New York, USA, Aug. 17, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global footwear market is expected to generate a revenue of $536,900.5 million, exponentially growing at a CAGR of 5.2% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures, making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Rise in the engagement of various fitness activities among people due to their increased health awareness and increased standard of living around the globe is expected to drive the growth of the market during the forecast period. In addition, increasing adoption of certain therapeutic footwear among older people is further expected to drive the growth of the market during the forecast period.
Restraints: Increasing prevalence of counterfeit products is expected to impede the growth of the global footwear market during the forecast period.
Opportunities: Persistent advancements done by the major footwear companies to provide maximum comfort and elegance and affordable pricing of branding footwear are expected to create massive opportunities for the growth of the market during the forecast period.
Segments of the Market
The report has divided the market into different segments depending on type, material, end-user, distributional channel, and region.
Type: Non-Athletic Footwear to be Most Profitable
The non-athletic footwear is expected to generate a revenue of $287,633.7 million during the forecast period. The non-athletic footwear includes casual shoes, formal shoes, flip-flops, boots, and so on. Subsequent increase in the number of family outings, parties, festivals, and workplaces are expected to surge the demand for the sub-segment during the forecast period.
Material: Leather Sub-segment to be Most Beneficial
The leather sub-segment is expected to generate a revenue of $242,065.1 million during the forecast period. Numerous perks like attractive look, robust material, and supreme comfort offered by leather shoes are expected to drive the growth of the sub-segment during the forecast period.
End-user: Women Sub-segment to Have the Highest Market Share
The women sub-segment is expected to generate a revenue of $234,784.1 million during the forecast period. Extensive advertising done by various footwear companies and the need for a better physical appearance among females are expected to be the major factors for the growth of the sub-segment during the forecast period.
Distribution Channel: Specialty Store Sub-segment to be Most Lucrative
The specialty store sub-segment is expected to generate a revenue of $215,156.5 million during the forecast period. Exemplary customer service, impeccable discount, and the availability of professional staff in the specialty stores are expected to surge the growth of the sub-segment during the forecast period.
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Region: Asia-Pacific Region Anticipated to Dominate the Market
The Asia-Pacific region is expected to generate a revenue of $239,506.3 million during the forecast period. Increase in urbanization, changing lifestyle habits of the people, and new types of footwear launched by the companies in the region are anticipated to bolster the growth of the market during the forecast period.
COVID-19 Impact on the Market
The outbreak of COVID-19 has adversely impacted the global footwear market. Nationwide lockdowns led to the closure of retail outlets, specialty stores, and manufacturing industries in order to curb the spread of the virus, which depleted the demand for footwear around the world. Moreover, closure of gyms, workplace, and various festivals further reduced the demand for buying new footwear. These factors negatively impacted the footwear market.
Key Players of the Footwear Market
The major players of the market are -
- Adidas AG
- PUMA SE
- VX Corporation
- Wolverine Worldwide Inc.
- Nike Inc.
- CROCS Inc.
- Under Armour Inc.
- Ecco Sko A/S
- Geox S.p.A
These players are working on developing strategies such as product development, merger and acquisition, and partnerships and collaborations to sustain the market growth.
For instance, in July 2021, Richemont, a Switzerland-based luxury goods company acquired Delvaux, a dominant Belgian luxury leather goods company, in order to strengthen their market share and provide premium products to their customers.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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