Global Driving Footwear Market - 2020-2027
Driving footwear are durable and comfortable shoes that are intended for sportscar enthusiasts. It has a slip-on moccasin-Distribution Channel with rubber soles and grommets that cover the back of the heel. Such footwear aid in better grip and pedal traction and provide a axis point to move foot to and fro from the brake to the accelerator.
The global driving footwear market size was worth US$ XX billion in 2019 and further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).
Rising enthusiasm and awareness about the health benefits of sports activities, booming retail e-commerce sector globally, and rising disposable income of consumers are certain factors that rae driving the demand for driving footwear globally. Moreover, the youngsters are getting willing on adopting a healthy lifestyle and are hence contributing actively in sports and other related activities.
Urbanization is an key factor that impacts consumer lifestyle. As per the Department of Economic and Social Affairs, Population Division (2014) of the United Nations, around 54% of the world's population dwelled in urban areas in 2014, whihc is expected to reach 66% of the world's population by 2050. Western Europe and North America are among the highly urbanized regions having a huge consumer base and emerging fashion trends in sportswear. Moreover, the changing consumer lifestyle is expected to boost the demand for the driving footwear in the coming years.
The rising number of billionaires globally is leading to an increase in demand for premium-segment cars. In 2010, the number of billionaires in the world were 1,011, which increased at a CAGR of 10.2% to reach 1,810 billionaires in 2016. Similar pattern has been noticed in luxury cars. For instance, in 2010, the number of luxury cars sold were 17,365 which increased at a CAGR of 8.6% to reach 36,468 in 2019. Billionaires and sports car owners wear driving footwear particular to the cars they own. The companies operating in the market include Puma SE that makes driving footwear for brands such as BMW, Ferrari, Mercedes, and others. Therefore, the rising demand for luxury cars or vehicles is boosting the demand for driving footwear across the globe.
COVID-19 Impact Analysis
The footwear, clothing, & accessories industry is anticipated to witness volatile growth throughout 2020, as a result of the unmatched supply chain disruptions caused by the COVID-19 pandemic globally. The estimated decline in the global sales of footwear, clothing, & accessories is attributable to huge supply chain disruptions across major export markets, including China and India. Though, the industry is likely to recover within the forecast timeframe From a manufacturing viewpoint, the sustainable fashion trend is expected to support market growth throughout the forecast timeframe. Moreover, the luxury apparel is another profitable space for potential manufacturers to target, given the escalating number of prosperous and fashion-conscious consumers globally.
Online segment is projected to with high CAGR during the forecast period.
E-commerce, which involves buying and selling products through electronic channelsis increasing globally. Online shopping has simplified the purchasing process for consumers by getting it easier and convenient. Online shopping is more prevalent in developed nations, such as Japan and America, compared with emerging countries such as India and China. The industry has a huge opportunity due to the development of e-commerce, which makes shopping easier, simpler, and more convenient. For instance, nearly six out of the ten major U.S. retailers in 1990 paved the way to e-commerce, such as Amazon.com, Costco, and Walgreens.
Men's driving footwear is expected to dominate the driving footwear market.
Men's footwear holds more than half of the market in 2019 and is expected to continue to dominate the athletic footwear market until 2025. Moreover, women's footwear is catching up gradually as the popularity of sports continues to grow among women, particularly in markets previously unexplored.
Based on geography, the study analyzes the driving footwear market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America led the market with over 30.0% share in 2019 and is projected to continue to dominate the market during the forecast period. The U.S. generates the majority of the revenue in the regional market, which can be ascribed to high enthusiasm among the citizens for sports and fitness. Asia Pacific is estimated to witness the highest CAGR over the forecast period, followed by Latin America. Increasing levels of disposable income and growing e-commerce sector are estimated to play a key role in driving the demand for driving footwear in Asia Pacific.
The driving footwear market is highly competitive, owing to the presence of big food brands. The key driving footwear players which are contributing to the growth of the global market include Puma SE, Adidas AG, Alpinestars S.p.A, Dainese S.p.A, Fox Head Inc., SCOTT Sports SA, Lemans Corporation, Gianni Falco Srl, Sparco S.p.A, and Piloti Inc., Xiamen Youguang Technology Co., Ltd., Guangzhou Yuexiu District Yike Shoes Firm, Jinjiang Zhundu Shoes & Garments Co., Ltd., Wenzhou Jitai Shoes Co., Ltd.. The major players are adopting new product launch and expansion strategies for global growth in the driving footwear market.
Puma SE employs in the development and marketing of sports and sports lifestyle products, including footwear, apparel and accessories. Puma's brands include puma and cobra golf. PUMA is involved in the design, marketing and sale of sporting footwear, apparel and accessories. The company was founded in 1948 and is headquartered in Herzogenaurach, Germany.
Product Portfolio: The Company's portfolio comprises footwear, sportswear, apparel, accessories and among others.
The global driving footwear market report would provide access to an approx. 60 market data table, 46 figures and 250 pages.