The footwear market has been witnessing demand for trendy, fancy, durable, and comfortable footwear from every age group.
Moreover, rising concerns pertaining to health are entailing people to indulge in some kind of physical activity. This, in turn, is pushing demand for different types of athletic shoes. For example, running shoes offer comfort for running while sports shoes provide required grip.
These factors, conjointly, are pushing the horizon of footwear market.
Among all shoes category, leather footwear is considered as premium product. The segment usually occupies substantial share in the global footwear market.
The upcoming reports provides comprehensive details about key factors driving the growth of the global footwear industry market. It includes details of various segments and drivers likely to boost market in the tenure of forecast period (2019-2029). Further, factors which may restrain market growth are also discussed in the report.
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Footwear Market: Notable Developments
Recently, launch of smart shoes is bringing remarkable change in the entire footwear market. Advanced technology and software are integrated in shoes to perform various functions. In addition, these shoes can also be connected to smartphones and tablets. These technologies enable to monitor performance of athletes and on-field players, track activities, and keep record of the performance statistics.
Further, the data collected can be used by coaches to plan specific exercise and fitness regimes for athletes.
Smart shoes also have integrated GPS. It is one of the key factors helping smart shoes to gain popularity in geriatric population and physically challenged people. The navigation and positioning shoes alerts the user about obstacles on the way.
Advantages offered by smart shoes are likely to contribute to expansion of footwear market during the given forecast period.
Some of the major companies involved in manufacturing of footwear are-
- Crocs Retail Inc.
- Adidas America Inc.
- Nike Inc.
- Skechers USA
- Wolverine World Wide Inc.
- Ecco Sko A/S
- Under Armour Inc.
- Geox S.p.A.
Footwear Market: Key Trends
Broadly, the footwear industry is bifurcated into athlete and non-athlete segments. Athlete segment is further divided into numerous categories such as running shoes, court shoes, cross-training shoes, cleats, and hiking shoes. The sale of shoes is anticipated to increase due to rising awareness about health, fitness trend, and growing sports participation rate.
The non-athletic footwear segment include fashion, casual, and formal footwear. Growth of the segment is attributed to growing fashion sense among people.
Further, demand for designer and limited footwear edition is also influencing growth of the footwear industry market. Consumers are ready to pay for premium collection of shoes as these are made of high-quality materials. These footwear are launched under exclusive designer labels, and are displayed via trade exhibitions and fashion shows.
Such footwear is expected to contribute substantially to growth rate of global footwear market during forecast period.
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Footwear Market: Regional Analysis
Asia Pacific is anticipated to be a large footwear industry market in the forecast period. This is due to rising disposable income of people, preference for premium products, and rising awareness about health and fitness. Presence of various key players are adding to the growth of footwear market in the region.
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