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Europe Footwear Market Estimated to Grow to US$47,625.8 Million by 2021
Footwear Market - Europe Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021
Published 29 October 2015
Footwear includes all types and some that are crafted for sports activities or physical exercises are known as athletic footwear. Among athletic footwear there are different types of footwear for specific uses designed for men, women, and children. Non-athletic footwear groups consist of all footwear for formal, casual, or daily use. The Europe footwear market is projected to have significant growth and experience numerous changes over the coming years due to active lifestyles, growing population of working women, and increased fashion and style consciousness in consumers about footwear.
Footwear Market in Europe Estimated to Expand to US$47,625.8 Million; U.K. Leads Market
According to a study by Transparency Market Research, the U.K. had the largest market share in the Europe footwear market in 2014, with 15.2%, and Germany was at second place in the regional hierarchy with 13.6%. The trend is expected to continue, with the U.K. projected to become the largest European market for footwear by 2021, followed by Germany. The footwear market in Europe had a total value of US$42,941.3 million in 2014 and is expected to expand to US$47,625.8 million at a CAGR of 1.5% during the forecast period from 2015 to 2021.
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Market Drivers Include Comfort Enhancement and Product Innovation
Changes in footwear market in Europe are expected due to several factors. Among these, the emergence of newer styles, the arrival of eco-friendly footwear products in the market, recycled footwear, product innovation, and comfort enhancement are prominent market drivers for footwear. Fashion-consciousness and growing disposable incomes are anticipated to expand the footwear market in countries such as the U.K., Italy, France, Spain, Germany, and the Netherlands during the forecast period.
Online sales, lifestyle changes, increase in shopping centers, and technological advances are among the main reasons for the burgeoning footwear market. The growth of ecommerce has made a wide range of footwear available to customers in the comfort of their homes, which has increased brand exposure, providing a boost to the Europe footwear market.
Non-athletic Footwear Leads Europe Footwear Market
Market segments of the Europe footwear market are formulated by product type, gender, and geographical regions. By product type, the market is divided into athletic and non-athletic footwear. Athletic footwear has various subcategories, such as sports or cross-trainers, insert shoe, backpacking boots, and hiking shoes. The non-athletic footwear category includes casual footwear, fashion footwear, and dress or formal footwear.
Insert shoes had the largest market share in terms of volume in the athletic footwear segment. In non-athletic footwear, casual footwear held a larger market share than dress/formal or fashion footwear. The larger market share in the overall Europe footwear market was held by non-athletic footwear, and this hierarchy is predicted to continue from 2015 to 2021.
Gender segmentation of the Europe footwear market includes men’s footwear, women’s footwear, and kid’s footwear. Women’s and kid’s footwear has more demand compared to men’s footwear and the increase in the number of working women in European countries is driving the market for the same. The men’s footwear market is led by driving factors such as growing brand consciousness and awareness of fashion. The major national markets in the Europe footwear market are the U.K., Italy, France, Germany, Spain, and the Netherlands. Italy is considered a growing market for footwear during the forecast period.The key market players in the Europe footwear market are PUMA SE, Bata Ltd., Nike Inc., Adidas AG, and Deichmann SE.
Browse Full Europe Footwear Market Report With Complete TOC @ http://www.transparencymarketresearch.com/europe-footwear-market.html
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