With new advancements in technology, globalization, designer additions to footwear industry, and increased overall spending on formal shoes, men formal shoe market is a lucrative market in the coming future.
Portland, OR -- (SBWIRE) -- 12/27/2017 -- Men Formal Shoe Market by Shoe Type and Leather Type: Global Opportunity Analysis and Industry Forecast, 20142022, the global men formal shoe market was valued at $6,573 million in 2015, and is estimated to reach $ 9,881 million by 2022, registering a CAGR of 6.2% from 2016 to 2022. In 2015, the oxford shoe type and patent leather segments dominated the global market share. While, the boots shoe type and pebble or full grain leather type segments are anticipated to grow at a robust rate in terms of market share.
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The global men formal shoe market is segmented based on shoe type, leather type, and geography. On the basis of shoe type, the market is classified into consumer oxfords, derby, loafers, boots, and others. On the basis of leather type, the market is categorized into patent leather, pebble & full grain, top grain, and suede leather. Further on the basis of Geography, the market is classified into, North America (U.S., Canada, and Mexico), Europe (Italy, Germany, France, UK, Spain and Rest of Europe), Asia-Pacific (China, India, Japan, Malaysia), and LAMEA (Latin America, Middle East, and Africa).
The Oxford shoes segment accounted for 25% share of the global market in 2015, followed by the derby shoe type segment. In addition, the boots shoe type segment registered significant growth in 2015, and is anticipated to grow at a CAGR of 7.1% during the forecast period. The market in the developing economies is propelled by aggrandized production and sales of formal shoes in China and other Asian countries. There is also increased imports from many Asia-Pacific countries such as China, Indonesia, Vietnam and India to Europe and North America that enhanced the revenue on classic oxfords, stylish brogue, and loafers globally.
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Men formal shoe market is one of the expensive segment of the apparel industry. But, increase in GDPs of China and India are gaining the market share both in production and consumption, Japan, China and India as also the major exporters of leather for footwear to developed economies of Europe and North America. Moreover, increased e-commerce within Asia-Pacific is also helping to gain market with maximum CAGR. E-commerce channels are expected to gain popularity in formal shoe sales in the near future.