According to a new report published by Allied Market Research, titled, “Luxury Footwear Market by Product, End Use, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
The global luxury footwear market was valued at $25,549.3 million in 2020, and is projected to reach $39,987.4 million by 2030, registering a CAGR of 4.7% from 2021 to 2030.
Increase in online retail of luxury footwear and rise in demand for fancy yet comfortable footwear fuel the growth of the global luxury footwear market. Based on end use, the women segment contributed to the major share in 2020. By region, on the other hand, Asia-Pacific would cite the fastest CAGR by 2030.
The footwear aid in covering and protecting the foot from ground textures, temperatures, and gravel roads. Footwear are made up of different materials such as leather, plastic, rubber, and fabric. Leather is one of the prominent materials used for the first version of a footwear. Companies such as Nike are using eco-friendly raw materials such as recycled car tires, recycled carpet padding, organic cotton, and vegetable-dyed leathers for manufacturing footwear products.
The global luxury footwear market is analyzed across product type, end use, distribution channel, and region.
Based on product type, the formal shoes segment accounted for nearly three-fifths of the total market share in 2020, and is projected to rule the roost by the end of 2030. The same segment would also cite the fastest CAGR of 4.9% throughout the forecast period.
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Based on end use, the women segment contributed to nearly half of the total market revenue in 2020, and is expected to lead the trail by 2030. The children segment, on the other hand, would grow at the fastest CAGR of 5.9% from 2021 to 2030.
Based on geography, Europe held the major share in 2020, garnering more than one-third of the global market. The market across Asia-Pacific would cite the fastest CAGR of 6.8% by 2030. The other two provinces discussed in the report include North America and LAMEA.
COVID-19 scenario:
• The huge disruption of the supply chain and shutdown of production units hampered the growth of the global luxury footwear market, especially during the initial phase.
• However, as the situation is getting better across the world, the global luxury footwear market is anticipated to get back on track soon.
The key market players profiled in the report include:
• Furla SpA
• Longchamp
• Mulberry Group
• LVMH
• Vera Bradley
• ZV France SAS
• Guccio Gucci S.p.A.
• Samsonite International S.A./Tumi brand
• Valentino S.p.A.
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