New York, NY, Aug. 23, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Footwear Market by Product (Athletic and Non-Athletic), by Material (Rubber, Leather and Plastic), by End-User (Men, Women and Kids) and by Distribution Channel (Online Sales, Supermarkets and Hypermarkets, Independent Retail Stores and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023”. According to the report, global footwear market was valued at approximately USD 246.07 billion in 2017 and is expected to generate revenue of around USD 320.44 billion by the end of 2023, growing at a CAGR of around 4.5% between 2017 and 2023.
Footwear refers to garments which are worn on the feet, which serves the purpose of protection. Human beings require protection for themselves from cold, dampness, dust, heat and roughness of ground while standing, walking or running. The history of the use of footwear by humankind can be traced back to the ice age about 5 million years ago. Earlier the left and right shoes were similar in shape i.e. they were straight in shape. The different right and left shoes were invented by a bootmaker, William Young from Philadelphia in 1800.
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Footwear is increasingly becoming an essential fashion accessory. The increasing demand for trendy and comfortable footwear among all age groups is the main factor responsible for the growth of the global footwear market. There is an increase in participation of people in sports activities, which also drives the market growth. The changing lifestyle and increasing awareness about health concerns have driven the demand for athletic shoes among non-sportspeople as well. This led to the increase in demand for footwear globally. Increasing variety of products, rising population, and increase in disposable income are some of the other drivers that contribute to the growth of the footwear market. However, the availability of counterfeit products which are developed by local manufacturers is expected to slightly restrain the growth of the global footwear market.
The product segment is bifurcated into athletic footwear and non-athletic footwear. Athletic footwear segment includes running and cross training shoes, soccer/football shoes, hiking shoes, and others. The non-athletic footwear segment is sub-segmented into casual footwear, military boots, and others. The non-athletic footwear is expected to dominate the market. In 2016, non-athletic segment accounted for approximately 51% of the total revenue of the market. Due to changing lifestyles, there is an increase in demand for athletic footwear among the non-sports people also.
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On the basis of material, the footwear market is divided into rubber, leather, plastic, and others. Rubber is the most used material in every type of footwear. Therefore, rubber is expected to be the dominating material segment of the global footwear market within the forecast period.
Based on the end user, the market is segmented into men, women, and kids. Women’s footwear is expected to remain a dynamic category with the presence of several brands, a huge increase in points of sale, and significant budgets for marketing and advertising campaigns.
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The footwear market based on distribution channel is divided into online sales, supermarkets and hypermarkets, independent retail stores and others. Online sales, supermarkets and hypermarkets and independent retail stores accounted for a large share of the global footwear market as consumers prefer to make purchases through these channels.
North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are the regional segments of the global footwear market. North America is anticipated to remain the leading region over the forecast period due to the rising awareness about the urge to stay fit and active. Europe is expected to show steady growth because of the rising popularity of the sports footwear among people. The Asia Pacific is expected to show the highest growth rate in forecast period because of the increase in adoption of western culture and rapid increases in disposable income. Latin America and Middle East & Africa are also expected to show a steady increase in demand for footwear market in the forecast period.
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Some of the key players in the global footwear market include Adidas AG, Nike Inc., New Balance Inc., Puma SE, Asics Corp., Bata Ltd., Skechers USA Inc., Deichmann SE, Jack Wolfskin, Columbia Sportwear Company. Major players are frequently engaged in innovating and conceptualizing new designs to keep the pace with the changing demand of consumers.
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This report segments the global footwear market as follows:
Global Footwear Market: Product Segment Analysis
- Athletic Footwear
- Running and Cross Training Shoes
- Soccer/Football Shoes
- Hiking Shoes
- Others
- Non-Athletic Footwear
- Casual Footwear
- Military Boots
- Others
Global Footwear Market: Material Segment Analysis
- Rubber
- Leather
- Plastic
- Others
Global Footwear Market: End-User Segment Analysis
- Men
- Women
- Kids
Global Footwear Market: Distribution Channel Segment Analysis
- Online Sales
- Supermarkets and Hypermarkets
- Independent Retail Stores
- Others
Global Footwear Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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