Footwear Industry - What Factors will drive the Industry in Upcoming Years

Posted by Nicky Arora on December 3rd, 2019

As per the report by Grand View Research, Inc., the Footwear Market is poised to rise to a valuation of USD 269.9 billion by 2025 and is estimated to witness a CAGR of 3.8 % over the forecast period. Increasing demand for high-class designer collections is a major factor propelling the development of the market. Footwear such as moccasins, stilettos, and leather shoes for women, that are marketed under exclusive fashionable names attract customers across the globe.

Market development is mainly attributed to the high demand for comfortable and convenient footwear. Companies are concentrating on key parameters, such as product developments, innovative designs, and advanced technical fabrications to propel the product sales in the years to come.

In addition, rapidly increasing e-commerce industry is also anticipated to be one of the significant drivers of the global market. Customers can compare different products and brands on e-commerce platforms and hassle-free and convenient shopping is expected to propel the development of the online distribution channels further.

Increasing demand for fancy footwear is the key factor propelling the growth of the market. Another factor propelling the market is the increasing number of working individuals worldwide, which leads to fueled sales of semi-formal and formal footwear. Companies are introducing innovative products to upsurge client engagement. On the other hand, presence of counterfeit products, manufactured by local manufacturers is anticipated to hinder the footwear industry over the years to come.

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Brands come up with newer collections and collaborations to increase sales and keep up with the competition. Bata launched a series of Disney footwear highlighting Disney characters. Similarly, Jimmy Choo, a brand of Capri Holdings, launched an extensive range of boots and sandals for women for varied use such as daily wear, office wear and party wear. The introduction of such fashionable designer collections is anticipated to drive the development of the market in the years to come.

In April 2015, PUMA launched a lightweight football boot highlighting Japanese dragon graphics for soccer fans. The launch helped the company to boost its sales and get more customers. The shoe industry is achieving new heights in the competitive landscape. Brands are using various platforms such as F1 car racing events, Olympic Games, and are collaborating with international sports platforms in order to promote themselves worldwide.

In 2018, Asia Pacific was the largest regional market and will expand further at the highest CAGR in the forecast period on account of high demand for comfortable and stylish footwear. Furthermore, changing customer behavior and increasing disposable income levels, particularly in emerging countries like India and China, are anticipated to drive the market development. The existence of major producers in these countries will drive the development further. Europe is predicted to be the second-largest market on account of high spending on appearance and personal grooming and high consumer purchasing power.

Some of the key players effective in the footwear market are Adidas America, Inc.; Nike, Inc.; Geox S.p.A.; PUMA; Timberland; Ecco Sko A/S; Skechers USA, Inc.; Under Armour Inc.; Wolverine Worldwide, Inc.; and Crocs Retail, Inc.

About Grand View Research:

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.

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