The global footwear manufacturing machines market signifies a noteworthy growth due to the increase in deployments in the emerging countries such as India, China, and others. Further, adoption of footwear making machines is on the rise owing to increased production of trendy footwear to customers changing demand according to fashion trends.
Furthermore, reduced labor cost, operational time, increased productivity, and high precision of work are other major factors that fuel the demand for footwear machines in market. However, uncertainty in the manufacturing industry can hinder the market growth to a certain extent.
Footwear manufacturing machines have wide demand in Asia-Pacific, followed by LAMEA, Europe, and North America. The highest share of the Asia-Pacific market is attributable to wide presence of footwear manufacturing companies and key presence of footwear making machinery manufacturers in Taiwan.
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Moreover, semi-automatic machines have wide demand in market, as these machines are developed using automation. However, they still need human intervention to simplify the process. These machines can complete work with high precision and changes of product damage are low as compared to other machine types.
In addition, various leading manufacturers such as Atom S.p.A, Brustia Alfameccanica S.r.l., Comec, and Comelz S.p.A occupy a prominent revenue-share in the footwear manufacturing machines market.
According to a new report published by Allied Market Research, titled,”Footwear Manufacturing Machines Market by Solution and Machine Type: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,”the footwear manufacturing machines market accounted for $16,836.3 million in 2017, and is expected to reach $23,372.1 million by 2025, growing at a CAGR of 4.3% from 2018 to 2025. In 2017, Asia-Pacific dominated the global market, in terms of revenue, accounting for about 82.0% share of the global market, followed by LAMEA.
Footwear manufacturing machinery includes machines used for manufacturing & designing shoe upper and insole parts, and it assembles and stabilizes these parts to form a finished shoe product. The demand for footwear production is increasing rapidly, owing to change in lifestyle and fashion trends, which in turn boosts the demand for footwear making machinery. Furthermore, the footwear making machinery simplifies the manufacturing process and increases production capacity utilizing optimized time. These factors are majorly driving the demand for footwear making machinery. However, uncertainty in the manufacturing industry can hamper of growth of the footwear manufacturing machinery.
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The product segment secured the highest share of about 86.0% in the footwear manufacturing market in 2017 and is expected to grow at a CAGR of 4.7% during the forecast period. In terms of machine type, semi-automatic machines are expected to account for the highest market share in the coming years, as production capacity of these machines is higher than manual machines, which reduces labor cost, and improves product quality.
Asia-Pacific secured the highest market share in 2017, owing to wide presence of key footwear manufacturing companies. Moreover, most of the key footwear making machines manufacturers are located in Taiwan. Furthermore, the countries such as China and India are growing rapidly in the footwear manufacturing industry, which is increasing demand for footwear manufacturing machines in region.
Key Findings of the footwear manufacturing machinery market:
In 2017, the product segment dominated the global footwear manufacturing machines market, in terms of revenue, and is projected to grow at a CAGR of 4.7% during the forecast period
The service segment is projected to grow at a CAGR of 1.2% during the forecast period
Asia-Pacific is projected as one of the most dominant regions in the footwear manufacturing market and is expected to witness notable growth rate.
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