Footwear Industry Is the Next Big Thing| Fortune
As per the report by Grand View Research,
Inc., the FootwearMarket is poised to rise to a valuation of USD 269.9 billion by 2025
and is estimated to witness a CAGR of 3.8 % over the forecast period.
Increasing demand for high-class designer collections is a major factor
propelling the development of the market. Footwear such as moccasins,
stilettos, and leather shoes for women, that are marketed under exclusive
fashionable names attract customers across the globe.
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| Footwear |
Market development is mainly attributed to the high demand for comfortable and convenient footwear. Companies are concentrating on key parameters, such as product developments, innovative designs, and advanced technical fabrications to propel the product sales in the years to come.
In addition, rapidly increasing e-commerce
industry is also anticipated to be one of the significant drivers of the global
market. Customers can compare different products and brands on e-commerce
platforms and hassle-free and convenient shopping is expected to propel the
development of the online distribution channels further.
Increasing demand for fancy footwear is the
key factor propelling the growth of the market. Another factor propelling the
market is the increasing number of working individuals worldwide, which leads
to fueled sales of semi-formal and formal footwear. Companies are introducing
innovative products to upsurge client engagement. On the other hand, presence
of counterfeit products, manufactured by local manufacturers is anticipated to
hinder the footwear industry over the years to come.
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Brands come up with newer collections and
collaborations to increase sales and keep up with the competition. Bata
launched a series of Disney footwear highlighting Disney characters. Similarly,
Jimmy Choo, a brand of Capri Holdings, launched an extensive range of boots and
sandals for women for varied use such as daily wear, office wear and party
wear. The introduction of such fashionable designer collections is anticipated
to drive the development of the market in the years to come.
In April 2015, PUMA launched a lightweight
football boot highlighting Japanese dragon graphics for soccer fans. The launch
helped the company to boost its sales and get more customers. The shoe industry
is achieving new heights in the competitive landscape. Brands are using various
platforms such as F1 car racing events, Olympic Games, and are collaborating
with international sports platforms in order to promote themselves worldwide.
In 2018, Asia Pacific was the largest
regional market and will expand further at the highest CAGR in the forecast
period on account of high demand for comfortable and stylish footwear.
Furthermore, changing customer behavior and increasing disposable income
levels, particularly in emerging countries like India and China, are
anticipated to drive the market development. The existence of major producers
in these countries will drive the development further. Europe is predicted to
be the second-largest market on account of high spending on appearance and
personal grooming and high consumer purchasing power.
Some of the key players effective in the
footwear market are Adidas America, Inc.; Nike, Inc.; Geox S.p.A.; PUMA;
Timberland; Ecco Sko A/S; Skechers USA, Inc.; Under Armour Inc.; Wolverine
Worldwide, Inc.; and Crocs Retail, Inc.
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View Research:
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based market research and consulting company, registered in the State of
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View Research database is used by the world's renowned academic institutions
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analysis on 46 industries in 25 major countries worldwide.
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