Footwear Market is expected to be worth US$ 307549.5 Mn by 2027 in terms of revenue rising at a CAGR of 3.0%

Transparency Market Research has published report on the global footwear market. The market is expected to grow at a pace of 3.0% growth rate during the forecast period of 2019 to 2027. With this steady rate of growth the valuation of the market will jump from US$ 235711 Mn in 2018 to US$ 307549.5 Mn by 2027. Based on the type of footwear, non-athletic footwear segment has been a dominant one in the global footwear market.

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Major Brands are focusing on product innovation and mergers & acquisitions

Prominent manufacturing companies are anticipated to face healthy competition during the forecast period. Some of the leading companies in the market have had significant share in the market. A few global brands in the footwear market include names such as Nike Inc., Adidas AG, Bata Limited, Puma SE, Asics Corp., Jack Wolfskin, The Aldo Group Inc., VF Corp, Kathmandu Holdings Limited, Columbia Sportswear Company, Sympatex Technologies, and WL Gore & Associates Inc. among others. Companies are opting for mergers and acquisitions, and joint ventures with local players to expand their product portfolio. Producers in developing countries are focusing on reducing their cost of production and increase profitability for the sustainable growth of their business.

Asia Pacific is considered the biggest market for footwear

On the basis of region, the global footwear market is divided into five key regions viz. North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Asia Pacific dominates the global footwear market. Increasing spending power, urbanization, and influence of latest fashion trends are some of the key reasons behind the growth of the footwear market in the Asia Pacific region. Moreover, the presence of two massively populated countries in India and China have opened up a huge market spaces for the leading players to tap into. Manufacturers and distributors are advertising their products on various mode of communications like television, print media and various other social-media platforms etc.

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Segmentation of the global footwear market is as follows:

By Product:

Athletic Footwear
- Running and Cross Training/Tennis Shoe
- Soccer/football Shoe
- Golf Shoe
- Hiking Shoe
- Baseball Shoe
Non-Athletic Footwear
- Casual Footwear
- Dress Evening Footwear
- Military Boots
- Lite Hiking Outdoor Sandal