Press release
Footwear Market 2022 Global Industry Growth and Key Manufacturers, Top Countries Data, Analysis Report 2030
The global footwear market is expected to expand at a CAGR of 8% during the forecast period of 2020 to 2030. Thus, it is estimated to gain a valuation of US$ 1.7 Trn by 2030. This market growth can be ascribed to several important factors including notable increase in purchase of footwear owing to increased sports activities across major parts of the globe.An assessment by Transparency Market Research (TMR) provides in-depth analysis of factors influencing the global footwear market growth. Thus, this document delivers comprehensive study of key regions, growth drivers, challenges, restraints, and competition analysis of the market for footwear.
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The TMR study performs segmentation of the global footwear market based on many important parameters such as type, usage type, material type, price, end user, distribution channel, and region. In terms of type, the market is classified into many parts such as boots, sports shoes & bellies shoes, sandals, and others. Based on end user, the market is segmented into men, women, and kids. On the basis of distribution channel, the footwear market is divided into online and offline.
Footwear are manufactured using different materials such as textiles, leather, and other synthetics. These products are available in different price ranges including premium and mass. Major consumers today are growing focus on purchasing sustainable products owing to increase in concerns on carbon footprints. Hence, manufacturers in the footwear industry are developing products using sustainable energy sources as well as recyclable materials. Moreover, several players in the global footwear market are experiencing high demand for innovative and eco-friendly products. These factors are fueling sales growth in the market.
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Some of the important regions supporting the expansion of the global footwear market include North America, Europe, Asia Pacific, South America, and Middle East and Africa. Of them, Asia Pacific is one of the lucrative regions in the footwear market due to presence of many well-entrenched companies as well as huge customer base. Moreover, improving spending power of the regional populace is estimated to fuel the Asia Pacific footwear market in the years to come.
Increased prevalence of coronavirus across the globe has compelled populace from across the globe to adopt and maintain healthy and active lifestyle. Thus, there is significant growth in gym activities, which in turn, is boosting the demand for gym footwear.
Due to presence of many well-entrenched companies, the nature of the global footwear market seems to be fragmented. Moreover, this also makes the competition level in the market highly intense. Hence, players are using different strategies such as mergers, acquisitions, and joint ventures in order to maintain their leading market position. For instance, several market players are partnering with other companies in order to expand their production capabilities as well as the development of innovative products.
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Many enterprises in the footwear industry are increasing R&D activities in order to create next-gen products. Furthermore, they are also focused on providing cost-efficient and high-quality products in order to increase their customer base. Such initiatives are expected to create revenue-generation opportunities in the global footwear industry in the upcoming years.
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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