Footwear has well and truly come a long way from being considered a mere commodity. The sheer variety in terms of colors, materials, and types have truly transformed the global footwear market in the last few years. Today, men, women, and even children seek out footwear that is chic, comfortable, stylish, and most importantly, aligns perfectly with their tastes and sensibilities. Footwear is now seen as an ‘extension of self’ and also helps define its wearer, for better or for worse. Thus, the future of the Athletic Footwear market is extremely bright indeed.
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Key Takeaways from the Market Study:
- The global footwear market is anticipated to add 1.5x value by 2031 as compared to 2021.
- By product type, sales of athletic footwear likely to reach US$ 83 Bn by 2022
- Online sales of footwear was valued at US$ 21.4 Bn as of 2020
- In 2020, U.S footwear sales reached US$ 91 Bn, expected to rise further in the future
- China to emerge as the champion in athletic footwear, accounting for over 10% of the global market
- Fashion footwear to account for around 1/4th of the global market revenue
- India emerging as an attractive destination for prominent footwear manufacturers
“Increased innovation scale to incorporate multifunctionality in footwear for various purposes in anticipated to generate significant growth potential in the global market in the forthcoming years,” comments a Fact.MR analyst.
Key Segments Covered
- Casual Footwear
- Fashion Footwear
- Occupational Footwear
- Therapeutic Footwear
- Athletic Footwear
- Protective Footwear
- Other Footwear
- Leather Footwear
- Natural Rubber Footwear
- Synthetic Rubber Footwear
- EVA Footwear
- PVC Footwear
- PU Footwear
- Textile Footwear
- Economy Footwear
- Mid Footwear
- Premium Footwear
- Super-Premium Footwear
- Online Footwear Sales
- Footwear Sales via Specialist s
- General Merchandise Footwear Sales
- Footwear Sales via Departmental Stores
- Footwear Sales via Other Sales Channels
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
- NIKE, Inc. entered into a definitive agreement to acquire Converse, Inc. The total price paid for 100 % of the equity shares was approximately US$305 Mn plus the assumption of certain working capital liabilities at the time of the transaction’s consummation.
- Likewise, Adidas-Salomon AG and Reebok International Ltd. signed an agreement under which adidas-Salomon AG would acquire all of the outstanding shares of Reebok for U.S. $59.00 per share in cash.