According to the report the global footwear market reached a value of USD 398 billion in 2022. Aided by the evolving fashion trends, the rise in athletic activities, and the growing global population, the market is projected to further grow at a CAGR of 4.9% between 2023 and 2028 to reach a value of USD 530.32 billion by 2028.
Footwear, essentially a protective gear for feet, has far surpassed its basic utility. Today, it symbolises an individual’s style, socio-economic status, and even personality. From stilettos to sneakers, the variety is vast, catering to diverse needs ranging from sports to fashion runways. Footwear has experienced significant evolution, not just in design, but also in the materials used, including leather, textile, and synthetics, which serve varied purposes like comfort, durability, and aesthetics.
Surging consciousness about physical fitness is further propelling the footwear market demand. As urban lifestyles often lead to sedentary habits, there's a rising preference for engaging in sports and outdoor activities. This has propelled the demand for athletic footwear, tailored for specific activities like running, training, and hiking. Big names in the athletic footwear industry like Nike, Adidas, and Puma have leveraged this trend, continuously innovating to meet the specific demands of athletes and fitness aficionados.
Fashion remains another significant market propellant. Fashion capitals around the world, including Paris, Milan, and New York, often spotlight footwear as a chief element in their showcases, reflecting evolving styles and preferences. Footwear, once considered merely an accessory, now often takes center stage in determining the overall appeal of an ensemble.
Another vital factor boosting the footwear market growth is technological advancements. Modern consumers, especially millennials and Gen Z, are actively seeking shoes with technological incorporations like foot mapping for optimal comfort, smart sensors for performance tracking, and even eco-friendly materials for the environmentally conscious. Brands are thus investing heavily in R&D, ensuring they stay ahead in this technologically driven race.
The emergence of sustainable and vegan footwear is also shaping the footwear market outlook. With increasing awareness about environmental concerns and animal rights, there's a marked shift towards eco-friendly materials, such as plant-based leathers and recycled materials. Brands like Allbirds and TOMS have made significant strides in this domain, tapping into the demand for sustainable yet stylish footwear options.
These high-quality, data-driven analysis provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation's future success by acquiring one of our these reports today.
*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Footwear, essentially a protective gear for feet, has far surpassed its basic utility. Today, it symbolises an individual’s style, socio-economic status, and even personality. From stilettos to sneakers, the variety is vast, catering to diverse needs ranging from sports to fashion runways. Footwear has experienced significant evolution, not just in design, but also in the materials used, including leather, textile, and synthetics, which serve varied purposes like comfort, durability, and aesthetics.
Surging consciousness about physical fitness is further propelling the footwear market demand. As urban lifestyles often lead to sedentary habits, there's a rising preference for engaging in sports and outdoor activities. This has propelled the demand for athletic footwear, tailored for specific activities like running, training, and hiking. Big names in the athletic footwear industry like Nike, Adidas, and Puma have leveraged this trend, continuously innovating to meet the specific demands of athletes and fitness aficionados.
Fashion remains another significant market propellant. Fashion capitals around the world, including Paris, Milan, and New York, often spotlight footwear as a chief element in their showcases, reflecting evolving styles and preferences. Footwear, once considered merely an accessory, now often takes center stage in determining the overall appeal of an ensemble.
Another vital factor boosting the footwear market growth is technological advancements. Modern consumers, especially millennials and Gen Z, are actively seeking shoes with technological incorporations like foot mapping for optimal comfort, smart sensors for performance tracking, and even eco-friendly materials for the environmentally conscious. Brands are thus investing heavily in R&D, ensuring they stay ahead in this technologically driven race.
The emergence of sustainable and vegan footwear is also shaping the footwear market outlook. With increasing awareness about environmental concerns and animal rights, there's a marked shift towards eco-friendly materials, such as plant-based leathers and recycled materials. Brands like Allbirds and TOMS have made significant strides in this domain, tapping into the demand for sustainable yet stylish footwear options.
Market Segmentation
The market can be divided based on type, material, pricing, end use, distribution channel, and region.Market Segmentation
Non-Athletic Footwear
- Sneakers
- Boots
- Shoes
- Slippers
- Sandals
Athletic Footwear
Market Segmentation
- Rubber
- Leather
- Plastic
- Fabric
- Others
Market Segmentation
- Premium
- Mass
Market Segmentation
- Men
- Women
- Kids
Market Segmentation
- Supermarkets and Hypermarkets
- Footwear Specialists
- Departmental Stores
- Clothing Stores
- Online
- Others
Market Segmentation
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global footwear market. Some of the major players explored in the report are as follows:- Nike, Inc.
- PUMA SE
- Skechers USA, Inc.
- Adidas AG
- VF Corporation
- TBL Licensing LLC
- Crocs Retail, LLC
- Under Armour®, Inc.
- Jimmy Choo S.r.l.
- FILA Holdings Corp.
- Prada S.p.A.
- Burberry Group Plc
- Wolverine World Wide, Inc
- Bata Corporation
- Others
About the Publisher
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.These high-quality, data-driven analysis provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation's future success by acquiring one of our these reports today.
*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions7 Opportunities and Challenges in the Market17 Key Trends and Developments in the Market
3 Report Description
5 Executive Summary
6 Market Snapshot
8 Global Footwear Market Analysis
9 North America Footwear Market Analysis
10 Europe Footwear Market Analysis
11 Asia Pacific Footwear Market Analysis
12 Latin America Footwear Market Analysis
13 Middle East and Africa Footwear Market Analysis
14 Market Dynamics
15 Trade Data Analysis
16 Competitive Landscape
List of Key Figures and Tables
Companies Mentioned
- Nike Inc.
- PUMA SE
- Skechers USA Inc.
- Adidas AG
- VF Corporation
- TBL Licensing LLC
- Crocs Retail LLC
- Under Armour® Inc.
- Jimmy Choo S.r.l.
- FILA Holdings Corp.
- Prada S.p.A.
- Burberry Group Plc
- Wolverine World Wide
- Inc
- Bata Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 167 |
| Published | September 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 417.5 Billion |
| Forecasted Market Value ( USD | $ 530.32 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
