The global footwear market has been growing by leaps and bounds over the past few decades, thanks to the drastic rise in consumer spending patterns and a change in consumer perspective that puts style on the same footing as comfort. Standing on the verge of a retail revolution?in a fast-changing retail landscape,?major shoe companies are experiencing?phenomenal growth in revenues. The global footwear industry is unlikely to slow down anytime soon, with the global demand for footwear growing at an impressive rate.
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Global Footwear Market Analysis
Considering the booming sales of a wide range of footwear products through both online and offline distribution channels, Technavio’s market analysts have estimated that the footwear market will register revenue of close to $353 billion by 2022, while the global footwear market size has the potential to grow by $42.06 billion during 2020-2024, registering a steady CAGR of over 2% during the forecast period. The demand for premium footwear products is staggering, thanks to the introduction of innovative designs and advanced technical fabrication by the world’s leading shoe companies. This, in turn, is triggering the growth of the global footwear market. Leading footwear companies like Adidas, ASICS, and Nike are best known for their innovative offerings.
According to Technavio’s research, the non-athletic segment will account for the highest growth in the footwear market owing to evolving demands, a growing consumer base of internet sales, and faster shipping services. Consequently, the footwear market is expected to grow at a CAGR of more than 2 % by 2024.
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Top 10 Shoe Companies in the World in 2020
As one of the world’s largest shoe shoe brands, Nike has always been at the leading edge of innovation, technology development, and cutting-edge marketing campaigns that help it surpass other brands in terms of popularity and sales. Nike’s ‘Just do It’ marketing campaign featuring Colin Kaepernick has proven to be beneficial for the company as it helped grow their online sales of footwear products across the world. Nike, the world’s largest sports footwear brand, is reinventing itself for the digital era. The company is taking several steps toward its goal of becoming a retail tech company and some of these tactics already appear to be working.? Nike is also getting its flagship products right with shoes like Nike Air Max 270, ZoomX, React, and VaporMax.
Suggested reading:?Nike Market Share in 2019: World’s Largest Shoe Company
2.? ? adidas
With its roots in Germany, adidas has become one of the top shoe brands in the world. The company produces more than 900 million sports and lifestyle products with independent manufacturing partners around the world. It generated sales of approximately $25 billion in 2019, and these staggering numbers are a testament to what a large and multifaceted company adidas has become. With more than 1000 stores across the world, the shoe brand has risen to extreme heights of success. Adidas has not only become a symbol of sports fashion but has also presented a collective image of street, pop-culture, music, sports, and other fashion statements, defining its existence through its remarkable communication strategies.
3.??? New Balance
Unlike many of its rivals, the Boston-based multinational corporation New Balance shuns celebrity endorsement. The company claims to emphasize substance over style by highlighting lesser-known athletes. Besides manufacturing men’s and women’s shoes for basketball, tennis, golf, hiking, running, and cross training, New Balance offers fitness apparel and shoes for kids and owns shoemaker Dunham. The company’s product portfolio also includes Aravon shoes for comfort performance, Warrior hockey gear, PF Flyers footwear, and Brine, a leader in field hockey, lacrosse, soccer, and volleyball. The company is striving to expand beyond the US and it recently opened its first UK store on London’s Oxford Street.
Suggested reading: Top 3 Trends That Are Changing the Game for the Sports Footwear Market
ASICS is one of Japan’s top shoe companies and purveyor of other equipment. Since its foundation in 1949, ASICS has been?a global footwear brand committed to nurturing youth around the world through sports. Over more than six decades, the company?has provided its own products while?creating changes in the social environment. ASICS recently announced the launch of its new product ‘Solution Speed’ tennis footwear, which is designed to enhance agility and speed during the game. The Solution Speed shoe features three of company’s advanced technologies: Court Specific FlyteFoam, TWISTRUSS, and FLEXION FIT.
5.??? Kering (PUMA)
Kering is?a world leader in apparel and accessories. It develops an ensemble of powerful luxury, lifestyle, and sports brands, including Gucci, Bottega Veneta, Volcom, and Puma. Its Puma brand provides an impressive and versatile collection of footwear, apparel, and accessories. Over the past few decades, Puma has consistently evolved to introduce a diversified product portfolio that includes Puma Suede, Basket, Roma, Easy Rider, and many more. Puma’s motorsports collection includes co-branded sneakers with leaders such as Ducati and Ferrari. The brand’s technologically advanced sneaker, Faas, is endorsed by the fastest man in the world, Usain Bolt.
Download FREE report sample: Global Athletic Footwear Market 2019-2023
Founded in 1992, Skechers is one of the fastest growing shoe companies in the US, focusing on trendy and casual styles for men and women between the ages of 19 and 40. The billion-dollar, award-winning company’s success stems from its high-quality product offerings, cutting-edge print and television advertising, and diversified domestic and global distribution channels. Skechers’ products include boots, sneakers, training shoes, oxfords, sandals, and semi-dressy shoes. The company offers street-focused and fashion footwear under the Zoo York, Marc Ecko, and Mark Nason brands. Skechers shoes are sold in more than 160 countries through specialty stores and some 390 company-owned outlet stores.
Suggested Readings: Shoes, Athleisure or Fitness Equipment – Just Order ‘em Online!
Beginning as a textile firm in Biella, Italy more than nine decades ago, Fila (Fabbrica Italiana Lapis ed Affin) has since grown into one of the top shoe companies in the categories of tennis, soccer, and running in Asia, Europe, and the Americas. Today, Fila is a leading designer and marketer of footwear, apparel, and accessories for sport and leisure with product categories including casual and athletic footwear, casual wear, activewear, and sportswear. The company offers its wide range of products under a number of brands, including Tratto, Das, Giotto, Pongo, Lyra, and others.
For more than 130 years, Bata has been the most recognized footwear brand in the world. Today, the company is led by the third generation of the Bata family and continues to dedicate itself to finding new shoe materials, developing innovative technologies, and manufacturing new products that blend fashion with comfort. The company today has a presence in over 60 countries with more than 5000 retail stores, 24 fully-owned factories, and dedicated e-commerce operations. Bata combines the best of local and global, effectively catering to the needs of consumers across the world, making it one of the world’s fastest growing shoe companies.
Suggested Readings :?Top 15 Sports Shoes Brands in the US Athletic Footwear Market 2018
Burberry is a well-established manufacturer of luxury clothing, readymade fashion outerwear, fragrances, cosmetics, sunglasses, shoes and other accessories for men, women, and children. It is one of the most recognized brands in the EU, Australia, US, and various parts of Asia. The British designer company is planning to expand its shoe business rapidly and is set to make a strategic investment in its leather goods supply chain. Burberry recently acquired a leather-good facility from its Italian partner CF&P.
10. ?VF Corporation
Founded in 1899, VF is one of the world’s leading apparel, footwear, and accessories companies with socially responsible operations spanning several regions, distribution channels, and product categories. It serves consumers across the world with its wide-ranging portfolio of lifestyle apparel and shoe brands that include The North Face, Wrangler, Lee, Timberland, and Vans. These brands’ popularity?earned the company many consumers, which prompted it to open outlet stores across the globe. The company launched its e-commerce portal in 2013.
Download FREE report sample: Global Smart Shoes Market 2018-2022
Future Trends in the Global Footwear Market
The evolution of footwear has required major shoe companies to focus on strategies such as faster delivery processes, mass customization, and personalization. Mass customization and personalization have slowly been gaining importance in the footwear and apparel industry. These factors are driven by technology, supply chain transformation, and organizational restructuring. Major advances on the technological front such as tracking?the measurements of consumers to final product development and delivery have facilitated this trend. Adidas Group and Nike are two of the pioneers and are among the largest shoe companies in the establishment and adoption of customization techniques. Such mass customization and personalization of sports footwear?is enabling?footwear companies?to further attract consumers and help them build strong brand loyalty.
Most Frequent Asked Questions in the Global Footwear Market:
- What is the current global footwear market size?
- What are the major opportunities and challenges in the global footwear market?
- Who are the largest footwear companies & shoe brands by market share?
- What are the global footwear market trends in the near future?
Detailed?answers can been seen in this following market report: