Leather Footwear Market Size, Share, Growth, Trends and Industry Analysis Report
by Susan Hill Business ConsultantThe
global leather footwear market size is expected to reach
USD 202,305 million by 2025, according to a new report by Grand View Research,
Inc. It is projected to register a CAGR of 2.8% during the forecast period,
attributed to the rise in working class population and disposable income, flourishing
retail e-commerce sector, and evolving fashion trends in business wear.
Availability of myriad products and shopping channels will further accelerate
the growth.
Leather
footwear market is closely aligned with consumer spending on fashion accessories.
Rapid rise in spending on fashion accessories due to growing influence of
social media is driving the market. Evolving shopping trends and increasing
propensity toward buying high-end and designer shoes are estimated to fuel the
market growth. On the other hand, availability of counterfeit shoe products
developed by local manufactures may hinder growth. However, high demand for
trendy, fancy, and comfortable footwear is driving the market growth.
The male end
user segment accounted for the highest market share of about 56% in 2018. It is
expected to register the fastest CAGR from 2019 to 2025. Growing awareness
regarding physical appearance among the males along with evolving fashion
trends, is also expected to drive the growth. High influence of advertising
campaigns by big brands that feature popular male personalities is expected to
result in an increasing demand from the young generation. Tailor made leather
shoes is the trend that is expected to fuel the growth in male segment.
The female
segment is anticipated to register a CAGR of 2.8% over the forecast period. The
growth is due to the drop in purchase of heeled shoes. Increasing number of
working women is driving the growth of female leather footwear industry.
Women’s spending on leather footwear like high ankle length shoes, reptile and
animal skin, suede ballerinas, pumps, boots, casual town shoes, sandals, and
flip-flops is driving the growth.
In terms of
distribution channel, the market is segmented into online and offline. Offline
channel accounts for the largest market share of more than 72.0% in 2018.
Developed countries have high number of fashion stores where the range of
products is well placed in iPads or interactive shelves as a part of the
customer engagement strategy.Eobuwie.pl owned by CCC, Central Europe’s largest
footwear retailer and the largest footwear manufacturer, created its own brand
concept store, which allows user to browse through almost 450 brands via
tablets at their fingertips. Online is anticipated to register the fastest CAGR
of 3.2% over the forecast period. Online shopping for footwear is less tedious
and attractive to consumers compared to the clothes shopping, as a result of
shoe size uniformity.
Europe is
estimated to be the largest regional segment accounting for approx. 31.0% of
the market share in 2018. U.K. alone accounted for approximately 13.0% of the
market share in the same year. In U.K., leather footwear accounts for 49.0% of
the total footwear
market. Formal leather footwear perform well in the region due to
growing middle class, more women at work, increasing shopping centers, and
adoption of online purchase.
Asia Pacific
is projected to register the fastest CAGR of 5.1% from 2019 to 2025. Factors
such as growing economies, rising number of low-middle class, rapid expansion
of international footwear chains, and growing working class population is
expected to fuel the regional demand.
Key players
in this market are Prada Holding B.V.; LVMH; Allen Edmonds; Kering S.A.; Bruno
Magli; Cole Haan; Genesco Inc.; Hermès International S.A.; Salvatore Ferragamo
S.p.A.; and Crockett & Jones.
Further key
findings from the report suggest:
- Male end user
segment accounted for the highest share of approximately 55.0% in 2018
- Offline based
distribution channel accounts for the largest share of more than 72.0% in
2018, omni-channel retailing and in-store marketing solutions to enhance
the shopping experience and to bridge the gap between offline and digital
channels
- Some of the key
players operating in the global leather footwear market include are Prada
Holding B.V., LVMH, Allen Edmonds, Kering S.A., Bruno Magli, and Cole Haan
Access full
research report on global leather footwear market:
www.grandviewresearch.com/industry-analysis/leather-footwear-market
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Created on Oct 24th 2019 02:35. Viewed 442 times.