Footwear Market Size, Share, Global Market Research and Industry Forecast Report, 2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Footwear Market


The global footwear market size was estimated at USD 207.6 billion in 2018 and is expected to register a CAGR of 3.8% from 2019 to 2025. The market growth is primarily attributed to high demand for convenient and comfortable footwear. Moreover, companies are focusing on a few key parameters, such as innovative designs, product developments, and advanced technical fabrications, to boost the product sales.
Leather shoes are considered as premium product and occupy a significant share of the market. Rapidly expanding e-commerce industry is also expected to be one of the key drivers of the global market. Convenient and hassle-free shopping boosts the growth of the online distribution channel segment. Moreover, consumers can compare different products and brands on e-commerce platforms.
 

Major brands, such as Lee Cooper, Adidas America, Inc., and PUMA, are strengthening their presence in e-commerce sector by engaging customers through social media platforms. Asia Pacific is projected to be the fastest-growing, as well as largest, regional market from2019 to 2025. This growth is attributed to rising consumer disposable income levels in emerging nations.
Strong presence of key companies in the region will boost the market growth further. Moreover, China, India, and Vietnam are the three largest footwear manufacturers in the region. Prominent companies are relocating as well as setting up new factories in Indonesia and Vietnam due to potential growth opportunities. This is also likely to contribute to the growth of the market in Asia Pacific.
                                                                
Type Insights of Footwear Market

On the basis of type, the market has been segmented into athletic and non-athletic footwear. Growing awareness about health and fitness is resulting in an increasing demand for athletic footwear. Thus, athletic segment is expected to register the fastest CAGR of 4.4% from 2019 to 2025. Moreover, rising popularity of global sporting events, such as The Commonwealth Games, Olympics, and FIFA, has a positive impact on the product demand. Companies launch sports-specific products to increase their customer base. For instance, PUMA launched a graphic concept, lightweight football boot, evoSPEED 1.3 Graphic.
Non-athletic products are estimated to account for the largest revenue share of the market by 2025 due to availability of a variety of products in this segment, such as printed shoes and brogues. In addition, some companies offer customized footwear to meet the increasing consumer demand, which is likely to support segment growth. Bright Idea Design Studio, Inc., Explicit Shoes Inc., and Simply Feet are some of the major U.S.-based customized footwear suppliers.

End User Insights

On the basis of end user, the footwear market is divided into men, women, and children categories. The men end user segment accounted for the largest market share in 2018 and will retain the dominant position over the forecast years. The major factors driving the segment are increasing spending on fashion and apparels.
 

However, women end user segment is expected to register the fastest CAGR of 4.3% from 2019 to 2025 due to rising number of working individuals across the globe. Moreover, increased consumer disposable income levels and improved standards of living, especially in emerging markets of Asia Pacific will boost the segment growth further.

Regional Insights of Footwear Market

Asia Pacific was the largest regional market in 2018 and will expand further at the highest CAGR from 2019 to 2025. This mainly due to high demand for stylish and comfortable footwear. Moreover, increasing. In addition, changing consumer behavior and rising disposable income levels, especially in developing countries like China and India, are expected to propel the market growth. Presence of prominent manufacturers in these countries will fuel the growth further. Europe is projected to be the second largest market over the forecast period owing to high consumer purchasing power and expenditure on personal grooming and appearance.

Market Share Insights of Footwear Market

Some of the major companies in this market are Nike, Inc.; Adidas America, Inc.; PUMA; Geox S.p.A.; Timberland; Skechers USA, Inc.; Ecco Sko A/S; Crocs Retail, Inc.; Under Armour Inc.; and Wolverine World Wide, Inc. The market participants focus more on product differentiation and product development to gain competitive advantage. For instance, ASICS Corp. introduced a shoe GEL cushioning system and flexible digital printed nylon mesh, Gel-Kenun Shinkai. In 2016, Lotto Sport Italia S.p.A. released EVERIDE II made with polymer compound of a particular density.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Footwear Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global footwear market report on the basis of type, end user, and region:


Type Outlook (Revenue, USD Billion, 2019 - 2030)


Athletic


Non athletic


End User Outlook (Revenue, USD Billion, 2019 - 2030)


Women


Men


Children