Published on: August 02, 2024
The footwear market is estimated to grow at a CAGR of 4.73% between 2023 and 2028, driven by increasing internet penetration and e-commerce sales. As sports and fitness activities gain popularity worldwide, demand for athletic footwear continues to rise, contributing to the market's expansion.
This market is a diverse and dynamic sector driven by factors such as e-commerce, sports and fitness activities, and evolving consumer preferences. From sports shoes to casual sneakers and formal heels, footwear sales cater to a wide range of needs and preferences across every demographic.
The footwear market encompasses many different product types, including a variety of shoes, boots, and sandals. Products are made from materials such as leather, canvas, and rubber, with demographics broadly segmented into men’s, women’s, and children’s products.
There are several factors shaping consumer footwear preferences worldwide. Innovations in design and materials are fueling product premiumization, attracting discerning consumers who are seeking both style and quality. The market is also experiencing a growth in demand for exclusive designer collections, catering to fashion-conscious individuals looking for unique and trendy footwear options. Additionally, celebrity endorsements wield significant influence, further propelling the market's growth as consumers aspire to emulate their favorite stars' styles and fashion choices.
There is a growing demand for sustainable and eco-friendly footwear options, driven by concerns about the environment and landfill waste. Vegan sports shoes and eco-vegan shoes are gaining traction among environmentally conscious consumers. Athletic footwear remains a dominant segment, catering to various sports and activities such as running, hiking, and working.
One challenge facing the footwear market is the growing environmental concerns related to materials and manufacturing processes, such as landfill waste and water sources. Sustainable footwear initiatives aim to address these challenges by promoting eco-friendly materials and production methods. Additionally, competition from e-commerce platforms presents challenges for traditional brick-and-mortar retailers.
APAC is expected to contribute 46% to the growth of the global market over the next several years. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is expected to grow mainly due to rising disposable incomes in the region, the increasing preference for premium products, and growing health consciousness among people (leading to the high demand for athletic shoes, especially training shoes).
Technavio's footwear industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our footwear market reports include:
In order to provide you with a comprehensive view of the footwear industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
Develop a deeper understanding of the footwear market with Technavio’s comprehensive market research reports. We provide the latest information on key industry dynamics, including global and regional market forecasts, internal and external pressure points, the vendor landscape, and more.
Our in-depth knowledge of the footwear market is built on decades of experience and a global network of industry experts. We know the importance of having a strong foundation on which to base important decisions, and with over 500 analysts located around the world, we deliver actionable insights for every segment of the market.
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
Every Technavio report includes detailed segmentation insights, breaking down the market in terms of product type, geography, sales channels, and more. And if you’re looking for something a little more specific, our Custom Research Solutions can tailor any report to meet your unique needs.
We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
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