Press release
Footwear Market to Discern Steadfast Expansion During 2024 - 2031 | Nike Inc., Under Armor Inc., Skechers USA Inc.
Footwear Market
Global footwear market size is expected to reach US$ 475.08 Bn by 2031, from US$ 364.81 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 4.5% during the forecast period.
Market Dynamics:
The global footwear market is expected to witness significant growth over the forecast period. This is attributed to rising disposable incomes of consumers which has increased their spending capacity on non-essential items like branded footwear. Further, changing fashion trends where footwear is viewed as a style statement rather than just utilitarian products has boosted the demand. Additionally, increasing health awareness among consumers has augmented the sales of sports and athleisure shoes. Growing young population inclined towards modern lifestyle has also fueled the market growth.
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Market Driver: Increasing Online Shopping for Footwear is Driving the Growth of Footwear Market
As people are becoming more comfortable with ordering various products online including clothing and accessories, online shopping for footwear is also gaining popularity. The ease of choosing from a wide range of designs and brands sitting in the comfort of one's home and getting the products delivered right at the doorstep within a few days is prompting more customers to shop footwear online. Leading footwear brands are also focusing on strengthening their online presence and ensuring smooth shopping experience for customers on their websites and mobile apps. This is helping them increase their customer reach beyond physical stores. The growing penetration of internet and rise in usage of smartphones is further supporting the growth of online shopping for footwear. Customers can easily compare prices and specifications of various footwear products online before making the purchase. This driver is expected to significantly contribute to the increasing sales and demand in the footwear market.
Market Opportunity: Personalization and Customization in Footwear Production is Opening New Growth Avenues
With the trend of customers preferring unique and customized products across various consumer categories, there is a potential opportunity in personalization and customization offerings in the footwear segment as well. Some brands have started providing platforms where customers can design and customize colors, designs, material choices and other elements of shoes as per their individual preferences and tastes. Customers are now willing to pay extra for exclusive shoes made exactly according to their requirements. This service is attracting many young customers and brand loyalists. Some smaller specialty stores are also focusing on personalization services for addressing customers looking for unique footwear pieces. The opportunity lies in leveraging advanced production technologies to mass produce highly customized designs with reduced turnaround times and costs. It can help brands develop stronger customer relationships, acquire new consumers and also take business away from non-personalized competitors. Established brands need to explore this customized production opportunity to stay ahead of the changing preferences while smaller new brands and retailers can leverage it for business growth.
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Top Companies Featured in This Report:
★ Nike Inc.
★ Under Armor Inc.
★ Skechers USA Inc.
★ Under Armour Inc.
★ Puma AG
★ Crocs Inc.
★ Geox SpA
★ Wolverine Worldwide Inc.
★ Adidas AG
★ Timberland
Market Segmentation:
By Product Type:
★ By Category: Athletic Footwear, Sports, Hiking Shoes, Backpacking Boots, and Non Athletic Footwear
★ By Consumer Group: Men, Women, and Kids
★ By Retail Distribution: Store Based and Non Store
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Inquiries Addressed in this Report include:
📈 What was the size of the Footwear Market in 2024, and what is the projected value by 2031?
📈 What is the present global market landscape for the Footwear Market?
📈 What strategies offer optimal opportunities for growth maximization in the business?
📈 What recent trends are shaping the Footwear Market?
📈 How does the market share of Footwear Market revenue, sales, and size vary across specific geographical regions?
📈 Who are the prominent industry players in the Footwear Market?
📈 Which segment of the Footwear Market is experiencing heightened demand?
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Footwear sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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