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Footwear Market Growing At A CAGR Of 5.5% And To Target $530.4 Billion By 2027

Footwear Market

Footwear Market

PORTLAND, UNITED STATES, September 16, 2020 /EINPresswire.com/ -- According to the report published by Allied Market Research,the global footwear market generated $365.5 billion in 2020, and is estimated to reach $530.4 billion by 2027, registering a CAGR of 5.5% from 2020 to 2027.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.

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Rise in health consciousness, changes in lifestyles, surgein number of sports-inspired consumers, and increase in government investment in sports events drive the growth of the global footwear market. However, availability of counterfeit products may hinder the market growth. On the other hand, aggressive social media marketing and increase in demand for fancy and comfortable footwear create new opportunities in the coming years.

The report offers a detailed segmentation of the global footwear market based on type, material, end user, distribution channel, and region.

Based on type, the non-athletic segment contributed to the largest share in 2019, accounting for nearly three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the athletic segment is expected to register the highest CAGR of 6.3% from 2020 to 2027.

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Based on material, the non-leather segment accounted for the largest share in 2019, holding nearly three-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the leather segment is estimated to portray the highest CAGR of 6.3% during the forecast period.

Based on region, Asia-Pacific contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. Moreover, this segment is estimated to portray the highest CAGR of 6.5% from 2019 to 2026.The report also analyzes the North America, Europe, and LAMEA region.

Leading market players analyzed in the research include Adidas AG (Adidas), PUMA SE (KERING), Nike, Inc. (Nike), Skechers USA, Inc., Under Armour, Inc., VF Corporation, GeoxS.p.A, EccoSko A/S, CROCS, Inc., and Wolverine World Wide, Inc..

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Tushar Rajput
Allied Analytics LLP
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