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The global market for footwear and related accessories is gradually gaining the momentum that it lost after the first COVID-19 wave. Some factors are contributing to the rehabilitation of the footwear industry. The major growth driving factors in the market include the rise of concepts such as connected fabrics, innovations including leather alternatives out of mushroom, pineapple, fruit, palm, and sericin. The rising demand for 3D printing is becoming a mainstay of shoe production with the latest technology enabling shoes and accessories manufacturers to handle the overwhelming demand for a range of shoe designs.
Men's footwear is continuing the upwards trends globally. Technology enabling shoe manufacturers is coping with the rising demand for a variety of shoe designs and mass personalization. Other major growth drivers in the market include rising smart concepts such as footwear internet of things, connected fabrics, and material innovations. As per research, the global shoe market for men's formal shoes is projected to grow at a CAGR of 6.2% to reach USD 9,881 million by 2022.
The rising popularity of athletes is one of the major factors in this industry's growth. Sports or athletic shoes refer to shoes that are designed for sports and other outdoor activities. The worldwide consumption volume shows an upward trend of this footwear used as fashion and casual footwear by people of every age group. As per research, the global market for athletic footwear is projected to touch $114.8 billion by 2022, growing at a CAGR of 2.1% by 2022.
From 2015 to 2019, the rate of growth for the global apparel footwear and accessories market was seeing a massive increase; however, by 2019, COVID-19 erupted in China. Due to the massive decrease in the global economy, this industry is also expected to lose its purple patch. But at the same time, the evolution of the eCommerce industry is expected to compensate for the downfall. As per research, the global shoe parts & accessories market is projected to speed up at a CAGR of around 5% and would touch the volume of $1.12 billion by 2025.
The leather shoe market is closely linked with consumer expenditure on fashion accessories. Swift growth in the fashion accessories expenditure is based on growing social media influence, which is driving the market. The recent change in consumer behavior behind shopping trends and increasing inclination towards buying designer and high-end shoes are projected to trigger the growth. Demand for comfortable, trendy, and fancy footwear is driving the growth. As per research, the global market size for leather footwear was valued at $166.53 billion in 2018 and is projected to grow at a CAGR of 2.8% by 2025.
All the estimations discussed for the market are completed using a conservative approach due to coronavirus waves. Developed along with developing economies are uncertain due to concerns about COVID-19 variants. However, organizations dealing in the shoes & accessories industry have started to recover and would see a sharp increase in their profits once the lockdown situations will ease out.
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