The Fact.MR report has profiled the global footwear market from 2017-2022 and it is poised to record a modest CAGR of 4.5% and be worth almost half a billion dollars by 2022.
Rockville, WA -- (SBWIRE) -- 07/13/2018 -- The global footwear market is estimated to grow considerably due to the growth witnessed in the fashion industry. The increasing fashion consciousness among younger generation is also boosting the footwear market. Changing lifestyle and growing sports activities have propelled the market for athletic shoes. Escalating number of retail stores has also infused impulsive buying behavior among the wide range of customers that will further enhance the footwear market. The footwear industry comprises of women's shoes, men's shoes, and children's shoes with a wide variety available in plastic, leather, rubber, canvas, PU, PVC, EVA, textile, jute, and satin. The use of footwear can be super-premium, premium, economical and for casual, fashion, protective, and therapeutic use.
The global footwear market is expected to register a 4.5% CAGR during the forecast period of 2017 to 2022. The market valuation for footwear market is expected to cross more than a billion dollar benchmark.
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Populous Economies Contributing Higher In the Fashion Segment of the Footwear Market
The footwear market has been studied on the basis of product type, price based, material, and sales channel. The fashion segment under product type has marked a larger portion of the total revenue in the footwear market and is predicted to grow at a rapid speed during the forecast period. The changing perception about footwear, which is now considered a part of fashion statement, will aid the expansion of this segment. The segment is projected to grow significantly and reach a valuation of US$120 bn by the end of 2022. Geographically, high populous region such as Asia Pacific excluding Japan (APEJ) is expected to report rising demand in the footwear market. APEJ contributes almost a third of the revenue to the fashion segment and is expected to maintain the same position in the global footwear market in the coming years.
Furthermore, the price based segment is further categorized into economy, mid, premium, and super premium. On the basis of sales channel, the footwear market is categorized into specialists, departmental stores, general merchandise, online channel, and others including small variety stores, second hand stores, and street shops. Among these segments, the demand in online channel is expected to increase considerably. The reasons for increasing demand are feasibility to purchase, gives opportunity to compare product chosen with others, and easy delivery to the customers. Online channels for sales also provide wide range of footwear from numerous companies, thus spoiling customers with a huge variety of choices.
Occupational Segment to witness Attractive Sales Opportunities in Emerging Economies
The market is expected to witness steady growth in casual and occupational segments, both hold relatively smaller market share, contributing a fifth to the global revenue share in the footwear market.
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The former is seen more significant for the younger generation, while the latter will primarily work for blue and white collar workers. The casual footwear market is expected to expand at 5.9% of CAGR in Europe and the companies are targeting this region for the increasing demand for footwear market. On the other hand economies with higher population are expected to witness high demand as an increasing number of people join the workforce every month. Asia Pacific excluding Japan (APEJ) is a major region that companies are focusing on, as it offers immense opportunities driven by for the increasing population. APEJ is expected to contribute US$ 30 bn approx. to the occupational during the forecasted period of 2022.
The report also profiles companies that are expected to remain active in the expansion of the footwear market through 2022, which include ALDO group, Nike, Adidas, Deichmann SE, PUMA, Crocs, Under Armor, and ASICS Corporation.
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