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The market in the Asia Pacific is likely to be a major contributor to the growth of the footwear industry in the coming years. This growth is attributed to the region's dynamic role in the market, which is notably labour-intensive and influenced by several critical factors including land resources, labour costs, material availability, environmental considerations, and the sales market landscape. The shift of global footwear manufacturing bases to the Asia Pacific region is a strategic move by major consumer markets, manufacturers, wholesalers, and retailers aiming at profit maximisation.
These trends in footwear industry capitalise on the lower production costs available in countries within this region. Notably, Japan, Taiwan, India, and China have become highly attractive markets for footwear production and consumption, driven by their economic growth.
Meanwhile, North America and Europe are likely to maintain a strong base in the market as the developed economy and increasing disposable income enable the high sales of a wide variety of footwear products.
As per the footwear industry analysis, the growing popularity of sports, such as basketball, football, and rugby, is expected to be a major factor in propelling the demand for high-performance and premium footwear. Major companies are also introducing special edition products in collaboration with top athletes to reach the fans of the sport and particular athletes.
Footwear Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market reached an approximate value of USD 417.50 billion.
The market is estimated to grow at a CAGR of 4.9% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 642.16 billion by 2032.
The major driving factors are rising disposable incomes, increasing focus on comfort and design, growing interest in fitness and sports activities, and increase in sales of premium quality products.
The growing product purchase by consumers via e-commerce platforms such as Amazon, Alibaba, and others, and the launch of improved products range by manufacturers are the key market trends guiding the growth of the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Non-athletic footwear and athletic footwear are the different types of footwear in the market.
The major players in the market are Nike, Inc., PUMA SE, Skechers USA, Inc., Adidas AG, VF Corporation, TBL Licensing LLC, Crocs Retail, LLC, Under Armour®, Inc., Jimmy Choo S.r.l., FILA Holdings Corp., Prada S.p.A., Burberry Group Plc, Wolverine World Wide, Inc, and Bata Corporation, among others.
Athletic footwear accounted for largest market share.
The Asia Pacific is the fastest growing region in the market.
North America and Europe hold major shares in the market.
Vietnam, China, and Belgium hold potential for market expansion.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124