According to Markntel Advisors Report, Footwear Market is expected to grow at a significant growth rate, and the analysis period is 2024-2030, considering the base year as 2023. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

In today’s world, footwear is not just a necessary item but it also shows the fashion choice of a person. They can be manufactured using wood, rubber, leather, etc with either machine or by hand. As the season or occasion changes, footwear also changes accordingly. Nowadays, the demand for footwear that is comfortable along with stylish, is increasing. Leading companies in this field are providing their customers with customized products to fulfill their demands.

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Global Footwear Market Research Report & Summary:

The Global Footwear Market size was valued at around USD 402 billion in 2023 and is projected to grow at a CAGR of around 4.3% during the forecast period, i.e., 2024-30.       

Time Period Captured in the Report:

·         Historical Years: 2019-22

·         Base Years: 2023

·         Forecast Years: 2024-2030

Who are the Key Players Operating in the Footwear Market?

The top companies of the Footwear Market ruling the industry are: 

Adidas AG, Asics Corp. Authentic Brands Group LLC (Reebok International Limited), Bata Corporation, Columbia Sportswear, Deichmann SE, ECCO Sko A/S, Fila Holdings Corp., Geox, Jack Wolfskin, New Balance, Nike Inc., Puma SE, Relaxo Footwears Limited, Skechers USA, Inc., The ALDO Group, Timberland, Under Armour, Inc., Wolverine World Wide, Inc. and others

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Footwear Industry Recent Development:

·         March 2024 Timberland Pro introduced the product range to include footwear tailored for the hospitality sector. It launched the Burbank Collection, marking the brand’s inaugural line of footwear designed especially for workers in the restaurant and Hotel sectors.

What is Included in Footwear Market Segmentation?

The Footwear Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

-By Product Type

-Athletic

-Non-Athletic

-By Material

-Leather

-Non-Leather

-Rubber

-Plastic

-Fabric

-Others

-By End-User

-Men

-Women

-Children

-By Sales Channel

-Online

-Offline

-By Region

-North America

-South America

-Europe

-Middle East & Africa

-Asia-Pacific

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Market Dynamics -Global Footwear Market:

Growing Popularity of Online Shopping – Due to an increase in the popularity of online shopping platforms and social media, the process of buying footwear has become easy and more accessible. Using social media, people can see what is trending and are more likely to align with current fashion trends, which results in more people buying footwear that is trending. People can now even customize and personalize their products on online shopping platforms which results in a much more unique product and customer satisfaction. This helps people to choose their style based on their preference which makes every product more personalized. Due to online platforms being so popular, various fashion influencers also use them to buy footwear, which makes the trend keep on changing and evolving and then resulting in many more purchases of similar products. Moreover, some brands like Adidas are integrating with Augmented Reality (AR), using which a person can virtually try the product.

Increasing Threat from Counterfeit Products – One of the biggest problems in the global footwear industry is counterfeiting, mostly for big well-known brands. The counterfeit products are copied products from big established brands but of low price and low quality. Due to this, not only the established brands suffer losses but customers also suffer as the products they are buying are of bad quality. The rise of online platforms has also increased the problem of counterfeiting as it provides easy access to counterfeited products. Due to this problem, the trust between the organization and the customers also gets damaged. Thus, brands are investing heavily in anti-counterfeiting measures, like taking legal action against counterfeit product supplying channels but still, the challenge posed by counterfeiting remains steady and affects the growth & expansion of the Footwear Industry at the global level.

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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