According to a recent research report published by MarkNtel Advisors, the Global Footwear Market is set to register around 5.3% CAGR during 2022-27. The improved living standards of people, leading to their growing interest in wearing stylish & comfortable footwear, are driving the global market.
The extensive presence of various footwear manufacturers worldwide, coupled with the surging competition among them, has led to the introduction of a wide variety of footwear, with more focus on comfort & style. As a result, more and more companies are entering the market and actively working on expanding their product portfolio, customer base, and scalability globally.
Besides, the rising prevalence of sports events for cricket, basketball, football, etc., i.e., leading to numerous consumers purchasing athletic footwear, is another prominent aspect projected to boost the market across different regions worldwide over the forecast years, further states the research report, “Global Footwear Market Analysis, 2022.”
Swift Expanding E-Commerce Sector to Contribute Significantly to Global Footwear Sales through 2027
Online sales channels are among notable contributors to the growth of the Global Footwear Market. It attributes principally to the rapid digital transformation of various industries, including the footwear sector, especially with the advent of Covid-19, which has led to an exponential growth of the e-commerce sector.
The global footwear market across online sales channels is driven primarily by the growing consumer awareness about various benefits of purchasing footwear online like wide variety & styles, easy comparison, doorstep deliveries, flexible payment options, etc.
Moreover, easy returns, refunds & exchanges, exciting offers & discounts, etc., are a few other aspects instigating a burgeoning consumer inclination toward online platforms for footwear shopping and, in turn, driving the global market.
With the Extensive Presence & Active Participation of Footwear Manufacturers, Asia-Pacific to Lead the Footwear Market
Asia-Pacific is home to some prominent footwear manufacturers worldwide and is witnessing an exponentially rising population & mounting consumer requirements for footwear. The easy availability of low-cost labor and a massive consumer base are prominent factors propelling the regional market growth.
Moreover, the rapidly expanding e-commerce sector, coupled with the rapidly rising penetration of smartphones, has enabled easy & hassle-free online footwear shopping for consumers across Asia-Pacific. Nonetheless, changing fashion trends and greater customer preference toward comfort & trendy designs in footwear, especially across countries like China & India, are generating lucrative prospects for the leading footwear manufacturers to expand their presence across Asia-Pacific through 2027.
The leading companies operating in the Global Footwear Market include 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., and Wolverine World Wide, Inc.
Key Questions Answered in the Research Report