Non-Athletic Footwear Market Poised to Reach USD 364.1 Billion at a CAGR of 4.2% by 2031- Report by Transparency Market Research
The expansion of the non-athletic footwear industry is anticipated to be driven in the near future by the rise in casual fashion trends and increases in disposable income
Wilmington, Delaware, United States, Aug. 30, 2023 (GLOBE NEWSWIRE) — The global market for non-athletic footwear was estimated to have acquired US$ 251.7 billion in 2022. It is anticipated to advance with a 4.2% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 364.1 billion.
The materials used to make casual footwear are frequently leather or synthetic. It comes in a variety of colors and designs to match any clothing. In general, formal footwear is made to be supportive and comfortable. It usually lacks components like increased grip, arch support, or cushioning that are popular in sports shoes.
Non-athletic shoes are a fantastic choice for daily use because they are frequently stylish and go well with a number of outfits. The fashion industry is evolving quickly, and casual clothing is becoming more popular. People are searching for fashionable goods as they become more aware of their appearance.
The growing popularity of casual fashion is anticipated to have a favorable effect on non-athletic footwear and propel the growth during the forecast period.
Demand for attractive footwear has increased dramatically over the years as non-athletic footwear producers introduce goods with unique styles and functions. In order to get a larger portion of the non-athletic footwear industry, they are offering a wide selection of styles, colors, and sizes for fashion shoes.
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|Market Revenue||US$ 251.7 Bn|
|Estimated Value||US$ 364.1 Bn|
|Growth Rate – CAGR||4.2%|
|No. of Pages||150 Pages|
|Market Segmentation||Product Type, Material, End-user, Price, Distribution Channel|
|Regions Covered||North America,Europe,Asia Pacific,Middle East & Africa,South America|
|Companies Covered||Asics, Dior, Gucci, LVMH, Nike Inc., Prada SpA, Puma, SKECHERS USA, Inc., U.S. Polo Assn., Vans Inc., Wolverine Worldwide, Inc., Other Key Players|
Key Findings of the Market Report
- The growing impact of celebrities wearing fashionable footwear is expected to provide profitable prospects for companies in the global non-athletic footwear sector.
- People are buying more non-athletic shoes as they want to imitate their favorite superstars.
- Non-athletic footwear manufacturers are adding stylish choices to their selection of shoes.
- Offering customization choices for various items is how manufacturers are reacting to these non-athletic footwear industry trends.
Market Trends for Non-athletic Footwear
- Shoes that fit specific tastes and preferences are in great demand as the trend toward personalization grows. A surge in disposable income is driving up the price of non-athletic footwear.
- The typical American spends $392 on shoes each year. In 2020, individuals in Europe spent 4.1% on clothes and footwear on average, estimated by Eurostat. In China, a single family member spent an average of 1,735 yuan on clothing and footwear in 2022.
- The growth of the non-athletic footwear industry is being driven by technological developments in design and production. Modern design and manufacturing techniques have made shoes more aesthetically pleasing and comfortable.
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Non-athletic Footwear Regional Market Outlook
Various reasons are propelling the growth of the non-athletic footwear market in different regions. These are:
- From 2023 to 2031, North America is expected to hold the highest share. The region’s market dynamics are being fueled by growing awareness of the value of appearance in the workplace.
- The growing trend of casual attire in the corporate world is also advancing the market in North America. The region is seeing profitable market potential for non-athletic footwear due to an increased focus on product innovation as well as an increase in the introduction of new materials and designs.
- The Asia Pacific market is expected to develop at a rapid pace throughout the forecast period owing to changes in consumer lifestyles and an increase in disposable income.
- Online purchasing is becoming more and more popular, which is enhancing regional market data. More and more consumers are turning to online stores to acquire the apt pair of formal footwear at the best prices.
Global Non-athletic Footwear Market: Key Players
The non-athletic footwear market is extremely competitive, with a wide range of international and regional sellers. The majority of businesses are investing in the research and development of new goods in accordance with the newest trends in dress and casual footwear.
The following companies are well-known participants in the global non-athletic footwear market:
- Nike Inc.
- Prada S.p.A
- SKECHERS USA Inc.
- U.S. Polo Assn.
- Vans Inc.
- Wolverine Worldwide Inc.
Developments by the key players in the global market for non-athletic footwear are:
|Market Player||Year||Key Developments|
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Global Non-athletic Footwear Market Segmentation
- Product Type
- Lace Up Shoes
- Slip On Shoes
- Natural Rubber
- Others (Faux Fur, Faux Leather, etc.)
- Distribution Channel
- Company-owned Websites
- E-commerce Websites
- Supermarkets / Hypermarkets
- Specialty Stores
- Others (Retail Stores, etc.)
- By Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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