Footwear Market Outlook:
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 refers to any article worn on the feet for a variety of purposes, including fashion, hygiene, protection, and comfort. It typically consists of a flexible upper layer made from a range of materials, such as leather, jute, fabric, plastic, rubber, or synthetic materials, as well as a soft sole and heel to support the weight of the wearer. It provides enhanced convenience and comfort, improves mobility, and prevents injuries. As a crucial part of the clothing and apparel industry, it encompasses various products, including shoes, athletic sneakers, sports shoes, luxury footwear, and related goods. These items are available in different patterns, colors, and advanced technical fabrications, providing consumers with ample choices to suit individual styles and practical needs.
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Footwear Market Growth and Development:
The global footwear industry is experiencing rapid growth driven by the increasing demand for high-quality shoes that provide comfort and convenience. This trend is particularly evident in the sports footwear segment, where manufacturers are launching specialized products for various sports, such as football, cricket, basketball, and golf. Additionally, rising health concerns and the inflating consumer expenditure power are contributing to the market growth. Moreover, governments and global organizations are investing heavily in promoting sports leagues and events, such as the Olympics, FIFA World Cup, and Formula 1 racing, which, in turn, is fueling the market growth. Furthermore, leading players in the industry are funding research and development (R&D) activities to introduce innovative product variants that cater to changing consumer preferences, such as eco-friendly shoes made from sustainable materials and smart shoes that include pressure sensors for easy self-lacing, which is creating a positive outlook for the market.
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𝐋𝐢𝐬𝐭 𝐨𝐟 𝐓𝐨𝐩 𝐅𝐨𝐨𝐭𝐰𝐞𝐚𝐫 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐞𝐫𝐬 𝐖𝐨𝐫𝐥𝐝𝐰𝐢𝐝𝐞:
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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