Footwear Market Size Worth USD 269.9 Billion By 2025
The global footwear market size is expected to reach USD 269.9 billion by 2025 registering a CAGR of 3.8%, according to a new report by Grand View Research, Inc. Rising demand for fancy, convenient, and comfortable footwear is the major factor driving the market growth. Another factor driving the market is rising number of working individuals across the globe, which leads to increased sales of formal and semi-formal footwear. Companies are launching innovative products to increase customer engagement. For instance, in April 2019, Adidas America, Inc. introduced Game of Thrones sneakers.
Women end user segment is expected to register the fastest CAGR of 4.3% from 2019 to 2025. Average spending on personal appearance products will further boost market growth. The Asia Pacific region is anticipated to witness the maximum CAGR over the forecast period. This growth is attributed to the improving living standards and increasing disposable income levels, especially in emerging nations like China and India. The athletic type segment in this region is increasing due to rising participation in different sports, such as the ACC Asia Cup, ICC Cricket World Cup, and the Asian Games.
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Further key findings from the study suggest:
- In terms of revenue, athletic type segment is projected to ascend at the fastest CAGR of 4.4% from 2019 to 2025
- However, non-athletic type segment is likely to account for the largest share of the global market in future
- Men end user segment accounted for the largest market share of more than 55% in 2018 and is projected to retain its leading position over the next few years
- Asia Pacific is expected to be the largest, as well as fastest-growing, regional market during the forecast period
- This growth is attributed to increasing disposable income levels in emerging countries like India, South Korea, China, and Japan
- Prominent companies in the global footwear market include Adidas America, Inc.; PUMA; Geox S.p.A.; Timberland LLC; Crocs Retail, Inc.; Under Armour, Inc.; and Wolverine World Wide, Inc.
- These industry participants focus on new product development and technological innovations to estimate existing and future demand patterns from upcoming market
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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