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Strap Footwear Market Growth and Key Development Factors
The global strap footwear market is expected to display higher growth rate over the next five years. Rapid surge in the strap footwear market is credited to growing demand for trendy as well as comfortable strap footwear among all age groups across the globe. Factors responsible for driving the market growth, in the recent years, include burgeoning demand for designer footwear, increase in per capita income in both developed and developing economies, high-end clientele, and growing popularity of the strap footwear among men.
Additionally, robust growth in the fashion industry, rising demand for latest and improved footwear designs across the globe, and large-scale production in the Asia Pacific region are expected to fuel market growth of footwear market in the upcoming years. Globally, market is predicted to generate massive revenue over next five years, providing numerous opportunities for industry participants to invest in research and development of this market.
In addition, various e-commerce retailers are adopting new techniques to understand customers buying behavior, thus vastly gaining competitive edge over their counterparts. However, increase in the number of local manufacturers and large-scale production, thereby increasing competitiveness are expected to limit market progress to a certain extent. Commonly, strap footwear industry majorly consists of men, women and children’s shoes. The strap footwear industry also comprises various types of outdoor and indoor shoes manufactured with the help of materials such as leather, plastic, and rubber.
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Additionally, lower cost of strap footwear in Asia-Pacific market is expected to augment market demand in the near future. Recent developments in manufacturing technology adopted by industry players, has led to production of high performing and comfortable strap shoes.
The market is broadly categorized into major segments based on the application type such as kitten heels, platform heels, ankle booties, high heel sandals and cone heels. The ankle booties segment is growing rapidly in the strap footwear market with substantial revenue generation in the last few years.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in the manufacturing sector, surge in number of research & development activities in the region and existence of well-established industrial infrastructure. In European region, Germany, France and United Kingdom are projected to witness steady growth due to large-scale demand for kitten heels, platform heels, ankle booties and high heel sandals.
Asia-Pacific region is estimated to hold major share in the strap footwear industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing per capita income, growing penetration of e-commerce websites, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in strap footwear market are Adidas Co., Nike Incorporations, New Balance Incorporations, Puma Group, Asics Co., Bata Ltd., Deichmann SE, Skechers Incorporations, VF Co., W.L. Gore & Associates Inc., Fila Incorporations, Under Armour, Incorporations, Lotto Sport Italia S.p.A., The Aldo Group Inc., Reebok International, Saucony Co., Skechers Incorporations, and Woodland Worldwide.
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