Market Research Report
Footwear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
|Published by||IMARC Services Private Limited||Product code||864943|
|Published||Content info||106 Pages
Delivery time: 2-3 business days
|Footwear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: June 10, 2019||Content info: 106 Pages||
The global footwear market was worth US$ 227.1 Billion in 2018. Footwear is a clothing item that is worn to provide comfort and protection to the feet. It is manufactured using a wide variety of materials such as wood, canvas, leather, jute, plastics and rubber. With the changing aesthetics and fashion trends, the quality and styles of footwear have considerably evolved to provide maximum comfort to the consumers. Footwear can either be machine- or hand-made and is commonly available for both athletic and non-athletic purposes. Although a necessity, footwear has evolved as a symbol of luxury and class over time.
Increasing demand for superior quality footwear along with product innovation and premiumization represent some of the key factors driving the market. Manufacturers are increasingly emphasizing on the development of unique designs, while also giving importance to comfort. This has led to the introduction of innovative products which are comfortable as well as fashionable. Increasing interest in sports and inclination towards athletic and physical activities such as jogging have also positively impacted the market growth. Although online marketing has overpowered physical shopping experience in most consumer goods segments, consumers still prefer to be physically present while buying footwear. This has further led to the proliferation of organized retail outlets and has improved customer-manufacturer interaction. Furthermore, aggressive promotional activities by manufacturers and enhanced spending capacities of consumers have also catalyzed the market growth. Looking forward, IMARC Group expects the market to reach a value of US$ 266.5 Billion by 2024, registering a CAGR of 2.7% during 2019-2024.