The footwear market is expected to grow by USD 42.06 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global footwear market 2020-2024 (Graphic: Business Wire)
There is an increase in the demand for exclusive designer collections because consumers are willing to purchase limited edition designer footwear collections at premium prices. These premium products are made from high-quality materials including leather, textiles, and synthetics with impressive aesthetics. Footwear manufacturers launch these footwear products under exclusive designer labels in various fashion shows, trade exhibitions, and trade fairs. They offer a wide range of boots and sandals not only for daily and office wear but also for parties and festive occasions. The launch of such exclusive designer collections will boost the growth of the footwear market during the forecast period.
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As per Technavio, the emergence of smart shoes will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Footwear Market: Emergence of Smart Shoes
Growing concerns about fitness and rising health consciousness are encouraging people to participate in sports and engage in fitness activities. This is driving the demand for smart shoes incorporated with advanced technology and software. These shoes not only help in tracking the activity and performance statistics of on-field players and athletes but also allows coaches or mentors to plan different fitness exercises and regimes for them. Smart shoes are gaining prominence among physically challenged people and the geriatric population as well because they can efficiently track movement and alert users about obstacles on the way. With the increasing use of smart shoes, the market for footwear is expected to showcase a positive outlook during the forecast period.
“Factors such as the rising demand for footwear made from organic leather and increasing popularity of customized footwear will have a positive impact on the growth of the footwear market during the forecast period,” says a senior analyst at Technavio.
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Footwear Market: Segmentation Analysis
This market research report segments the footwear market by product (non-athletic footwear and athletic footwear), end-user (women, men and children), distribution channel (offline and online), and geography (APAC, Europe, MEA, North America and South America).
The APAC region led the footwear market in 2019, followed by North America, Europe, South America and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rising disposable incomes of people, increasing preference for premium footwear and growing health consciousness among people in the region.
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Some of the key topics covered in the report include:
- Non-athletic footwear
- Athletic footwear
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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