Global footwear market is forecast to witness a higher CAGR over the upcoming years, owing to the growing demand for superior footwear.

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Key Drivers and Emerging Trends

The footwear market possesses promising growth potential and is expected to show signs of improvement in the next few years, driven by factors like growing health awareness, rising disposable income, and a drastic increase in the fashion consciousness among individuals. Moreover, with the rising incidences of lifestyle-related health problems, such as obesity and stress, the inclination towards sports and fitness activities has experienced a remarkable increase, which is projected to propel the demand for comfortable footwear. Thus, the increasing demand for sports focused footwear along with the increasing investment by government and leading organizations to encourage the participation in sports leagues will drive the footwear market size. The growing emphasis of manufacturers on developing unique designs with improved comfort is forecast to offer enormous growth opportunities to the market. Accelerating penetration of e-commerce platforms, such as Amazon and Alibaba, has helped consumers to choose from a variety of footwear available online.

Moreover, emerging trend of sustainable footwear has encouraged the use of environment friendly materials in the footwear brands, which has propelled the market growth. According to the U.S. Department of the Interior, nearly 20 billion pairs of footwear were produced annually, and approximately 300 million end up in landfills, with most of them incorporating non-biodegradable materials. Leading companies in the market are focusing on partnerships and mergers to introduce innovative products and address the changing needs of customers to maintain their competitiveness in the market. For example, In December 2021, Crocs, Inc. entered into a deal to acquire privately-held casual footwear company HEY DUDE for USD 2.5 billion. HEY DUDE will operate as a separate division after the transaction is completed.

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Type Segment Analysis

Athletic footwear is estimated to hold a larger share over the forecast period. The growth is primarily attributed to the increasing inclination of individuals towards physical activities such as cycling, running, and gymming. The comfort, superior cushioning, better protection to the users and flexibility, offered by the athletic footwear on outdoor platforms such as roads and trails has augmented their adoption among athletes, driving the segment’s growth. Moreover, the growing emphasis of leading companies on incorporating various features in the design of the athletic footwear to improve the look and comfort level is forecast to offer enormous opportunities to the market. For example, in 2018, Nike developed zoom X foam that deploys modern technology of the carbon fibre plate that improves the running efficiency of the athletes. The development of sports infrastructure facilities has bolstered the demand of sports shoes by the athletes, which has driven the segment’s growth. For instance, in February 2020, Savvy group developed a world-class sports club to conduct sports practice and sports events in Ahmedabad.

End-User Segment Analysis

Women’s segment is estimated to witness a promising growth over the upcoming years, owing to the changing fashion trends. Moreover, rising working women population, increasing disposable income, and growing expenditure on luxuries goods, especially in Asia-Pacific region, are some major factors driving the women’s footwear market. The standard features in women footwear such as comfort, style, basic functionality, and durability have bolstered their demand which will further expand the segment’s growth. Moreover, companies have launched a latest range of women’s footwear with added benefits such as soft sensors to monitor injuries and diabetes, propelling the market growth. For example, Veja footwear company in collaboration with Bhaane, a multi-brand store designed women’s V-10 sneaker series to enter into Indian Market.

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Regional – Segment Analysis:

Asia Pacific is predicted to lead the market with the highest CAGR over the forecast period, owing to the increasing rural to urban migration and rising drift towards western lifestyle. The availability of cost efficient land resources and raw materials required for the production of footwears has inclined leading footwear manufactures towards the Asia Pacific region, driving the market growth. Moreover, the intensified investments attributed to the sports infrastructure facilities in countries such as China, India, Japan, etc. has strengthened the regional size. For example, as per the United Nations UNCTAD, China decided to invest USD 10 billion for the development of entertainment, real estate, and sports in Asia. As per the Ministry of Commerce & Industry, the Indian Government, in 2019, the import of sports goods has increased to USD 332.06 million from 292.05 million in 2018.

On the other hand, the North American Region is predicted to hold a prominent share over the upcoming years. The region is home to several multi-national footwear brands which will stimulate the regional growth. Moreover, increasing investment in the footwear industry to provide high-quality shoes on time and fulfil the increasing demand for stylish and comfortable footwear among consumers are projected to expand the regional growth.

Various notable players operating in the market include Nike, Inc., PUMA, Adidas America Inc., Geox S.p.A, Timberland, Skechers USA Incorporation, Ecco Sko A/S, Crocs Retail, Inc., Under Armour Inc., and Wolverine World Wide, Inc., among others.

Key Developments:

• • In 2021, PUMA declared the approval of Chelsea and Italy midfield maestro Jorginho. PUMA’s signing is a great move, as Jorginho was launched as the new faces of PUMA’s FUTURE Z line-up.
  • In 2021, Under Armour collaborated with the Baltimore Ravens to offer an allowance to Maryland Public Secondary Schools Athletics Association member schools to develop a flag football program for high school girls.
  • In 2021, Puma SE established its largest store in north India in Gurgaon. The Gurgaon’s CyberHub retail destination is extended over about 7,000 sq ft and is a “digitally-driven experiential store” with digital touchpoints to tempt digitally savvy customers who are increasingly shopping online.
  • In 2021, Nike developed ‘Rawdacious colourway palette’ which is a combination of white as a primary, with elements of the total orange, pink blast, and bright crimson, for its new variety of athletic footwear, which include Invincible Run, Pegasus 38, Air Zoom Superfly Elite 2, ZoomX Vaporfly NEXT%2, and Air Zoom Alphafly NEXT%, among others.
  • In 2021, Nike developed the Nike App, which is the company’s fastest-growing platform, in the Southeast Asian countries of the Philippines, Singapore, Thailand, Malaysia, Taiwan, and India. The advent of the Nike App is a  crucial move for the expansion of Nike’s digital ecosystem in Southeast Asia and India, and the company has decided to establish a strong online presence in these developing economies.
  • In 2020, Skechers Collaborated with Goodyear Tire & Rubber Company to build a new technology in order to provide Skechers outsoles with increased stability and durability to consumers.
  • In 2019, Sketchers USA Corp. launched the Sketchers Kids brand for basketball footwear collection in United States. The company launched Shaq by Skechers collection for kids especially for basketball court in US.

The global Footwear market has been segmented based on type, end user, and regions. Based on type, the market is segmented Athletic and Non-Athletic. Based on the end user, the market is segmented Men, Women and Children.

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Key questions answered in this research report:

• • At what pace is the global footwear market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global footwear market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global footwear market?
  • What are the various end users of the global footwear market and how they are poised to grow?
  • Which Type generated maximum revenues in 2019 and identify the most promising Type during the forecast period?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By End User, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Nike, Inc., PUMA, Adidas America Inc., Geox S.p.A, Timberland, Skechers USA Incorporation, Ecco Sko A/S, Crocs Retail, Inc., Under Armour Inc., Wolverine World Wide, Inc., among others; A total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Footwear Market by Type

• • Athletic
  • Non-Athletic

Global Footwear Market by End User

• • Men
  • Women
  • Children

Global Footwear Market by Region

• • North America Footwear Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By End User
    • US Market All-Up
    • Canada Market All-Up
  • Europe Footwear Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By End User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Footwear Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By End User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Footwear Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By End User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Footwear (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Nike, Inc.
  • PUMA
  • Adidas America, Inc.
  • Geox S.p.A
  • Timberland
  • Skechers USA Incorporation
  • Ecco Sko A/S
  • Crocs Retail, Inc.
  • Under Armour Inc.
  • Wolverine World Wide, Inc.