The global footwear market has been growing at a substantial rate over the last few years. The market is estimated to be valued at USD 223.2 billion in 2019 and is projected to register a growth rate of 5.7% during the forecast period of 2019 to 2024.
The global footwear market has been growing at a steady pace over the last few years. There are several factors that are expected to fuel the growth of global footwear market. Over the last few years, the demand for sports footwear has increased at a considerable growth rate. Primarily, youngsters are increasing their participation in various sports and other physical activities. So, the key players are introducing various footwear products for specific sports, which is expected to propel the growth of the global footwear market.
Moreover, the introduction of innovative and Bluetooth technology-enabled shoes are further propelling the growth of the global footwear market in the developed economies. Premiumization is one of the major trends gaining traction in the global footwear market. However, the increasing availability of counterfeit products is expected to hinder the growth of the global footwear market.
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Major Key Players
Some of the key players in the global footwear market are
- Nike Corporation (US)
- Skechers USA
- Incorporation (US)
- VF Corporation (US)
- Crocs Retail Inc. (US)
- ECCO Sko A/S (Denmark)
- Wolverine World Wide Inc. (US)
- Under Armour Inc. (US)
- New Balance Athletics Inc. (US)
- Asics Corporation (Japan)
- Deichmann SE (Germany)
- AeroGroup (Canada)
- Adidas AG (Germany)
- Kering S.A. (France)
- Geox S.p.A (Italy)
- The Columbia Sportswear Company (US)
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Segmentation
The global footwear market has also been segmented by product type, category, end user, and distribution channel.
By product type, the global footwear market has been classified as formal footwear, casual footwear, and sports footwear. The casual footwear segment accounted for the majority market share in 2018 and the segment is projected to register a moderate growth rate during the forecast period. However, the sports footwear segment is expected to exhibit the highest growth rate during the forecast period.
Based on category, the global footwear market has been divided into open footwear and closed footwear. The closed footwear segment is estimated to hold the larger market share in 2019 while the open footwear segment is projected to register the moderate growth rate during the forecast period.
By end user, the global footwear market has been classified as men and women. The women segment accounted for the majority market share in 2018 and the segment is projected to register a moderate growth rate during the forecast period. However, the men segment is expected to exhibit the higher growth rate during the forecast period.
On the basis of distribution channel, the global footwear market has been categorized as store-based and non-store-based. The store-based distribution channel segment has been further divided into supermarkets and hypermarkets, specialty stores, and others. The store-based segment is estimated to account for the larger market share during the forecast period. However, the non-store-based distribution channel segment is projected to exhibit the higher growth rate during the forecast period from 2019 to 2024.
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Regional Insights
The global footwear market has been segmented, on the basis of region, into North America, Europe, Asia-Pacific, and the rest of the world.
The North American market for footwear is expected to grow substantially during the assessment period. The growth of the footwear market in North America is expected to be driven by various factors. The emerging trend of sports and fitness among the consumers is expected to act as a major driver of the growth of the North America footwear market. The market in the US is estimated to hold a significant market share in 2019 and remain the dominant country-level market during the forecast period.
The European footwear market is expected to be the largest in terms of value. The growth of the footwear market in Europe can be attributed to the increasing participation of the consumers in sports and other events. Moreover, the female participation in sports is high in the European countries, which is expected to fuel the growth of the sports footwear segment. Germany and the UK are the major markets for footwear in Europe and they collectively accounted for a market share of approximately 40% in 2018. Also, product launches by key market players have been increasing which is expected to act as a major driver of the Europe footwear market growth.
The footwear market in Asia-Pacific is projected to register a high growth rate during the forecast period. One of the significant factors for the growth of the footwear market is increasing per capita disposable incomes of the consumers in the developing economies of the Asia-Pacific region. Changing consumer preference for high-end products is expected to increase the sales of premium footwear during the forecast period. Apart from that, online retailing has increased at a high pace in the Asia-Pacific region which has positively affected the manufactures of footwear. Key manufacturers are introducing new products on their online platform which is also expected to further influence the growth of the footwear market during the forecast period.
The market in the rest of the world is expected to exhibit moderate growth. The market in South America is estimated to account for the majority share of the global footwear market, with Brazil as the largest country-level market. However, the Middle Eastern market is projected to register the highest growth rate in the rest of the world footwear market during the review period.
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