SAN FRANCISCO, September 15, 2022 /PRNewswire/ — The size of the global footwear market is expected to reach $543.90 billion by 2030, based on a new report from Grand View Research, Inc, expanding at a CAGR of 4.3% from 2022 to 2030. The market has witnessed immense growth over the past few years and has attracted the attention of consumers from different demographic groups. The growing awareness of health and lifestyle disorders, such as stress and obesity, has compelled users to embrace physical activity. This propels the demand for stylish and comfortable shoes. The athleisure segment is in constant progression compared to its fashion segment.
Key industry insights and findings from the report:
- The sports segment is expected to register a higher CAGR during the forecast period owing to the growing awareness and interest in sports and leisure activities. Footwear customization and personalization will also boost the sports segment during the forecast period.
- The women’s end-use segment will grow at a substantial rate due to dedicated women’s footwear brands in the market and the growing popularity of durable products.
- The Asia Pacific held the highest market share and is expected to continue the trend owing to the concentration of major players in this region and the growth in disposable income of the population residing in this geographical area.
Read the full market research report for more information,”Footwear Market Size, Share & Trend Analysis Report by Type (Sporting, Non-Sporting), By End Use (Men, Women, Children), By Region & Segment Forecast, 2022-2030“, published by Grand View Research.
Footwear Market Growth and Trends
These sports shoes are also positioned as casual wear, which is gaining popularity among the younger population. Incorporating sports shoes into everyday fashion is a visible trend observed today. In recent years, there has also been an increase in the participation of women in the sports segment. The number of women buying shoes is increasing and this trend is expected to continue during the forecast period. Technological innovation, increased marketing, awareness of the right footwear, and increasing disposable income are factors that will help drive up the demand for footwear in the forecasted years.
The non-sports segment held the largest market share. A large number of players around the world manufacturing different types of footwear like boots, sandals, sneakers, and flats, to meet ever-changing consumer preferences, can be attributed to its growth. Sustainable footwear is an emerging trend in this segment where brands source raw materials from ethical sources and are committed to eliminating environmental waste and toxins.
Men dominate the end-use segment, and the interest in outdoor activities can be attributed to this majority share. Multi-purpose shoes that feature both sport and leisure features are gaining popularity among this user segment. Even cult brands have increased their marketing spend as emerging players are also catching consumers’ attention. Major celebrity endorsements help create a huge impact in promoting sustainable footwear.
The market is dominated by well-established brands that have a strong global presence. Apart from them, there are also small and medium-sized players who sell in regional markets. Strategic partnerships, mergers and acquisitions, and collaborations are various methods adopted by brands globally to meet changing needs and gain competitive advantage over other players.
Footwear market segmentation
Grand View Research has segmented the global footwear market based on type, end-use, and region:
Footwear Market – Type of Outlook (Revenue, Billion USD, 2017 – 2030)
Footwear Market – End-Use Outlook (Revenue, USD Billion, 2017 – 2030)
Footwear Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Footwear Market Key Players
- Nike, Inc.
- Adidas S.A.
- Geox SpA
- Skechers UNITED STATESInc.
- ECCO Sko A/S
- Crocs Retail, LLC
- Under Armour, Inc.
- Wolverine Worldwide, Inc.
Check out other related studies published by Grand View Research:
- medical footwear market – The Global Medical Footwear Market Size is Expected to Reach $12.97 billion by 2027, according to a new report from Grand View Research, Inc., expanding at a CAGR of 5.7% over the forecast period. Rising instances of foot-related problems, ankle sprain, ulcers, diabetes, strains and foot pain due to obesity are expected to fuel the growth of this market.
- leather shoe market – The global leather shoes market size is expected to reach $202,305 million by 2025, according to a new report by Grand View Research, Inc. It is expected to register a CAGR of 2.8% over the forecast period, attributed to the increase in the working population and disposable income, the sector flourishing retail e-commerce and changing fashion trends in business apparel. The availability of a myriad of products and shopping channels will further accelerate growth.
- Tactical footwear market – The Global Tactical Footwear Market Size is Expected to Reach $2.37 billion by 2027, according to a new report from Grand View Research, Inc., growing at a CAGR of 5.1% from 2020 to 2027. Tactical footwear is generally heavier in terms of weight than conventional footwear and is used by military personnel, paratrooper, public safety workers and adventure sports enthusiasts.
Browse research reports on the apparel, footwear and accessories industry from Grand View Research.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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