Global footwear market to reach $360.6 billion by 2027 at a CAGR of 9.05% – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The report “Global Footwear Market – Forecast 2022 to 2027” has been added to from ResearchAndMarkets.com offer.

The Global Footwear Market is valued at US$196.591 Billion in the year 2020 and is projected 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 over the next five years, primarily driven by increasing global demand for footwear due to population growth. In addition, growing awareness of footwear usage in underdeveloped countries and increasing purchasing power of people working in these economies are also driving the growth of the market over the next five years .

Moreover, the booming fitness trend among millennials has led to an upsurge in sports activities such as gym, cycling, aerobics, and others. This, in turn, is driving the demand for lightweight and highly comfortable athletic shoes in developed and developing economies around the world.

Furthermore, the increasing participation of the elderly in minor outdoor activities such as jogging, cycling, and walking among others has also amplified the demand for athletic shoes over 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 the aim of gaining a competitive edge over other players and expanding their market share.

This also shows that the market has the potential to witness decent growth over the forecast period. Major players are taking necessary steps to attract more customers and boost sales, such as evolving designs, comfort, and advanced technologies to add more durability and comfort to footwear, which also shows the potential for market growth in the coming years. In addition, the expansion of distribution channels coupled with the rapid adoption of market players to increase their sales through online sales channels is also one of the major factors complementing the growth of the global footwear market throughout throughout the forecast period.

Additionally, the market is also poised to witness an increase owing to the growth in the number of sporting events across the world. Many players in the market partner with sports clubs, teams and players and become official team sponsors. Thus, increasing number of sporting events such as cricket, football, hockey and others and rising importance of sports are also one of the additional factors which will positively impact the growth of the market in the coming years. come.

However, the market is expected to be limited by the fact that there is a large availability of counterfeit products in the market which are available at considerably low prices. In addition, several government restrictions are imposed on the use of leather products.

Segmentation

By type

Per end user

By distribution channel

By geography

  • North America

  • UNITED STATES

  • Canada

  • Mexico

  • South America

  • Brazil

  • Argentina

  • Europe

  • Germany

  • France

  • UK

  • Spain

  • Italy

  • Middle East and Africa

  • Saudi Arabia

  • United Arab Emirates

  • Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Indonesia

  • Thailand

Main 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. Company Profiles

Companies cited

  • Nike, Inc.

  • Adidas S.A.

  • Puma SE

  • Skechers USA, Inc.

  • Bata Company

  • Under Armour, Inc.

  • Asics

  • Spa Geox

  • Timberland LLC

  • ECCO Sko A/S

  • New balance

  • Wolverine World Wide, Inc.

  • Liberty Shoes Limited

For more information about this report visit https://www.researchandmarkets.com/r/f7yqf9

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