Footwear Industry is Increasing Demand for Formal Shoes to Major Growth by 2024

The global footwear market registered a substantial growth in terms of product innovations and technological advancements. The global footwear market size is estimated to reach USD 223.2 Billion by the end of 2024 and record a CAGR of 5.7%. Youngsters are increasingly inclined toward participating in sports and other outdoor activities which is expected to increase the demand for sports footwear during the forecast period. Moreover, consumers are also concerned about using appropriate shoes while participating in different sports activities to prevent injuries and improve their performance. Apart from that, the rising number of working professionals in the developing economies is expected to further propel the demand for formal shoes which in turn is expected to accelerate the growth of the global footwear market at a high pace.

The global Footwear Industry has been segmented on the basis of product type, category, end user, distribution channel, and region.

Based on product type, the global footwear market has been segmented into formal footwear, casual footwear, and sports footwear. The casual footwear segment accounted for the major market share in 2018 and it is expected to retain its dominance during the forecast period. The demand for casual footwear has increased owing to its usage on a regular basis by the consumers.

The market for global footwear has been bifurcated, on the basis of category, into open footwear and closed footwear. The closed footwear segment is expected to account for the maximum market proportion of the global footwear market and is projected to register the higher growth rate during the forecast period. The open footwear segment is projected to exhibit moderate growth during the forecast period.

Based on end user, the global footwear market has been bifurcated into men and women. The women segment is estimated to account for the larger market share of the global footwear market. Several varieties of footwear are available for women in the market and this is the major factor for the growth of the women footwear segment during the forecast period.

Based on distribution channel, the global footwear market has been segmented into store-based and non-store-based channels. The store-based distribution channel is estimated to account for a significant market share both in developed and developing economies. The store-based segment has been further segmented into supermarkets and hypermarkets, specialty stores, and others.  The specialty stores sub-segment is projected to witness high growth as compared to the other sub-segments. Major manufacturers of footwear are emphasizing the need to set up separate stores which cater to only the footwear products. Moreover, premium shoes are widely available in the specialty stores of key manufacturers which is expected to increase the demand for specialty stores. However, the non-store-based segment is projected to expand at a high pace in the years to come due to the rise of e-commerce giants.

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Key Players

Some of the key players in the global footwear market are Nike Corporation (US), Adidas AG (Germany), VF Corporation (US), Crocs Retail, Inc. (US), ECCO Sko A/S (Denmark), Wolverine World Wide, Inc. (US), Under Armour Inc. (US), New Balance Athletics, Inc. (US), Asics Corporation (Japan), Deichmann SE (Germany), AeroGroup (Canada), Kering S.A. (Japan), Geox S.p.A (Italy), Skechers USA, Incorporation (US), and The Columbia Sportswear Company (US).