The global footwear market registered a substantial growth in
terms of product innovations and technological advancements. The global
footwear market size is estimated to reach USD 223.2 Billion by the end of 2024
and record a CAGR of 5.7%. Youngsters are increasingly inclined toward
participating in sports and other outdoor activities which is expected to
increase the demand for sports footwear during the forecast period. Moreover,
consumers are also concerned about using appropriate shoes while participating
in different sports activities to prevent injuries and improve their
performance. Apart from that, the rising number of working professionals in the
developing economies is expected to further propel the demand for formal shoes
which in turn is expected to accelerate the growth of the global footwear
market at a high pace.
The market for global footwear has been bifurcated, on the
basis of category, into open footwear and closed footwear. The closed footwear
segment is expected to account for the maximum market proportion of the global
footwear market and is projected to register the higher growth rate during the
forecast period. The open footwear segment is projected to exhibit moderate
growth during the forecast period.
Based on end user, the global footwear market has been
bifurcated into men and women. The women segment is estimated to account for
the larger market share of the global footwear market. Several varieties of
footwear are available for women in the market and this is the major factor for
the growth of the women footwear segment during the forecast period.
Key Players
Some of the key players in the global footwear market are Nike
Corporation (US), Adidas AG (Germany), VF Corporation (US), Crocs Retail, Inc.
(US), ECCO Sko A/S (Denmark), Wolverine World Wide, Inc. (US), Under Armour
Inc. (US), New Balance Athletics, Inc. (US), Asics Corporation (Japan),
Deichmann SE (Germany), AeroGroup (Canada), Kering S.A. (Japan), Geox S.p.A
(Italy), Skechers USA, Incorporation (US), and The Columbia Sportswear Company
(US).
Key Developments
June 2019: Nike Corporation
introduced a new product in India under the brand name of “Air Jordan 7 Retro
Sp”.
March 2019: Nike
Corporation increased the production of its renowned brand Adapt due to the
increasing consumer inclination toward the auto-lacing technologies.
October 2017: Adidas AG
increased the production capacity of its plant in Germany and opened a
production facility in Ansbach, Germany.
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