According to Transparency Market Research’s latest research report on the global footwear market for the historical period 2018–2019 and the forecast period 2020–2030, footwear has gained immense popularity in sportswear due to increasing sports activity and advancements in technology. These factors are expected to boost the global footwear market during the forecast period.
Footwear protects the user from adverse environments,
especially ground texture and temperature. Boots, sneakers, sports shoes,
jogging shoes, sandals, and indoor footwear among others, are the different
types of footwear available in the market. Footwear is considered a prominent
fashion accessory, especially among youngsters and the millennial. Moreover,
the increasing demand for trendy, yet comfortable footwear among all age groups
is a key factor driving the global footwear market.
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The risk of transmission of the pathogenic coronavirus has
sparked innovations in shoe sole sanitizers. A research team from the
Industrial Training Institute (ITI) Berhampur, Odisha, India, has developed an
affordable ultraviolet-C (UVC) shoe sole sanitizer that was launched during a
video conference. As such, COVID-19 has laid great emphasis on the importance
of maintaining optimum health. Hence, companies in the footwear market are
tapping into business opportunities in eCommerce to meet demands of health
conscious individuals.
In terms of revenue, the global footwear market is expected
to exceed value of US$ 1.7Tn by 2030, expanding at a
CAGR of ~8% during the forecast period. In addition, the
reopening of gyms and other recreational facilities has given an impetus to the
growth of the global footwear market during the COVID-19 pandemic. However,
this growth is being witnessed gradually, since the global economic crisis has
directly affected the spending capacities of individuals. This signals that
manufacturers are upgrading their production and design capabilities. For
instance, in August 2020, Germany-based multinational chemical
company BASF announced the launch of its first global innovation center in
Taiwan to include interactive footwear exhibits, biomechanics lab, and
manufacturing facilities to capitalize on business opportunities.
Due to the high demand for convenient and comfortable
footwear and companies focusing on a few essential specifications, for example
creative designs, product advancements, and advanced technical manipulations,
to drive the footwear market. Also due to the rise in sports activities, weight
on performance, and developments in technology which in turn has made the
footwear gain immense popularity in sportswear, because of the growing demand
for fashionable, comfortable, and convenient footwear, growing numbers of the
working people around the world, which are some of the key factors anticipated
to drive the footwear market during the forecast period. The growing
impetration of athletic footwear due to the concerned matter towards personal
health and preference towards various physical activities amidst the population
is one of the major factors propelling the growth of the footwear market.
Moreover, not genuine product is a major concern and a threat in the
brand-oriented footwear enterprise is one of the factors estimated to hinder
the growth of the footwear market.
Internet First Footwear Brands Pose Stiff Competition to
Big Market Players
Apart from the big names in the athletic shoes category such
as Nike, Adidas, and Puma, startups in the footwear market are leveraging
value-grab opportunities. This is evident since the market is expected to
surpass an astonishing revenue of US$ 1.7 Trn by 2030.
The trend of Internet first footwear brands is a fast growing phenomena in the
footwear market. Startups such as the U.S.-based Allbirds, New York-based Koio,
and Tamara Mellon are gaining increased popularity. Several private label
brands are scaling business opportunities through social media and eCommerce
sales. The trend of vegan shoes and bags is catering to the niche requirements
of buyers.
The footwear market in India is witnessing an upsurge due to
the growing demand for trendy, fancy, and comfortable footwear, especially from
the millennial and Gen Z population. However, manufacturers are challenged with
high taxes and shortage of skilled labor, which is affecting the overall
business cycle. High taxes are difficult to be adjusted in business cycles and
ultimately result in additional cost of retail price of footwear paid by the
end customer. Hence, Indian manufacturers in the footwear market need to
constantly upgrade in terms of technology, changing consumer trends, and
marketing styles to stay ahead in the competition and offset the high retail
prices of footwear.
Sustainable Footwear Manufacturing Lowers Environmental
Footprint
The trend of fast fashion has brought manufacturers in the
footwear market under the scrutiny of regulatory authorities to lower their
environmental footprint. Many individuals are becoming conscious about
sustainable and renewable materials used in footwear. Several billion pairs of
sneakers are made every year and several million of them end up in landfills.
Hence, startups in the footwear market, such as Nothing New, are designing
sneakers only made from recycled materials including post-consumer recycled
plastic, rubber, fishing nets, and cotton to lower the environmental footprint.
As such, the global footwear market is anticipated to surpass the production
of ~44,620 million units by the end of 2030.
Global Footwear Market: Segmentation
Footwear Market, by Type
- Sports
Shoes & Bellies Shoes
- Boots
- Sandals
- Others
Footwear Market, by Usage Type
- Athletic
- Running
& Cross Training/Tennis Shoe
- Soccer/Football
Shoe
- Golf
Shoe
- Basketball
Shoe
- Hiking
Shoe
- Baseball
Shoe
- Others
- Non-athletic
- Casual
Shoes
- Dress
Evening
- Military
Boots
- Lite
Hiking Outdoor Sandal
- Formals
- Others
Footwear Market, by Material Type
- Leather
- Textiles
- Other
Synthetics
Footwear Market, by Price
- Mass
- Premium
Footwear Market, by End User
- Men
- Women
- Kids
Footwear Market, by Distribution Channel
- Online
- Company
Website
- eCommerce
Website
- Offline
- Hypermarket
& Supermarket
- Specialty
Stores
- Departmental
Stores
- Others
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