Published on : Jul 12, 2016
Footwear is one such industry that has been exhibiting growth at a rapid pace. The global footwear market is expected to rise at a CAGR of 2.5% from 2015 to 2023. With the increase in the demand of innovative and comfort footwear, different brands and retailers are gearing up to re-orient their focus, thus leading to an increase in the number of retail outlets worldwide. The retailers and brands are also encouraging online shopping, which is also one of the major drivers of growth in the footwear market.
Easy Availability of Footwear to Encourage Retail Market Expansion
As the demand for non- athletic footwear is taking a leap, the need for its easy availability is also increasing. Consumers are more attracted by the smart and quick availability of the product according to their requirements. This scenario is expected to fuel the expansion of retail market worldwide and also boost the online market of the brand and products.
Demand for Innovative Women’s Footwear to Fuel Demand from Market
The women footwear segment is expected to grow at a considerable rate in the near future. The women footwear market alone accounted for 50% and 46% of the market in terms of revenue and volume, respectively, in 2014. The women footwear is the largest contributor in the global footwear market. Implementation of innovative approaches towards the designs, quality and comfort levels of women’s footwear is expected to give a major boost to the global footwear market.
New Shades and Low Cost to Propel Non- Athletic Footwear Market
The non- athletic footwear segment was reported to be the largest contributor in the market in 2014. In terms of revenue and volume, the segment accounted for 52% and 64% of the market, respectively. The introduction of new shades and low price products, will significantly accelerate growth prospects of the non- athletic footwear market.
The increase in duplicate products by local manufacturers however will hinder the global market’s growth to an extent. Nevertheless, the global footwear market is expected to grow at a steady rate due to the increasing urban demand for innovative, quality and comfort footwear.