The global footwear market size was worth US$ 233.5 Billion in 2019. Looking forward, IMARC Group expects the market to reach a value of US$ 269.2 Billion by 2024, registering a CAGR of 2.4% during 2020-2025.. As per the analysis by IMARC Group, the top players in the footwear industry are increasingly focusing on customization to attract consumers and build stronger brand loyalty.
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With the significant changes in the lifestyles and fashion trends of consumers, footwear has evolved as a symbol of status. Consumers are nowadays more inclined toward purchasing footwear with advanced technical fabrications, which are superior in quality and provide maximum comfort to them.
In recent years, the growing demand for footwear that blends fashion with comfort has prompted manufacturers to focus on designing technologically advanced smart shoes, which significantly aid in expanding their product portfolio and business operations. For instance, Nike has introduced HyperAdapt, innovative self-lacing shoes, which have pressure sensors in the soles that allow automatic lacing when the wearer puts the foot inside the shoe. Similarly, Hugo Boss, a luxury footwear brand, has recently launched vegan pineapple leather shoes for men. Furthermore, several companies are developing sustainable footwear ranging from hay-based sneakers to biodegradable, vegan stilettos, which are gaining rapid popularity among the masses. Moreover, the leading footwear companies, such as Cole Haan and Converse, Inc., are diversifying their product lines through mergers and acquisitions, which, in turn, is expected to propel the growth of the market in the upcoming years.
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Headquarter: Beaverton, United States
Nike was founded as Blue-Ribbon Sports by Bill Bowerman and his former student Phil Knight. They opened their first retail outlet in 1966 and launched the Nike brand shoe in 1972. The company was renamed Nike, Inc., in 1978 and went public two years later. By the early 21st century, Nike had retail outlets and distributors in more than 170 countries, and its logo, which is a curved check mark called the swoosh, was recognized throughout the world. Nike, Inc. includes the Nike, Converse, Hurley, and Jordan brands. Nike’s mission is to make innovations, by making their products more sustainable, to build a creative and diverse global team, creating a positive impact in communities. Moreover, the company is steadily expanding its business and diversifying its product line through numerous acquisitions, including the shoe companies Cole Haan and Converse, Inc.
Headquarter: Herzogenaurach, Germany
Adidas, the German sportswear company, sells sports shoes, apparel and equipment sporting its iconic three-stripe logo in more than 160 countries. Its other major brand, Reebok, sells fitness and gym apparel. The company provides Adidas and Reebok-branded products inclusively through more than 2,500 owned stores, as well as a franchise network and via a wholesale channel. Every year, the company produces over 900 million sports and sports lifestyle products with independent manufacturing partners worldwide.
Headquarter: Herzogenaurach, Germany
PUMA is a sports lifestyle company that designs, develops, sells, and markets footwear, apparel, and accessories. It provides performance and sport-inspired lifestyle products in categories, such as football, running and training, golf, and motorsports. The company also issues licenses to authorized independent partners to design, develop, manufacture and sell fragrances, eyewear, and watches. The products are made available in the market through PUMA stores and factory outlets, as well as online. It offers its products under the PUMA, Cobra Golf, and Dobotex brand names.
Headquarter: Montebelluna, Italy
Geox creates, produces, promotes, and distributes footwear and apparel for retailers and end consumers. The company also offers shoes and jackets, as well as accessories for men, women, and children under the Geox brand through multi-brand selling points, mono-brand shops, and Geox Shops.
Skechers USA, Incorporation
Headquarter: Manhattan Beach, California, United States
Skechers USA, Inc., a global leader in the footwear industry, designs, develops and markets more than 3,000 styles for men, women and children. The Company offers two distinct footwear categories including a lifestyle division and performance footwear. Through licensing agreements, the company also provides branded apparel, accessories, eyewear and scrubs. Skechers products are available in more than 170 countries and territories through an international network of subsidiaries in Canada, Japan, India, Europe and Latin America, joint ventures in Asia, Mexico and the Middle East, and distributors around the world.
Crocs Retail, Inc.
Headquarter: Niwot, US
Crocs, Inc., a world leader in innovative and casual footwear, is dedicated to the future of comfort. The company’s original and most famous style, the Classic Clogs, are instantly recognized around the world. Since 2002, it has sold more than 300 million pairs in over 90 countries. Crocs is traded on the NASDAQ stock market (NASDAQ: CROX) and has regional offices in Massachusetts, Netherlands, Singapore, Korea, Japan, Shanghai and Italy.
Ecco Sko A/S
Headquarter: Bredebro, Southwest Denmark
The ECCO Soft shoe was the first successful application of the new Direct Injection Technology introduced in the early 1980s. The company decided to make a serious entry into the North American market by opening a US sales company. In 1994, ECCO was named “Footwear Company of the Year” in the US. Since then, ECCO has built new factories in Indonesia, Thailand and Slovakia and sales subsidiaries in Hong Kong, Australia, New Zealand, Finland, Sweden, Belgium and Poland.
Wolverine World Wide, Inc.
Headquarter: Michigan, United States
With an established global footprint that spans approximately 200 countries and territories, as well as a rock-solid infrastructure, Wolverine Worldwide is dedicated to advance the various brands that comprise the ever-expanding portfolio. The diverse product portfolio includes owned brands, such as Bates, Chaco, HyTest, Hush Puppies, Keds, Merrell, Saucony, Soft Style, Sperry, Stride Rite Children’s Group, Wolverine and Wolverine Leathers as well as licensed brands such as Cat Footwear and Harley-Davidson Footwear.
Under Armour Inc.
Headquarter: Baltimore, USA
Under Armour is an American manufacturer of footwear, sports, and casual apparel. The company made the leap into footwear with the introduction of its first line of football cleats. Under Armour’s mission is to make all athletes better through passion, design, and the relentless pursuit of innovation. Keeping the purpose in mind, the brand captured a 23 percent share of the market in its first year and became the official footwear supplier to the National Football League (NFL).
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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.