Footwear Market to Grow by USD 103.6 Billion (2025-2029), Driven by Design & Material Innovations, with AI Redefining Market Landscape - Technavio

NEW YORK, Feb. 11, 2025 /PRNewswire/ -- Report on how AI is redefining market landscape - The global footwear market size is estimated to grow by USD 103.6 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of 4.2% during the forecast period. Design and material innovations leading to product premiumization is driving market growth, with a trend towards increasing demand for customized footwear. However, rising labor cost and fluctuating raw material prices poses a challenge. Key market players include Adidas AG, ASICS Corp., Brooks Sports Inc., Burberry Group Plc, Dolce and Gabbana S.r.l., ECCO USA Inc., FILA Holdings Corp., Geox S.p.A, Hermes International SA, Kering SA, Li Ning Co. Ltd., LVMH Moet Hennessy Louis Vuitton SE, New Balance Athletics Inc., Nike Inc., PUMA SE, Skechers USA Inc., Under Armour Inc., VALENTINO Spa, VF Corp., and Wolverine World Wide Inc..

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Market Driver

The footwear market is thriving with trends such as athletic footwear and athletic shoes gaining popularity for outdoor activities like running, walking, gymming, basketball, volleyball, cricket, hockey, and golf. Comfort and flexibility are key features sought after by consumers for these shoes, ensuring superior cushioning and protection for various terrains. Fashion footwear, including flats, heels, mules, sandals, and sneakers, continue to dominate sales markets due to consumer inclination towards style. Brands are focusing on eco-friendliness, using sustainable materials and reducing water and land resources in production. Sustainable footwear, such as eco-friendly sneakers, is on the rise as consumers become more environmentally conscious. Non-biodegradable materials, like plastics, are being replaced with more sustainable types. Designers are also introducing innovative features like torsional stability, traction, and lightweight designs to cater to professional players and diverse occasions. The market for non-athletic footwear, including heels and boots, remains a niche but significant part of the industry. E-commerce platforms and advertising are driving sales, allowing consumers to shop from anywhere, anytime. Labor costs and material supply remain crucial factors for footwear brands, with a focus on reducing both to maintain profitability. Overall, the footwear market is dynamic and diverse, catering to various consumer needs and preferences. 

The customization trend in footwear is gaining traction among consumers, particularly in the premium segment. This market trend includes the application of metals like gold and silver, as well as precious stones such as diamonds, to create unique and personalized footwear. Over the past five years, this customization trend has gained popularity in developed regions like the Americas and Europe. Emerging economies, such as China and India, are also experiencing in demand for customized premium goods, including footwear. In the premium footwear market, leading vendors provide a range of customization options, from design and color to embroidery and adding names, to cater to consumers' preferences. 

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Market Challenges

• The footwear market encompasses various categories, including athletic footwear and fashion footwear. Athletic footwear, which includes athletic shoes for running, walking, gymming, and playing sports like basketball, volleyball, cricket, hockey, and golf, faces challenges in areas of comfort, flexibility, traction, and protection. Brands strive for superior cushioning and torsional stability to cater to professional players and diverse terrains like roads, trails, and inclination. Fashion footwear, comprising flats, heels, mules, sandals, sneakers, and boots, faces challenges in terms of consumer inclination and sustainability. E-commerce platforms and advertising are essential for sales markets. However, environmental concerns, such as water usage, plastics usage, and land resources, pose significant challenges. Eco-friendly sneakers and sustainable footwear are gaining popularity as alternatives to non-biodegradable materials. Labor costs and material supply are also crucial factors. Overall, the footwear industry requires a balance between fashion, functionality, and sustainability.
• International footwear brands, including Prada, Tapestry, and D & G, have production facilities or Original Equipment Manufacturers (OEMs) in Asian countries like China, India, Indonesia, Bangladesh, and Vietnam. These locations offer low manufacturing costs and operational expenses. However, labor costs in these countries have significantly increased over the last decade, leading to higher production costs. Economic instability in some importing countries has further added to the cost burden for manufacturers. Consequently, these rising production costs erode profit margins for footwear brands.

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Segment Overview 

This footwear market report extensively covers market segmentation by 

• Product
• Non-athletic Footwear
• Athletic Footwear
• End-user
• Men
• Women
• Children
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

1.1 Non-athletic footwear- The non-athletic footwear segment is the largest product category in the global footwear market, encompassing casual, fashion, and formal/work footwear. Key drivers include rising consumer fashion awareness and the introduction of trendy shoes in men and children's segments. Private-label brands' growing popularity, due to affordable top-quality offerings, also contributes to the segment's growth. Comfortable and trendy non-athletic footwear is expected to boost segment growth. The premium non-athletic footwear market is expanding due to increasing disposable income and consumer spending power. Vendors like LVMH, Burberry, Capri Holdings, Dolce & Gabbana, Hermes, Kering, PRADA, Ralph Lauren, and Tapestry dominate this segment. The non-athletic footwear industry faced a significant downturn due to the COVID-19 pandemic, with most offices closed and schools shifted to online learning. However, demand is expected to rebound as manufacturing facilities reopen and vaccines become available, increasing the need for footwear in various industries and occasions. The kids and teenager segments are also anticipated to recover as schools and colleges resume normal operations.

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Research Analysis

The footwear market encompasses a wide range of products, including athletic shoes for gymming and playing sports, boots for outdoor activities, and fashion footwear. Comfort is a key consideration, with cushioning and torsional stability providing support and shock absorption. Designers continue to push boundaries with innovative designs, such as eco-friendly sneakers made from sustainable materials. However, the industry faces challenges such as the use of non-biodegradable plastics and high water usage in production. Sales markets span various sectors, from athletic shoes for gym-goers to sandals for casual wear. Protection is essential for outdoor activities, with boots offering superior traction and resistance to harsh conditions. Environmental protection and sustainable practices are increasingly important, with a focus on reducing land resources, labor costs, and material supply chain issues. The V-10 sneaker series represents a commitment to sustainability, using less water and reducing plastic usage. Overall, the footwear market continues to evolve, balancing performance, style, and sustainability.

Market Research Overview

The footwear market encompasses a wide range of products, from athletic shoes and sneakers designed for running, walking, and gymming, to fashion footwear like flats, heels, mules, sandals, and boots. Comfort and protection are key considerations, with features like cushioning, torsional stability, and traction ensuring optimal performance for various activities. Designers continue to push boundaries with innovative designs and sustainable materials, such as eco-friendly sneakers made from recycled plastics and plant-based materials. Outdoor activities like hiking and cycling require footwear that offers superior protection and traction on different terrains. Sales markets for footwear extend beyond athletic and outdoor activities, with consumers increasingly seeking fashionable and sustainable types for various occasions. E-commerce platforms and advertising have become essential tools for footwear brands to reach consumers, while labor costs and land resources remain critical factors in material supply and production. Environmental protection is a growing concern, with a shift towards reducing water usage and minimizing the use of non-biodegradable materials. Overall, the footwear market caters to diverse consumer inclinations and needs, with offerings ranging from professional athletic shoes to casual and fashionable options.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Non-athletic Footwear
• Athletic Footwear
• End-user
• Men
• Women
• Children
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio