Surge in demand for different types of footwear with changing trends and increase in productivity and efficiency of production with new technologies drive the growth in the footwear manufacturing machines market.
PORTLAND, Oregon, Feb. 27, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Footwear Manufacturing Machines Market by Solution (Product and Services), and Machine Type (Manual, Automatic, and Semi-Automatic): Global Opportunity Analysis and Industry Forecast, 2018–2025." The report offers a detailed analysis of changing market dynamics, key segments, top winning strategies, and competitive landscape. According to the report, the global footwear manufacturing machinery market generated $16.83 billion in 2017 and is estimated to reach $23.37 billion by 2025, registering a CAGR of 4.3% from 2018 to 2025.
Surge in demand for different types of footwear with changing trends and increase in productivity and efficiency of production with new technologies drive the market growth. However, high investment cost for initial setup and uncertainty related to manufacturing restrain the market growth. On the other hand, emergence of smart and sustainable manufacturing creates new opportunities in the market.
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The product segment to be lucrative
The product segment accounted for nearly nine-tenths of total market share in 2017 and is expected to dominate throughout the forecast period. Moreover, this segment is expected to grow at the highest CAGR of 4.71% from 2018 to 2025. This is due to rise in investment in footwear making machines, increase in production capacity, and improvement in product quality. The research also analyzes the services segment.
The semi-automatic segment to maintain its dominance by 2025
Based on machine type, the semi-automatic segment contributed to nearly half of the total market share in 2017 and is expected to maintain its dominance by 2025. This is due to its properties such as ease in operation and increase in precision in operation with human intervention. However, the automatic segment is estimated to grow at the highest rate, with a CAGR of 4.92% from 2018 to 2025, owing to significant rise in demand for technologically advanced machines and its characteristics such as high operational speed and reduction in time consumption.
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Asia-Pacific to lead in terms of revenue throughout the forecast period
Asia-Pacific contributed to more than three-fourths of the total market share in 2017 and is expected to lead throughout the forecast period. This is due to increase in presence of key footwear manufacturers in the region and considerable rise in population. However, Europe is expected to register the fastest growth with a CAGR of 4.75% from 2018 to 2025, owing to changes in fashion trends leading to increase in demand and need for innovative products.
Leading market players
Key market players analyzed in the research include ALC Tecnologie Adesive S.r.l., Brustia Alfameccanica S.r.l., Atom S.p.A, Comelz S.p.A, Comec, Elitron IPM S.r.l., Dongguan Kingstone Shoe-making Machinery Co. Ltd., Orisol Taiwan Ltd., Kou Yi Iron Works Co., Ltd., and True Ten Industrial Co., Ltd.
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A rise in demand for fashionable yet comfortable footwear coupled with increasing demand for athletic footwear, is boosting the growth of footwear market in Asia Pacific. Asia Pacific Footwear Market is expected to garner $152.9 billion by 2020, registering a CAGR of 4.7% during the period 2015-2020.
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