The latest report by IMARC Group, titled “Footwear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global footwear market size reached US$ 227.1 Billion in 2018. With the changing aesthetics and fashion trends, the quality and style of footwear have evolved considerably. Nowadays, consumers prefer to purchase footwear with advanced technical fabrications which offer maximum comfort. The significant changes in lifestyles and increase in income levels have further prompted them to buy products that blend fashion with comfort and can be customized according to their preferences. Moreover, the emergence of e-commerce platforms ranging from Amazon to Zappos and Alibaba to Net-a-Porter has facilitated consumers to choose from a variety of footwear available online.
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Market Trends:
One of the key factors driving the global footwear market is continuous innovation and product development by manufacturers. Several footwear companies are focusing on developing technologically advanced, smart shoes to attract consumers. For instance, Nike has launched innovative self-lacing shoes called “HyperAdapt,” which have pressure sensors in the soles. The shoes can sense when the wearer puts the foot inside the shoe and trigger an algorithm that allows automatic lacing. Similarly, Apple has designed smart shoes that prevent damage to the feet, in turn, helping the wearer to avoid an injury. Besides this, luxury brand Hugo Boss has recently launched vegan pineapple leather shoes for men, whereas other companies have launched sustainable footwear ranging from hay-based sneakers to biodegradable, vegan stilettos. Moreover, the leading companies have been collaborating with international sports event organizers, such as F1 car racing, Olympics and the FIFA world cup, to promote their brands worldwide. Looking forward, the market value is projected to reach US$ 266.5 Billion by 2024, registering a CAGR of 2.7% during 2019-2024.
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Market Segmentation:
- Based on the product, the market has been segmented as athletic and non-athletic footwear. Non-athletic footwear currently represents the most popular type, holding the largest share.
- On the basis of the material, leather is the most common material used for making footwear. Some of the other materials are rubber, plastic and fabric.
- The market has also been categorized based on the distribution channel into footwear specialists, supermarkets and hypermarkets, departmental stores, clothing stores, online sales and others. Amongst these, footwear specialists account for the majority of the global market share.
- On the basis of the pricing, the market has been segregated into premium and mass products. At present, mass products exhibit a clear dominance in the market.
- Based on the end user, women account for the majority of the overall market share. Other end use segments are men and kids.
- Region-wise, Asia Pacific enjoys the leading position in the global footwear market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed with some of the key players being Nike Incorporation, Adidas AG, PUMA, Geox S.p.A, Skechers USA, Incorporation, Timberland, Crocs Retail, Inc., Ecco Sko A/S, Wolverine World Wide, Inc. and Under Armour Inc.
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