Zion Market Research, the market research group announced the analysis report titled 'Global Footwear Market Set for Rapid Growth, to Reach Around USD 320.44 Billion by 2023'
Sarasota, FL -- (SBWIRE) -- 09/06/2018 -- Zion Market Research has published a new report titled "Footwear Market by Product (Athletic and Non-Athletic), by Material (Rubber, Leather and Plastic), by End-User (Men, Women and Kids) and by Distribution Channel (Online Sales, Supermarkets and Hypermarkets, Independent Retail Stores and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023". According to the report, global footwear market was valued at approximately USD 246.07 billion in 2017 and is expected to generate revenue of around USD 320.44 billion by the end of 2023, growing at a CAGR of around 4.5% between 2017 and 2023.
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Footwear is intended to protect and comfort the human foot while doing various activities and against environmental adversities like weather, rocks, etc. The design of footwear has varied enormously through time and from culture to culture, originally being tied to function. Footwear widely varies in style, complexity, and cost and also according to the weather of the particular region. Footwear was initially made from wood, canvas, or leather, but nowadays footwear is manufactured by using rubber, plastics, and other petrochemical-derived materials. Due to advancements in manufacturing processes, technology innovation, and integration, comfortable shoes are being continuously developed at in order to keep pace with the growing demand for the footwear products worldwide.
The global footwear market is segregated on the basis of product, material, end user and distribution channel. The product segment is bifurcated into athletic footwear and non-athletic footwear. Athletic footwear segment includes running and cross training shoes, soccer/football shoes, hiking shoes, and others. The non-athletic footwear segment is sub-segmented into casual footwear, military boots, and others. On the basis of material, the footwear market is divided into rubber, leather, plastic, and others. Based on the end user, the market is segmented into men, women, and kids. The footwear market based on distribution channel is divided into online sales, supermarkets and hypermarkets, independent retail stores and others.
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North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are the regional segments of global footwear market. North America is anticipated to remain the leading region over the forecast period due to the rising awareness about the urge to stay fit and active. Europe is expected to show a steady growth because of the rising popularity of the sports footwear among people. The Asia Pacific is expected to show the highest growth rate in forecast period because of the increase in adoption of western culture and rapid increases in disposable income. Latin America and Middle East & Africa are also expected to show a steady increase in demand for footwear market in the forecast period.
Some of the key players in the global footwear market include Adidas AG, Nike Inc., New Balance Inc., Puma SE, Asics Corp., Bata Ltd., Skechers USA Inc., Deichmann SE, Jack Wolfskin, Columbia Sportwear Company. Major players are frequently engaged in innovating and conceptualizing new designs to keep the pace with the changing demand of consumers.
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