Footwear Market: Introduction
Transparency Market Research delivers key insights on the global footwear market. In terms of revenue, the global footwear market is estimated to expand at a CAGR of ~8% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global footwear market.
The global footwear market is broadly affected by several factors. Footwear has gained immense popularity in sportswear due to increasing sports activity, emphasis on performance, and advancements in technology, which are factors expected to boost the global footwear market during the forecast period.
Footwear Market: Key Segments
The global market for footwear has been segmented based on type, usage type, material type, price, end user, distribution channel, and region. Based on type, the market has been divided into sports shoes & bellies shoes, boots, sandals, and others, wherein, sports shoes & bellies shoes is projected to be a highly lucrative segment across the globe from 2018 to 2030, due to rising participation in sports. Additionally, bellies have become one of the trendiest casual wear footwear options, especially among youngsters. Worldwide growth in security, military, corporate, and institution sectors is likely to promote the expansion of the footwear market in terms of boots.
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Based on material type, the global market for footwear has been segregated into leather, textiles, and other synthetics. Textile is a major material in several types of athletic and non-athletic footwear. These are widely preferred by consumers, as they are found to be light, flexible, and durable and offer resistance against slippery surfaces. In terms of price, the global footwear market has been bifurcated into mass and premium. The end user segment of the market has been split into men, women, and kids. Men’s footwear segment is expected to witness dynamic growth during the forecast period.
Men have taken to changing styles often, and they prefer casual alternatives in terms of footwear such as colored footwear or more comfortable athletic footwear that can be worn, along with a suit. Based on distribution channel, the market has been divided into online and offline. Rapid advancements in the field of technology and the advent of high-speed Internet services such as 4G and 5G have contributed to the growth of the online segment of the footwear market. Furthermore, major manufacturers operating in this industry are opting to sell through online platforms due to the emergence of several eCommerce companies in order to attain a broader consumer base, as it helps them to promote their products with large discounts and offers to attract consumers.
Footwear Market: Prominent Regions
The global footwear market has been divided into North America (U.S., Canada, and Rest of North America), Europe (U.K., France, Germany, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa), and South America (Brazil and Rest of South America). In terms of revenue, Asia Pacific is a major market for the footwear industry, owing to the presence of a large customer base in emerging countries such as China, India, and Indonesia. Increasing demand for usage of athletic and non-athletic footwear in the region is driving the footwear market in the Asia Pacific region.
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