Global Footwear Market Will Boom with Progressive Manufacturing Strategies: Technavio

Technavio has published a new report on the global footwear market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--The global footwear market is expected to grow at a CAGR of around 2% during the forecast period, according to Technavio’s latest report.

In this report, Technavio covers the market outlook and growth prospects of the global footwear market for 2017-2021. The market is segmented based on product, which include non-athletic footwear and athletic footwear, and by end-user which include women, men, and children.

The global footwear market is expected to grow at a moderate rate both in terms revenue and volume. In 2016, the non-athletic footwear segment dominated the sales followed by athletic footwear. The non-athletic footwear segment includes slippers, sandals, boots, flip flops, and many other types of footwear. Jimmy Choo, Chanel, Burberry, and Sketchers are some of the popular non-athletic footwear brands. Athletic footwear apart from playing sports is increasingly being used on various occasions like attending office, leisure walks, and during day outings.

Technavio’s consumer and retail research analysts categorize the global footwear market into the following segments by regions:

  • North America
  • APAC
  • Europe
  • ROW

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North America: largest footwear market

“The footwear market in North America is led by the US, Canada, and Mexico. Obese population in the US is high. Hence, the desire for stay healthy and fit has compelled customers to make changes in their eating habits and lifestyle. This is driving the demand for athletic footwear in this region,” says Brijesh Kumar Choubey, a lead analyst at Technavio for research on retail goods and services.

The growing demand for athletic shoes in North America stems from the increased participation of the people in this region in fitness activities like basketball, squash, tennis, volleyball, and aerobics. This region holds high potential for integrating technical innovations in footwear.

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Footwear market in APAC

“The footwear market in Europe was led by developed countries such as Germany, France, and the UK in 2016. The change in fashion is responsible for the high demand for non-athletic footwear in this region. Europe is the home to some of the most prestigious luxury footwear brands in the world,” adds Brijesh.

However, the increased awareness of the physical benefits of engaging in sports, particularly in Eastern Europe motivates people, especially children to participate in athletic events. The growing participation rate in fitness and sports activities like training is boosting the growth of the footwear market in the region.

Footwear market in Europe

The rise is disposable income of consumers is the major driver for the footwear market in this region. The non-athletic footwear segment dominates the footwear market in APAC. The consumers of APAC are price conscious and consider durability a key factor before making the purchase decision for footwear.

India, China, and Japan are the key leading countries in this region in terms of footwear consumption. The increased health concerns and desire to live a healthy and active lifestyle among the people in this region have boosted the demand for athletic shoes, which is expected to contribute to the growth of the footwear market during the forecast period.

Footwear market in ROW

ROW includes Latin America, South America, Africa, and the Middle East. Brazil is the key leading country in Latin America. High-income level and the availability of international luxury brands are some of the key drivers for the footwear market in the Middle East.

An increased interest in sports and growing awareness of health and fitness are factors boosting the market growth in ROW. However, the penetration of the market is comparatively less in ROW than in other regions.

The top vendors in the global footwear market highlighted in the report are:

  • Adidas Group
  • Nike
  • PUMA
  • Fila
  • New Balance

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

The global footwear market is expected to grow at a CAGR of around 2% during the forecast period, according to Technavio’s latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com