The global footwear market is projected to reach USD 269.9 billion by the year 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 3.8% over the forecasted years, 2019 to 2025. The increasing demand for comfortable, fashionable and convenient footwear is the major driving force for the market growth. In order to satisfy this increasing demand, the key players are launching various products. For instance, Nike has launched its Air Max series which is being preferred by most of the sportsmen due to its salient features like lightweight and comfort.
The segment of women as end-users is anticipated to grow at the fastest CAGR of 4.3% during the forecasted years, 2019 to 2025. The increase in the willingness among women, to spend more on personal appearance and wellbeing is expected to surge the demand for footwear in the upcoming years. This rise in demand can also be attributed to the increase in the disposable income among the working population, the latest trends and fashion styles being prevalent among the millennials.
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The athletic segment in the footwear market is expected to grow at a significant growth rate owing to the increasing health consciousness among the people. Various types of sports shoes are being developed by manufacturers to serve the purpose of every sport to be played. Thus, according to the sport to be played like Football studs, Running studs, Cricket studs, etc. As consumers are becoming aware of the specific purpose of each type, their demand is expected to increase in the upcoming years.
The rise of footwear sales through e-commerce channels has been on the rise since the last few years in developed regions like America and Europe. This increase can be attributed to various benefits such as doorstep delivery, ease of shopping and availability of a wider variety of brands on a single portal. The offline sales are also prevalent among the consumers in the developing regions who are willing to purchase after trying on the products.
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Further key findings from the report suggest:
• The athletic type segment is expected to have fastest CAGR of 4.4% during the forecasted years, 2019 to 2025.
• The non-athletic segment accounts for a major share of the global market
• The region of Asia Pacific is expected to grow at the fastest CAGR owing to the increasing population, rapid urbanization and increase in the per capita income.
• The key players in this industry are constantly inventing new designs and products to meet the existing demands and are also creating fashion trends for the upcoming future.
Million Insights has segmented the global footwear market based on product, application, and region:
Footwear Type Outlook (Revenue, USD Billion, 2015 – 2025)
Footwear End User Outlook (Revenue, USD Billion, 2015 – 2025)
Footwear Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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