Market Research Report
Global Footwear Market 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||348224|
|Published||Content info||162 Pages
Delivery time: 1-2 business days
|Global Footwear Market 2019-2023|
|Published: August 1, 2019||Content info: 162 Pages||
The footwear offered in the market is made up of various raw materials such as leather, natural rubber, synthetic rubber, ethylene-vinyl acetate (EVA), polyvinyl chloride (PVC), polyurethane (PU), and textiles. Technavio's footwear market analysis considers sales from both athletic footwear and non-athletic footwear. Our analysis also considers the sales of footwear in Europe, North America, South America, and MEA. In 2018, the non-athletic footwear segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the growing fashion consciousness among consumers and the rising introduction of trendy shoes for men and children will play a significant role in the non-athletic footwear segment to maintain its market position. Also, our global footwear market report also looks at factors such as design and material innovations leading to product premiumization, rising demand for exclusive designer collections, the high influence of celebrity endorsement on customer purchase decisions. However, rising labor cost and fluctuating raw material prices, availability of counterfeit products, stringent government regulations for procurement of raw materials such as leather may hamper the growth of the footwear industry over the forecast period.
Footwear products, such as leather shoes, moccasins, and stilettos for women, that are launched under exclusive designer labels attract consumers across the world. The increasing number of fashion shows, trade exhibitions, and trade fairs motivates the manufacturers of designer collections to launch their new products. This collection of footwear is made of strong materials, which can sustain wear and tear. This demand for exclusive designer collections will lead to the expansion of the global footwear market at a CAGR of over 2% during the forecast period.
The demand for smart shoes is rising due to the use of wearable devices in sports analytics. The technology and software used in smart shoes are efficient to help in critical decision-making processes while executing different physical activities and participating in sports such as football, tennis, and golf. Smart shoes monitor speed, distance covered, and patterns of executing physical activities. They are also used to monitor the fitness and performance activities of on-field players and athletes. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global footwear market during the forecast period 2019-2023, view our report.
With the presence of several major players, the global footwear market is fragmented. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading footwear manufacturers, that include adidas AG, ASICS Corp., New Balance Athletics Inc., Nike Inc., PUMA SE, and Skechers USA Inc.
Also, the footwear market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.