada, Tapestry, and D & G, have production
facilities in China, India, Indonesia, Bangladesh, and Vietnam, but increasing labor costs have
lowered profit margins. Raw materials, such as leather and rubber,
have variable costs due to transportation expenses. Fuel costs, a
significant portion of transportation expenses, are subject to
frequent fluctuations, increasing end-product costs. Intense
competition prevents price increases, further reducing
profitability. These factors may hinder the growth of the footwear
market during the forecast period.
- The footwear market faces several challenges in today's
business environment. Professionals, lightweight, ground, sports,
shoes, and sandals are popular categories. However, increasing
competition from e-commerce platforms and cheaper imports pose
significant threats. Consumers seek comfort, durability, and
fashionability. Companies must focus on innovation, quality, and
pricing strategies to stay competitive. Sustainability and ethical
production are also growing concerns. Effective marketing and
distribution channels are essential to reach customers. Footwear
brands must adapt to these challenges to thrive in the
industry.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This footwear market report extensively covers market
segmentation by
- Product
- 1.1 Non-athletic footwear
- 1.2 Athletic footwear
- End-user
- 2.1 Men
- 2.2 Women
- 2.3 Children
- Distribution Channel
- Geography
- 4.1 APAC
- 4.2 Europe
- 4.3 North America
- 4.4 South America
- 4.5 Middle East and
Africa
1.1 Non-athletic footwear- The footwear market
experiences consistent growth, driven by increasing consumer demand
and expanding product categories. Companies focus on providing
diverse options to cater to various customer preferences. Comfort
and style remain key factors influencing purchases. Effective
marketing strategies and competitive pricing further boost sales.
Overall, the footwear industry continues to thrive, offering
opportunities for both established and new players.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth
research reports
The global children's footwear market is experiencing
significant growth, driven by rising disposable incomes and
increasing awareness of children's foot health. The athletic
footwear segment, in particular, is booming as more parents
prioritize active lifestyles for their kids. Innovative designs,
coupled with technological advancements in materials, are enhancing
both comfort and performance. Market leaders are focusing on
sustainable and eco-friendly products to appeal to environmentally
conscious consumers. The competitive landscape is intense, with key
players investing heavily in branding and celebrity endorsements to
capture market share. This dynamic market promises substantial
opportunities for growth and innovation.
Research Analysis
The footwear market encompasses a wide range of products,
including athletic shoes, boots, sandals, and sneakers, catering to
various sales markets such as outdoor activities, gymming, and
playing sports. Comfort and protection are key considerations for
consumers, with features like cushioning, torsional stability, and
traction ensuring optimal performance and support. Designers
continue to innovate, introducing eco-friendly sneaker series made
from sustainable materials, reducing plastics usage, and minimizing
water usage in production. Sustainable footwear is gaining
popularity due to its environmental protection benefits,
contrasting the use of non-biodegradable materials and high labor
costs associated with traditional footwear manufacturing. Material
supply and environmental concerns are becoming increasingly
important factors in the footwear industry.
Market Research Overview
The footwear market encompasses a diverse range of shoes
designed for various activities and occasions. These include
athletic shoes for training and sports, fashionable footwear for
everyday wear, and specialized shoes for medical or occupational
use. Materials used in footwear production vary widely, from
synthetic materials like rubber and plastic to natural ones such as
leather and wool. The footwear industry is driven by consumer
preferences for comfort, style, and functionality. Sustainability
is also becoming a significant factor, with many manufacturers
focusing on eco-friendly production methods and materials. The
market is global, with major production hubs in Asia, Europe,
and the Americas. Consumers seek footwear that suits their specific
needs and enhances their overall well-being.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Non-athletic Footwear
- Athletic Footwear
- End-user
-
- Distribution Channel
-
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides 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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio