A key factor driving the growth of the market is product innovation and differentiation leading to premiumization. Factors such as advanced technical fabrication, innovative product designs, and product development are leading to the increased sale of premium footwear. Currently, there is an increasing demand for high quality products that are inventive and comfortable. Consequently, many sports shoe models are sold at premium prices. Furthermore, several vendors are incorporating the latest technology in sports and casual shoes as per market demand.
This market research report on the global footwear market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the advent of smart shoes as one of the key emerging trends in the global footwear market:
Global footwear market: Advent of smart shoes
The introduction of innovative and technically-advanced smart fitness products has attracted and motivated consumers to adopt them for their fitness activities. Consequently, smart shoes are trending in the market, with many key players making them a part of their product lines. This will accelerate market growth and raise the value of the market in terms of revenue.
“Smart footwear, such as step-counting shoes are popular among consumers engaged in athletic and fitness activities. Moreover, the adoption of navigation and positioning shoes is high among differently-abled and older consumers as they alert them about obstacles on the way and track them. Thus, to capitalize on the existing demand, many vendors have started offering smart shoes,” says a senior research analyst at Technavio for retail goods and services.
Global footwear market: Segmentation analysis
This market research report segments the global footwear market by end-user (men, women, and children) and geographical regions (the Americas, EMEA, and APAC).
In 2017, the women’s segment dominated the market with a share of 50% followed by the men and children segment, respectively. Although the children’s segment held the smallest share of the market, it is expected to witness the maximum increase in market share over the forecast period.
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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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