Footwear Market Revenue to Reach USD 1.09 trillion by 2031 | Transparency Market Research, Inc.
Wilmington, Delaware, United States, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The footwear industry was valued at US$ 859 billion in 2021. A CAGR of 7.8% is anticipated from 2022 to 2031, with a value of US$ 1.09 trillion by the end of that year. Digital fashion experiences can be transformed through AI, web3, games, and metaverse technologies.
Wearable technology provides consumers with new opportunities to interact and engage with footwear. Designing digital shoe experiences for consumers that encourage them to share meaningful stories and experiences with their communities.
Creating immersive digital fashion experiences through AI and metaverse technologies is possible for fashion brands. With the introduction of smart technology into footwear, wearable technology companies can collaborate with fashion brands. Digital footwear and wearable technology can be incorporated into gaming experiences through partnerships with fashion brands.
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Key Findings of the Market Report
- The athletic segment is anticipated to grow at the fastest rate over the forecast period.
- A rapid expansion of e-commerce in key regions worldwide is expected to increase the share of the online segment during the forecast period.
- Globally, the Asia Pacific region is expected to hold the majority share of the footwear market.
- The long life span of synthetic materials makes them a popular choice in the footwear market.
- Low-priced footwear with enhanced durability and comfort is expected to grow in the coming years.
- The growing desire for footwear in the market will likely drive demand for footwear sales among women.
Global Footwear Market: Growth Drivers
- Footwear that is environmentally friendly and sustainable has seen a growing demand. Due to an increasing awareness of the environmental impact of their purchases, customers are increasingly looking for shoes made with recycled materials and organic fabrics. Technology is incorporated into footwear designs, such as smart shoes that track fitness, regulate temperature, and offer other functions. Overall functionality and user experience were enhanced with this trend.
- Companies began exploring customization options, offering customers the option to customize their shoe styles, colors, and fits. Unique and individualized products have become increasingly popular. As consumers sought comfortable and versatile shoes that could be worn athletically and casually, the athleisure trend continued influencing the footwear market.
- With the advent of e-commerce platforms, footwear brands have been able to sell directly to consumers through direct-to-consumer business models. To achieve this, companies bypassed traditional retail channels and were able to build a more personal relationship with their customers. Various footwear brands have collaborated with designers, celebrities, and other brands.
- The launch of limited-edition projects and partnerships contributed to the creation of buzz and generating interest among consumers. Several innovative materials were used in the industry, such as 3D-printed soles, recycled plastics, and biodegradable materials. In recent years, sustainability has become more widely accepted, which aligns with this trend.
Global Footwear Market: Regional Landscape
- Global footwear sales are expected to grow significantly in the Asia Pacific region in the years ahead. In Asia-Pacific, China holds the largest share of the footwear market, followed by India. As well as the leading footwear exporter in the region, China is also a major manufacturer of footwear.
- India and China offer attractive potential market opportunities due to rising disposable incomes and health awareness. India, Indonesia, and other countries in the region are experiencing a growing middle-class population. This contributes to the growth of footwear markets.
- Because of the growth of e-commerce in the Asia Pacific region, the footwear market has experienced a significant boost. By allowing consumers to compare prices and find a wide range of footwear options online, the market has grown, and sales have increased.
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Global Footwear Market: Key Players
Many local and regional players are active in the footwear industry. Key players invest primarily in research and development (R&D) to expand their product portfolios. The company also adopts several marketing strategies to increase its market share, such as mergers and acquisitions, partnerships, and collaborations.
- Adidas AG
- ASICS Corporation
- Bata Corporation
- Burberry Limited
- Coach New York
- Deckers Outdoor Corporation
- FILA Luxembourg S.a.r.l.
- Kering
- New Balance Athletics Inc.
- Nike Inc.
- Puma SE
- Skechers USA Inc.
- Under Armour Inc.
- VF Corporation
- Wolverine World Wide Inc.
Key Developments
- In December 2023, Brune & Bareskin launched its latest lightweight men's footwear collection, designed to elevate style and provide unrivaled comfort. A versatile addition to any wardrobe, these exquisite shoes easily combine sophisticated styles.
- In December 2023, Futureverse is expected to collaborate with Reebok to launch Reebok Impact in 2024, a leader in artificial intelligence and metaverse technologies. This digital shoe experience allows people to experience artificial intelligence and digital wearables, and is designed for people who want to participate, learn, and be involved.
Global Footwear Market: Segmentation
By Product Type
- Shoes
- Boots
- Sandals
- Sneakers
- Slip-ons
- Others
By Usage
- Athletic
- Running
- Football
- Basketball
- Tennis
- Golf
- Others
- Non-athletic
- Casual
- Formal
By Material
- Rubber
- Leather
- Synthetic
- Others
By Pricing
- Low (Up to US$ 200)
- Medium (US$ 201-US$ 500)
- High (Above US$ 500)
By End User
- Men
- Women
- Kids
By Distribution Channel
- Online
- Company-owned Websites
- E-commerce Sites
- Offline
- Hypermarkets & Supermarkets
- Specialty Stores
- Departmental Stores
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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