Portland, OR, Nov. 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global luxury footwear market was estimated at $25.54 billion in 2020 and is expected to hit $39.98 billion by 2030, registering a CAGR of 4.7% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in online retail of luxury footwear and rise in demand for fancy yet comfortable footwear fuel the growth of the global luxury footwear market. On the other hand, high taxation and import duties on luxury goods and emergence of counterfeit products restrain the growth to some extent. However, surge in the trend of social media marketing is anticipated to create lucrative opportunities in the industry.
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COVID-19 scenario-
• The huge disruption of the supply chain and shutdown of production units hampered the growth of the global luxury footwear market, especially during the initial phase.
• However, as the situation is getting better across the world, the global luxury footwear market is anticipated to get back on track soon.
The global luxury footwear market is analyzed across product type, end use, distribution channel, and region.
Based on product type, the formal shoes segment accounted for nearly three-fifths of the total market share in 2020, and is projected to rule the roost by the end of 2030. The same segment would also cite the fastest CAGR of 4.9% throughout the forecast period.
Based on end use, the women segment contributed to nearly half of the total market revenue in 2020, and is expected to lead the trail by 2030. The children segment, on the other hand, would grow at the fastest CAGR of 5.9% from 2021 to 2030.
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Based on geography, Europe held the major share in 2020, garnering more than one-third of the global market. The market across Asia-Pacific would cite the fastest CAGR of 6.8% by 2030. The other two provinces discussed in the report include North America and LAMEA.
The key market players analyzed in the global luxury footwear market report include Furla SpA, Longchamp, Mulberry Group, LVMH, Vera Bradley, ZV France SAS, Guccio Gucci S.p.A., Samsonite International S.A./Tumi brand, and Valentino S.p.A. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
