Footwear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Footwear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global footwear market is projected to witness a CAGR of 3.54% during the forecast period (2020-2025).

Key Highlights

• The rising demand for fashionable, trendy, yet comfortable footwear across age groups is a key factor driving the global footwear industry. The rise in the growth of sports-focused footwear, such as football, cricket, basketball, and golf, coupled with exponential investment by governments and global organizations to promote sports leagues and participation, has been a key driver for the market. Asian countries, such as China and India, are the major exporters of leather footwear across developed countries.
• Counterfeits are probably the biggest challenge faced by the footwear market, globally. These duplicates often seem to be as good as their doppelganger on initial inspection, but they are not made with similar kind of quality checks adopted by global players. Thus, they hamper distribution channels and lead to a negative impact on the entire market.
• The rising demand for fashionable, trendy, yet comfortable footwear across age groups is a key factor driving the global footwear industry. This is observed among all age groups, particularly among the millennials and Generation Z. The proliferation of smartphones, e-commerce, and mobile Internet connectivity is also propelling the retail sales of footwear all across the world.

Key Market TrendsPotential Increase in Demand for the Athletic Footwear Segment

Growing enthusiasm and awareness regarding the health benefits of sports and fitness activities, flourishing retail e-commerce sector worldwide, and rising levels of disposable income of consumers are the key factors facilitating segment growth. Rising health concerns because of a sedentary lifestyle and the resultant problems caused by it are benefitting athletic footwear demand. This influences people to actively take part in both indoor and outdoor physical activities. Major global sporting events held periodically, like the Olympics, Commonwealth Games, Asian Games, Cricket World Cup, Super Bowl, and FIFA World Cup, also boost the demand from both the athletes and their numerous fans. Prominent players in the market, such as Nike Inc., Adidas AG, Skechers USA Inc., and New Balance Athletics Inc., are focusing on developing innovative technologies to increase the stability of sports shoes and make them comfortable. The same can be depicted from the yearly sales values of leading sports/athletic footwear companies across the world. The footwear market has seen a steep rise in the demand for athletic footwear emerging from the lifestyle users, owing to the growing health consciousness.

Asian Subcontinent Leading the Market

China and India alone account for nearly one-third of the global population and this ensures that the Asia-Pacific is the largest footwear market in the world. Both countries are likely to maintain their lead as combined they comprise almost 40% of the entire global footwear market. This can be attributed to several factors, like rapid urbanization and a preference to adopt a western lifestyle and/or brands, especially in the middle class and rich society. North America is the second-largest global footwear market with a particular skew toward athletic and sports shoes. The region is also home to many multi-national sports equipment companies that are often at the forefront of innovation. It can be reasonably predicted that they will lead the world in developing new footwear, which fulfils both the penchant for design and also a preference for superior quality.

Competitive Landscape

The key players/brands in the global footwear market are Nike Inc., Adidas AG, Reebok, Puma, Skechers USA, Geox, Under Armour Inc., Timberland, ECCO Sko AS, Timberland, New Balance, BATA, Deichmann SE, The Aldo Group, Jack Wolfskin, Polartec, Columbia Sportswear, and Asics Corp. The market participants focus more on product differentiation and product development to gain a competitive advantage. For instance, in 2016, Lotto Sport Italia SpA released EVERIDE II made with polymer compound of a particular density.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Nike Inc.
Adidas AG
New Balance Inc.
Asics
Kering SA
Skechers USA Inc.
Fila
BATA Limited
VF Corporation

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