- The footwear market is expected to observe considerable growth on the back of the escalating demand for trendy and comfortable footwear, especially from the millennial category
- Based on the varied growth factors, the global footwear market is expected to record a CAGR of 8 percent during the assessment period of 2020-2030
ALBANY, N.Y., Dec. 30, 2020 /PRNewswire/ -- The footwear industry has emerged as one of the most evolving industries around the globe. From being a mere accessory to protect the feet, it has emerged as one of the most trendy things an individual can possess, The growth of the footwear market has been commendable and a lot has changed over the years. The ever-changing trends and the growing influence of innovations may bring tremendous growth prospects for the footwear market.
A fresh wave of footwear trends ushers every year. The competitors have to be aware and alert about the different types of trends and design their strategy accordingly. The utilization of shoes for various occasions may enhance the growth opportunities across the footwear market to a great extent. Furthermore, the changing lifestyle and the growing urbanization may add extra stars of growth to the footwear market.
The researchers at Transparency Market Research, after a detailed and thorough analysis on different aspects, conclude that the global footwear market will expand at a CAGR of ~8 percent during the assessment period of 2020-2030. The global footwear market is expected to attain a value of US$ 1.7 trn by the end of the forecast period.
The growing influence of footwear in the sports industry may turn out to be a promising growth factor for the footwear market. The inclination of a large chunk of individuals toward fitness may bring immense growth prospects for the footwear market. Sustainability is also playing a crucial role in the growth of the footwear market. Many footwear manufacturers are using recycled materials for meeting the niche requirements of the buyers.
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Footwear Market: Key Findings
Sports and Bellies Shoe Segment to Observe Exceptional Growth
The sports shoes and bellies shoe segment is expected to reign supreme in terms of type. The rising awareness about the benefits of fitness among a considerable number of individuals may prove to be a prime growth factor for this segment to flourish through the assessment period. Since the advent of COVID-19, people have found time for fitness due to the ongoing work-from-home mechanism. Thus, this aspect will have a lion's share in increasing the influence of the sports and bellies shoe segment during the assessment period.
Analyze footwear Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Smart Wear and Connected Footwear to Invite Waves of Growth
The advent of advanced technologies has not left the footwear industry. The footwear industry is rapidly adapting these technologies to keep up with the ever-growing market. One of the classic instances of such technologies is Nike Adapt. These shoes have self-lacing technologies that electronically adjust to the shape of an individual's foot. These shoes are powered by the Nike App. Such advancements add extra stars of growth to the footwear market.
Explore 178 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Footwear Market (Type: Sports Shoes & Bellies Shoes, Boots, Sandals, and Others; Usage Type: Athletic and Non-athletic; Material Type: Leather, Textiles, and Other Synthetics; Price: Mass and Premium; End User: Men, Women, and Kids; and Distribution Channel: Online and Offline) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030 at https://www.transparencymarketresearch.com/footwear-market.html
Footwear Market: Growth Accelerators
The emergence of new entrants in the footwear market has brought promising growth prospects for the footwear market. These startups are introducing footwear with novel features, eventually increasing the growth rate of the footwear market.
The escalating demand for athletic footwear may prove to be a great growth accelerator for the footwear market
Strategic collaborations of international brands with local players will lead to fruitful revenue generation, thus, boosting growth
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Explore Transparency Market Research's award-winning coverage of the Global Consumer Goods & Services Industry:
Industrial Protective Footwear Market – The global industrial protective footwear market is foreseen to expand at a steady CAGR of 4.1% from 2018 to 2027. By the end of 2027, the global market is foreseen to reach around worth US$ 9,270.1 Mn. On the basis of volume, the market is prognosticated to expand at a CAGR of 5.5% within the forecast period from 2018 to 2027.
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