Global footwear market to reach $ 440 billion by 2026
Global footwear market to reach 440 billion dollars by 2026
China, India, Brazil, Italy, Vietnam, Indonesia, Mexico, Thailand, turkey and Spain are the main producers of footwear, while United States, Japan, Germany, UK, France and Italy are the main consumers and importers of footwear. Korean and Taiwanese shoe makers are the forgotten ones who once dominated the global production scene. Amid the COVID-19 crisis, the estimated global footwear market 384.2 billion USD in 2020, is expected to reach a revised size of 440 billion USD by 2026, with a CAGR of 2.3% during the analysis period. Casual shoes, one of the segments analyzed in the report, is expected to grow at a CAGR of 2.6% to reach 213.3 billion USD at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, the growth of the athletic footwear segment is readjusted to a revised CAGR of 1.9% for the next 7 year period. This segment currently represents a 37.6% share of the global footwear market.
The US market is estimated at $ 105.8 billion in 2021, when China is expected to reach $ 80.9 billion by 2026
The footwear market in the United States is estimated at 105.8 billion USD in 2021. The country currently represents a 27.14% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of 80.9 billion USD in 2026, with a CAGR of 3.6% throughout the analysis period. In addition to being a lucrative market for non-athletic footwear, China Also emerging as a strong market for sports shoes, mainly due to regulatory initiatives related to national fitness and exercise programs, rapid pace of urbanization, increasing per capita income, sporting events international events organized in the country and increased participation in recreational sports, among other factors. Other notable geographic markets include Japan and Canada, each projects growth of 1.5% and 1.8% respectively over the period of analysis. In Europe, Germany is expected to grow by around 1.8% CAGR while the rest of the European market (as defined in the study) will reach 83.8 billion USD at the end of the analysis period.
The growth of these regional markets has been and continues to be supported by the fact that shoes are increasingly seen as a fashion accessory by many, as well as by the high demand for innovative and innovative footwear. The increasing adoption of comfortable and fashionable footwear by consumers of various age groups is also driving demand in these markets. The growing interest and participation in various sports and the transformation of lifestyles are encouraging the adoption of athletic shoes even among people who are not sport-oriented. In recent years, interest in fitness and health related activities has increased among customers. This is driving the demand for innovative and technically advanced sportswear products. Several international brands have integrated sports and fashion clothing to attract customers.
Outdoor / rugged shoe segment to reach $ 27 billion by 2026
Outdoor / rugged shoes are specially designed for high performance outdoor activities such as trekking; running, kayaking, mountaineering, climbing and more. They incorporate high quality materials to tackle extreme climates and meet various traction requirements unlike everyday outdoor footwear. In the global Outdoor / Rugged segment, United States, Canada, Japan, China and Europe will result in the estimated 2.6% CAGR for this segment. These regional markets represent a combined market size of $ 17.4 billion in 2020 will reach a projected size of $ 20.8 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach $ 3.4 billion by 2026, while Latin America will grow at a 2.8% CAGR throughout the analysis period. After
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