LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global footwear market to grow at a CAGR of over 2% during the forecast period, according to their latest market research report.
The advent of smart shoes is one of the major trends being witnessed in the global footwear market 2018-2022. The introduction of innovative and technologically-advanced smart shoes is increasingly attracting consumers to adopt them for their fitness activities, thereby driving market growth for the next few years.
According to Technavio analysts, one of the key factors contributing to the growth of the global footwear market is the product innovation and differentiation leading to premiumization.
Footwear Market: Product Innovation and Differentiation Leading to Premiumization
With the rising demand for high-quality products that are equally inventive and comfortable, product innovation and differentiation have become key attributes that help footwear companies to expand their customer base. Vendors are focusing on some key parameters including innovative designs, advanced technical fabrications, and product developments to raise the sales of premium footwear. Product innovation and differentiation leading to premiumization will be one of the key factors that will drive footwear market growth.
According to a senior analyst at Technavio for research on footwear, “Apart from product innovation and differentiation leading to premiumization, the strong growth in online sales and the advent of customized footwear are two other major factors that are expected to drive market growth during the forecast period.”
Footwear Market: Segmentation Analysis
The global footwear research report provides market segmentation by product (athletic footwear, and non-athletic footwear), end-user (men, and women) and geography (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for close to 36% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period owing to the rise in disposable income in the region.
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.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- 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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