Footwear Market 2024-2028: Size and Rising labor cost and fluctuating raw material prices; growth driven by the Product, Some of key Companies Positioned Strategically

The footwear market size by Product (Non-athletic footwear and Athletic footwear), End-user (Men, Women, and Children), Distribution Channel (Offline and Online), and Geography (APAC, Europe, North America, South America, and Middle East and Africa), is forecast to increase by USD 113.6 billion. The market is expected to grow at a CAGR of   4.73% between 2024 and 2028.

• International footwear brands, including Prada, Tapestry, and D & G, have established production facilities or Original Equipment Manufacturers (OEMs) in Asian countries, such as China, India, Indonesia, Bangladesh, and Vietnam, to leverage the cost advantages offered by these regions. However, the significant increase in labor costs over the past decade in these countries has led to a rise in production expenses. Furthermore, the economic instability and fluctuating labor costs in importing countries have added to the challenges for these vendors, ultimately eroding their profit margins.
• The footwear market represents a significant business opportunity, with increasing consumer demand for stylish, comfortable, and functional footwear. Brands are focusing on innovation, sustainability, and personalization to cater to diverse customer preferences. Market trends indicate a shift towards online sales, with e-commerce platforms offering a wider selection and convenience. Strategic partnerships, mergers and acquisitions, and digital marketing are key growth strategies for footwear businesses.

Access the full report to know who are the other key countries segment-wise forecast and historic data

Some of the Key Companies:

• 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 Group.
• New Balance Athletics Inc.
• Nike Inc.
• PUMA SE
• Skechers USA Inc.
• Under Armour Inc.
• VALENTINO Spa
• VF Corp.
• Wolverine World Wide Inc.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/