The Footwear industry consists of companies engaged in the manufacturing of footwear such as dress shoes, sneakers, slippers, boots, galoshes, sandals, and athletic and trade related footwear. The industry also includes footwear parts such as shoelaces, buckles, clasps, inner soles, heels, and padding. The Footwear industry excludes leather stock for shoes, classified in Textiles & Leather Goods. Footwear is made up of different materials such as leather, plastic, rubber, and fabric. Among these, leather is one of the prominent materials.
Footwear has been in use since the earliest human history, archeological finds of complete shoes date back to the Chalcolithic (ca. 5.000 BCE). Some ancient civilizations, such as Egypt and Greece however saw no practical need for footwear due to convenient climatic and landscape situations and used shoes primarily as ornaments and insignia of power.
During the 16th century, royalty such as Catherine de Medici and Mary I of England began wearing high-heeled shoes to make them look taller or larger than life. By 1580, men also wore them, and a person with authority or wealth might be described as well-heeled. In modern society, high-heeled shoes are a part of women's fashion and are widespread in certain countries around the world.
Nowadays, major players, such as Nike, use eco-friendly raw materials, including recycled car tires, recycled carpet padding, organic cotton, and vegetable-dyed leathers for producing footwear. North America and APAC are the 2 leading regions in terms of Footwear Market Share. You can find Footwear Market Size, Footwear Market Share, and other industry trends and statistics below and you can learn more about T4's strategy consulting services here.
The chart shows the Footwear Market Size over a forecast period from 2020 to 2027. In 2020, the size of the Footwear Industry is estimated to equal $366B and is projected to grow 5% in 2021. From 2020 to 2027 the Footwear Industry growth rate is projected to average 5% per year. Footwear Market Share is highly concentrated in North America and APAC. These estimates were made before the Coronavirus (COVID-19) pandemic. The short term impact of COVID-19 on the Footwear market growth will likely be High because as consumers face the prospect of weeks at home, there has been a huge drop in the demand for apparel. Many brands and retailers have canceled or put orders on hold, or are demanding retroactive price reductions, for goods already in production or completed and ready to ship. In some cases, brands have demanded large rebates, even on orders already in transit from the supplier. The long term impact of COVID-19 on the Footwear market growth beyond the COVID-19 pandemic will likely be Medium because, in the long term, the industry will recover at a slow pace, but at a huge cost in price reductions needed to incentivize the demand. Request help with obtaining the source for this data and learn more about T4's strategy consulting services here.
The chart shows Footwear Market Share in 2016. The Footwear Market is Fragmented among many regions. The leading Region in the Footwear Industry was North America with 40% market share in 2016, followed by APAC with 28.3% Footwear market share, Europe with 21.8% Footwear market share, and the Rest of the World with 9.8%. Get help with global market research for the Footwear market, including the source for this Footwear Market Share chart and learn more about T4's strategy consulting services here.
The footwear market growth is driven by increasing disposable income and the overall economic well-being of regions, rising per capita income, favorable demographics, and a shift in preference to branded products. The rising health consciousness, increasing participation in sports, growing concerns about fitness, and increasing engagement in fitness activities are contributing to the rising demand for sport and smart shoes. The adoption of the luxury lifestyle among consumers has influenced the purchasing power to opt for luxury wear among millennials. The increasing fashion trends coupled with the evolving retail landscape across brands have been the key factor for the booming footwear market despite being a mature market. The rising demand for exclusive designer collections has a positive influence on the growth of the footwear market. Consumers are willing to pay premium prices for limited edition designer footwear collections made from high-quality materials. Consumers prefer the aesthetics of materials, such as leather, textiles, and synthetics of footwear products launched under exclusive designer labels. Also, the increase in health awareness is observed among individuals across the world, which has led to an increase in the number of individuals visiting fitness centers and performing indoor & outdoor exercise activities. This, in turn, has boosted the demand for athletic footwear among all age groups. The advanced technology and software in a smart shoe helps in monitoring the fitness and performance activities of on-field players and athletes.
Learn about T4's Consulting servicesFootwear is a Mature market mainly concentrated in a few regions. North America's market share was 40.1% of the Footwear market in 2016. North America is the largest market in terms of revenue sales, but the third market in terms of consumption and production. Asia Pacific market share was 21.8% of the Footwear market in 2016. Asia is the second market in terms of sales, but the largest market in terms of consumption, production, and exports. The size of the market is closely related to the huge amount of population that resides in the region. Europe's market share was 21.8% of the Footwear market in 2016. Europe is the third largest market in terms of sales, but second in terms of consumption, production, and exports. Rest of the World market share was 9.8% of the Footwear market in 2016. In terms of production, the rest of the world is led by South America, followed by Africa and then Oceania.
T4's research team can help you learn more about the Footwear industry with market analysis, competitive landscape analysis, commercial Due Diligence, and other market research needs. This includes deeper analysis on competitors in the Footwear market, including: Adidas, ASICS, Burberry Group, New Balance Athletics, Nike, PUMA, Skechers, Under Armour, Reebok, Vans, Converse; research into related topics such as Apparel, Sportswear, Athletic footwear, Sports footwear, Fashion Industry, Distribution Channel, Formal Wear, Casual Wear, Luxury Footwear; or additional support in the Footwear, Retail Sector or other Sectors. Learn more about T4's strategy consulting services here.
