The IMARC Group's latest research report, titled “Footwear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global footwear market size reached US$ 234.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 314.2 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
Footwear is worn to provide comfort and protection to the feet. It contains shoes, boots, sandals, and slippers and is manufactured using numerous materials, including wood, canvas, leather, jute, plastics, rubber, etc., with a soft sole and heel to support the weight of the wearer. Footwear serves as a fashion statement and is used to express personal style. It is also designed to perform specific activities, such as athletic and non-athletic activities. The item is commercially available in several shapes, sizes, and colors and can also be customized with text, logos, prints, etc.
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Footwear Market Growth and Development:
The escalating demand for the product with orthopedic recommendations that aid in ankle problems and inflammation in the foot is primarily augmenting the footwear market. Furthermore, the shifting consumer preferences and the widespread adoption of new technologies are offering lucrative growth opportunities for key market players to introduce innovative designs and features, which are positively influencing the market growth. Apart from this, various investments in marketing strategies, including celebrity endorsements, social media promotions, and banner advertising, are also propelling the global market. Moreover, the top companies, such as Nike Incorporation, Adidas AG, PUMA, Geox S.p.A, Skechers USA, Incorporation, Timberland, Crocs Retail, Inc., Ecco Sko A/S, Wolverine World Wide, Inc., and Under Armour Inc., are entering into strategic partnerships to expand their consumer base, which is acting as another significant growth-inducing factor. Besides this, the increasing penetration of high-speed internet and the rising usage of e-commerce websites to give fast and convenient functional experiences to customers, such as secured payment gateways, grievance management, after-sales services, competitive pricing, etc., which is expected to drive the footwear market in the coming years.
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List of Top Footwear Manufacturers Across the World:
1. Nike Incorporation
Establishment: 1964
Headquarters: Beaverton, United States
2. Adidas AG
Establishment: 1949
Headquarters: Herzogenaurach, Germany
3. PUMA
Establishment: 1948
Headquarters: Herzogenaurach, Germany
4. Geox S.p.A
Establishment: 1995
Headquarters: Montebelluna, Italy
5. Skechers USA, Incorporation
Establishment: 1992
Headquarters: California, United States
6. Crocs Retail, Inc.
Establishment: 2002
Headquarters: Niwot, United States
7. Timberland LLC
Establishment: 1952
Headquarters: Massachusetts, United States
8. Ecco Sko A/S
Establishment: 1963
Headquarters: Bredebro, Southwest Denmark
9. Wolverine World Wide, Inc.
Establishment: 1883
Headquarters: Michigan, United States
10. Under Armour Inc.
Establishment: 1996
Headquarters: Baltimore, United States
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