Footwear Market- Rise of Ingenious Technology Beyond Necessity

Jul 4 12:40 2017 Deepak Bandal Print This Article

“Culture is the ‘lens’ through which people view products.” This not only redefined the physical transformations but also a change emerging at the horizon of their civilization and social transformation.

The footwear industry is an outstanding example of interdisciplinary collaboration,Guest Posting of economics, psychology, sociology, social psychology, anthropology; because of this, it is not surprising when footwear fashion and clothing present different profiles. Footwear fashion is a billion-dollar industry employing millions of people around the world, and affects almost all consumers in the society today more than ever before. Contemporary sociologists and market researchers have taken a close interest in lifestyles. Footwear market researchers are particularly interested because they want to understand the behavior and psychology of social groups better in order to design and target advertising at relevant segments of the footwear market.

For example, a pair of Nike shoes is not only a walking or running device, or a protection for the feet. It is an index of personal status and position in the society. Design means cultural continuity and plays a predominant role in the process of integration and unification. Footwear markets have become world markets; products are designed to meet requirements and demands of consumers in different parts of the world, such as South-east Asia, North-western Europe and America. As the technology advanced, it became possible to blend comfort and style in footwear. Footwear, like other items of clothing, evolved to make statements about gender roles. Men’s footwear became more macho and women’s footwear more feminine. However, in the early 20th century, women asserted their freedom and looked for broader horizons beyond hearth and home, and this lead them to choose more practical footwear.

The athletic footwear market is expected to witness significant growth; on account of rising disposable income, increasing awareness about healthy lifestyles, demand for comfortable & innovative footwear, and the growing e-commerce retail market.

According to expert analysts at Allied Market Research, the Global Footwear Market is expected to garner $371.8 billion by 2020, registering a CAGR of 5.5% during the forecast period 2015–2020. This points towards a promising growth of the industry in the next few years.

Athleisure trend— Running shoes are here to stay!

The rising participation in sports & fitness activities and bloating global population are some factors that are forecasted to drive the global athletic footwear demand. Design has contributed largely to the concept of the footwear world market. For instance, the global athletic footwear market valued at around USD 80 billion in 2015. This market is anticipated to grow at a CAGR of around 2%, from 2016 to 2024. The rising trend of adopting a healthy lifestyle and increasing active participation of the young population in sports and related activities is expected to propel the demand for the athletic footwear market.

  

Vibrant competitive landscapes and Market penetration

To sustain in the competitive market, major giants in the footwear industry are focusing on product innovations and partnerships. Key players, such as Puma, Adidas AG, Nike, Skechers USA, are largely engaged in the process of product innovation and partnerships with international sports events to advertise their brands across the world. For instance, In April 2015, PUMA launched a lightweight football boot featuring Japanese dragon graphics for soccer lovers. The launch helped Puma increase more customers for football shoes manufactured by the company.

Smart footwear—Sprinting into the future of footwear Industry

With the cutting-edge research material science and analysis of consumer preferences, manufacturers will be able to deliver winning products and consistent financial performance. The athleisure and athletic wear categories are domineering the footwear market's growth. A big part of that increase is coming from "smart" products that improve performance and augment the user's lifestyle.

In order to offer performance-enhancing aspect to the product, smart footwear have gone beyond the basic fabrics and materials. For example, some new materials offer odor-neutralizing properties. Others light up when the wearer's body temperature reaches a certain point. Also, footwear with embedded sensors that can track distance traveled, calories burned and other biometric data are also trending.

The most exciting innovations in the footwear world are the tech-centric footwear, angling towards a better future. Take the new Shift Sneakers for example. The biggest problems people have is matching their sneakers to the outfit they want to wear.  A material that can change itself to reflect different wavelengths of light is used in the making of Shift Sneakers. With the help of an app, the colors of specific areas of the sneaker can be changed to help you match whatever you're wearing.

Conclusion:

In today’s world of glitzy-glam consumerism and self-discovery, footwear market can be an attempt to encapsulate and define one’s perfect self-image. Thus, the strong presence of footwear market, especially in sports and lifestyle market, have met the market demand, thereby, harnessing resources and experiences leading to a big distribution network. In addition to this, innovative and qualitative footwear products as a result of extensive R&D have made a promising hold on the footwear industry worldwide.

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About Article Author

Deepak Bandal
Deepak Bandal

Deepak Bandal is a keynote senior consultant on digital marketing at Allied Market Research. He has been recognized for developing a robust social network strategy for the company. Bandal has written several whitepapers, case studies, and articles. He is a visiting faculty member at various educational institutions and has expertise in life sciences and medical devices.

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