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Increase in Sporting Activities Stimulates High Demand in Footwear Market

Consumer Goods |

According to the research report by the Transparency Market Research, the global footwear market is set to grow at a substantial growth rate i.e. 8% over the forecast period of 2020 to 2030. It also predicts that the global footwear market will expand to reach the evaluation of US$ 1.7 trillion by the end of the forecast period i.e. 2030. Rise in the sporting activities that results in increased purchases of sportswear, including sporting shoes as well as technological advancements are two of the strongest motivators for the global footwear market.

Types of products offered by the major players in the global footwear market include sports shoes, boots, bellies shoes, and sandals, among others. The products in the global footwear market can also be segmented based on their usage in two sub-segments, namely, athletic and non-athletic. Rising demand for athletic shoes, both from professional players as well as non-athletic people owing to increase in the sporting activities is anticipated to favor the development of the global footwear market in coming years.

Sustainability in Manufacturing and Materials Favors the Growth in Footwear Market

Sustainability has currently become a significant new motivator in purchasing decisions among consumers. This has led to usage of recyclable materials and sustainable energy sources across industry verticals. The global footwear market is no exception to that. Rising consumer demand for sustainable materials and production has led to players developing newer and eco-friendly products in the global footwear market.

Sustainability is manufacturing has resulted in lowering of environmental footprint and further stimulated the demand in global footwear market. Types of materials used for production of the products in the global footwear market include textiles, leathers, and other synthetics. However, in recent times, more and more manufacturers and players in the global footwear market are using new and recyclable as well as sustainable materials for production of their products.

Segments in the global footwear market according to price point include premium and mass. Major end users for the products in the global footwear market are men, kids, and women. Distribution channels for the products in the global footwear market include online distribution channels and offline distribution channels. Key regions assessed in the business intelligence report on the global footwear market include Europe, Middle East and Africa, North America, Asia Pacific, and South America.

Players in Footwear Market Focused on Providing Cost Effective and Innovative Products

Few of the most prominent players evaluated in the research report on the global footwear market include Adidas AG, BOSS Gloves, FILA Luxemburg, New Balance, Inc., PUME SE, Bata Corporation, Converse, S.A.R.L., Crocs, Inc., Nike, Inc., and Sketchers USA Inc., among others. Several leading players in the global footwear market are engaged in product innovation activities in a bid to manufacture cost effective footwear products that can capture a larger consumer base. Certain players in the industry are also engaging in product innovation and new product launches to come up with next gen and aesthetically powerful products.

For example, Adidas is focused on utilizing recycled polyester materials in all of their products. They can developed their first ever completely recyclable running shoe known as ‘Futurecraft Loop’. Adidas is planning to launch the product in global footwear market in 2021. Certain players in the global footwear market are also engaging in inorganic growth strategies such as mergers, partnerships, and joint ventures. For instance, the New Balance, Inc. partnered up with a professional Japanese football club, FC Tokyo.

Additionally, emergence and increasing popularity of new age internet first footwear brands may pose a challenge and intensify the competition for massive and leading players in the global footwear market in coming years. These online first footwear companies include the United States based start-ups such as Allbirds, Koio, Tamara Mellon, etc. Consumers in the industry are responding favorably to these new and novel online brands, intensifying the competition in global footwear market.

Global Footwear Market: Segmentation

Footwear Market, by Type

  • Sports Shoes & Bellies Shoes
  • Boots
  • Sandals
  • Others

Footwear Market, by Usage Type

  • Athletic
    • Running & Cross Training/Tennis Shoe
    • Soccer/Football Shoe
    • Golf Shoe
    • Basketball Shoe
    • Hiking Shoe
    • Baseball Shoe
    • Others
  • Non-athletic
    • Casual Shoes
    • Dress Evening
    • Military Boots
    • Lite Hiking Outdoor Sandal
    • Formals
    • Others

Footwear Market, by Material Type

  • Leather
  • Textiles
  • Other Synthetics

Footwear Market, by Price

  • Mass
  • Premium

Footwear Market, by End User

  • Men
  • Women
  • Kids

Footwear Market, by Distribution Channel

  • Online
    • Company Website
    • eCommerce Website
  • Offline
    • Hypermarket & Supermarket
    • Specialty Stores
    • Departmental Stores
    • Others

Footwear Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Rest of Europe
  • Asia Pacific (APAC)
    • Japan
    • China
    • India
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

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