Formal Shoes Market Growth Opportunities Analysis 2018-2023 | C. & J. Clark, The Aldo Group Inc., ECCO Sko A/S, Steve Madden, Hush Puppies, Kenneth Cole Production, Inc.

Formal shoes segment caters a significant share of the global shoes market. The formal shoes industry includes shoes for business and formal occasion for both men and women. These shoes are of many types and are generally made from leather or synthetic leather. The types of leather used can be of various types such as patent, long and short grain, suede, and others. Authentic formal shoes are comparatively costlier from the casual types as they are made up of finished leather and designed for a polished look. . Rising commercialization & globalization of businesses and demand for branded footwear in lieu of increasing disposable income, has resulted in the market growth of formal shoes industry. Also, better finish, unique designs, and increased durability of formal shoes is having a positive impact on the market.

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Top 10 Key Players:

C. & J. Clark
Alberto Torresi
Cole Haan LLC
The Aldo Group Inc.
ECCO Sko A/S
Bata Limited
Hush Puppies
Steve Madden
Kenneth Cole Production, Inc.
Roush

Industry Segments:

The global formal shoes market has been segmented based on type, end-user, distribution channel, and region.

By type the market is segmented into ballerina, mules, oxfords, brogues, derbys, boots, and others

By end-user the market is segmented into men and woman.

The global formal shoes market has been classified on the basis of distribution channel into store-based and non-store-based.

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Geographical Overview:

The global footwear market in North America is expected to remain dominant throughout the forecast period. Presence of major market players and higher awareness of products and high purchasing capacity in the region is expected to keep the market afloat in the region. Asia Pacific is expected to grow at the fastest rate during the forecast period. Increasing internet penetration leading to higher awareness of products and increasing disposable income among population is propelling the market of formal shoe in the region China is expected to dominate the Asia Pacific market due to large population size with medium to high disposable income.

Growing access to global brands and convenience of buying is propelling the market of formal shoes. The rising demand is attributed to formal footwear improved comfort, multi-purpose use, and innovative designs to cater changing fashion trends.

The North American market for formal shoes is expected to grow substantially during the assessment period. Increasing penetration of e-commerce along with increasing presence of many major formal shoes brands in the region has gained momentum in the past decade and has made the region a dominant market share holder in the formal shoes market. The presence of major market players and technological advancements in shoes design is expected to keep the market dominant throughout the forecast period.

Asia Pacific is expected to be the fastest growing market for formal footwear due to growing growing disposable income and brand awareness among consumers in the region. Also, globalization and workforce expansion are expected to propel the market with the highest growth rate.

Europe is expected to witness moderate growth in the global footwear market during the forecast period. Technological innovation in shoes design and increasing number of brands will continue to drive the growth of footwear’s in Europe. As the economy in the region improves, countries of Western Europe especially Italy, France and Germany due to their changing fashion trends, present vivid opportunities for the footwear market in the region.

Rest of the World consist of regions namely, South America, Middle East, and Africa. The market of formal shoes is expected to grow at a great pace in South America and Middle East due to expansion of shoes manufacturing outlets, increasing penetration by global brands. The market in the Middle East will catch-up with the rapid influence of Western culture in the region and increasing expat population. Moreover, economically stable African countries such as South Africa are expected to have some demand of the formal shoes with increasing commercial spaces.

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