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DUBLIN--(BUSINESS WIRE)--Oct 5, 2022--
The "Global Footwear Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global footwear market is evaluated at US$196.591 billion for the year 2020 and is estimated to reach US$360.620 billion by 2027, growing at a CAGR of 9.05%.
The global footwear market is expected to witness nominal growth throughout the course of the next five years, primarily on account of the globally growing demand for footwear due to the growing population. Furthermore, the growing awareness regarding the use of shoes in underdeveloped countries and the growing purchasing power of the people working across these economies are also driving the market growth during the next five years.
Furthermore, the booming fitness trend among the millennials has led to an upsurge in sports activities such as gymming, cycling, aerobics, and others. This, in turn, is driving the demand for lightweight and highly comfortable athletic footwear in both developed and developing economies around the globe.
Also, the growing involvement of elderly people in minor outdoor activities such as jogging, cycling, and walking, among others, has also amplified the demand for athletic footwear during the next five years. Major market players are also investing heavily in the market in the form of R&D investments, partnerships, and mergers with an aim to gain a competitive edge over other players and expand their market share.
This also shows the potential for the market to witness decent growth during the forecast period. Major players are taking necessary steps to attract more customers and boost sales, such as developments in designs, comfort, and advanced technologies for adding more durability and comfort to footwear, which is also showing the market growth potential in the coming years. Furthermore, the expansion of distribution channels coupled with the rapid adoption of market players to boost their sales on online sales channels is also one of the major factors supplementing the global footwear market growth throughout the forecast period.
Furthermore, the market is also poised to witness an increase on account of the growth in the number of sports events globally. Many market players partner with sports clubs, teams, and players and become official sponsors of the teams. Thus, a growing number of sports events such as cricket, football, hockey, and others and the growing importance of sports is also one of the additional factors that are positively impacting the market growth in the coming years.
However, the market is expected to be restrained by the fact that there is a wide availability of counterfeit products in the market that are available at considerably low prices. Also, there are several government restrictions being imposed regarding the use of leather products.
Segmentation
By Type
By End-User
By Distribution Channel
By Geography
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Global Footwear Market Analysis, by Type
6. Global Footwear Market Analysis, by End-User
7. Global Footwear Market Analysis, by Distribution Channel
8. Global Footwear Market Analysis, by Geography
9. Competitive Environment and Analysis
10. Companies Profiles
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/f7yqf9
View source version on businesswire.com:https://www.businesswire.com/news/home/20221005005875/en/
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KEYWORD:
INDUSTRY KEYWORD: FASHION FOOTWEAR RETAIL CONSUMER WOMEN MEN
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/05/2022 05:13 PM/DISC: 10/05/2022 05:13 PM
http://www.businesswire.com/news/home/20221005005875/en