LONDON--(BUSINESS WIRE)--The global footwear market is expected to post a CAGR over 2% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
There is an increase in the demand for exclusive designer collections because consumers are willing to purchase limited edition designer footwear collections at premium prices. These premium products are made from high-quality materials including leather, textiles, and synthetics with impressive aesthetics. Footwear manufacturers launch these footwear products under exclusive designer labels in various fashion shows, trade exhibitions, and trade fairs. They offer a wide range of boots and sandals not only for daily and office wear but also for parties and festive occasions. The launch of such exclusive designer collections will boost the growth of the footwear market during the forecast period.
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As per Technavio, the emergence of smart shoes, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Footwear Market: Emergence of Smart Shoes
Growing concerns about fitness and rising health consciousness are encouraging people to participate in sports and engage in fitness activities. This is driving the demand for smart shoes incorporated with advanced technology and software. These shoes not only help in tracking the activity and performance statistics of on-field players and athletes but also allows coaches or mentors to plan different fitness exercises and regimes for them. Smart shoes are gaining prominence among physically challenged people and the geriatric population as well because they can efficiently track movement and alert users about obstacles on the way. With the increasing use of smart shoes, the market for footwear is expected to showcase a positive outlook during the forecast period.
“Apart from the emergence of smart shoes, the rising demand for footwear made from organic leather and increasing popularity of customized footwear are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Footwear Market: Segmentation Analysis
This market research report segments the global footwear market by distribution channel (offline and online), product (non-athletic footwear and athletic footwear), end-users (women, men, and children) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the rise in disposable income and increased spending on fashion products such as footwear.
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 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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