The global Footwear Market Size was valued at $365.5 billion in 2020 and is estimated to reach $530.3 billion by 2027 with a CAGR of 5.5% from 2020 to 2027.
Footwear is used for covering and protecting the foot from ground textures, temperatures, and from gravel roads. Footwear is made up of different materials such as leather, plastic, rubber, and fabric. Among these, leather is one of the prominent materials used for fabricating footwear. Major players, such as Nike, use eco-friendly raw materials, including recycled car tires, recycled carpet padding, organic cotton, and vegetable-dyed leathers for producing footwear.
Global “Footwear Market” Research Report 2021-2027 is a historical overview and in-depth study on the current future market of the Footwear industry. The report represents a basic overview of the Footwear market share, competitor segment with a basic introduction of key vendors, top regions, product types, and end industries. This report gives a historical overview of the medical footwear trends, growth, revenue, capacity, cost structure, and key driver’s analysis. The report further investigates and assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the Footwear market.
The potential of ecommerce platforms is high in developing economies of Brazil and Colombia. The large consumer base and influence of celebrity culture can work in favor of the market. But lack of proper infrastructure and slow internet speeds can dampen the market growth.
VF Corporation, New Balance Athletics, Inc., ECCO Sko A/S, Skechers USA, Incorporation, The Columbia Sportswear Company, Wolverine Worldwide, Inc., Adidas AG, Nike Corporation, AeroGroup, Kering S.A., Deichmann SE, Asics Corporation, Geox S.p.A, Crocs Retail, Inc., and Under Armour Inc. are key players of the global Footwear Market.
The global Footwear Market Analysis has been analyzed for four key regions—North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW).
APAC is expected to dominate the market due to improved standards of living among the masses and increased purchasing power. Change in economic policies in China are likely to trigger the demand in footwear for children.
Europe is expected to display a stable growth rate over the forecast period. The rise of online shopping and growing social media awareness can foster growth in the global Footwear Market . Sales of athleisure are likely to drive the demand for sports footwear and bolster the demand in the global market.
In RoW, the Middle East can capture a major share of the market. On the other hand, Latin American countries can generate significant revenue due to the influence of sports and worship of celebrity culture. Venezuela, Brazil, and Colombia can contribute to the market as well.
The global Footwear Market has been segmented by product type, category, end user, and distribution channel.
The global Footwear Market has been classified, based on product type, into sports footwear, formal footwear, and casual footwear. Casual footwear is expected to rake in a massive share of the market owing to preference of sneakers among the public. The various designs and use of polymers have made it convenient and easy to wash and thus driving the sales in the global Footwear Market .
The global Footwear Market has been bifurcated, by category, into open footwear and closed footwear.
The global Footwear Market is segmented by end user into men and women.
The global Footwear Market has been classified, based on distribution channel, as store-based and non-store based. Store-based distribution channel has been further segmented into supermarkets and hypermarkets, specialty stores, and others.
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