The European footwear market
is characterized by the presence of key players such as Nike Inc, Puma
SE, Adidas AG, Bata Limited, and Deichmann SE, states Transparency
Market Research (TMR) in its new report. A large number of footwear sold
in European countries comes from the emerging nations of South East
Asia, especially from China. The higher wages, price of materials, and
import tariffs set by European nations is increasing the growth
opportunities for South-East Asian suppliers. Europe is also looking to
achieve reduced costs by working with the suppliers and manufacturers in
developing nations.
According to the report by TMR, the
European footwear market will be worth US$47.6 bn by 2021. By type of
footwear, the market is bifurcated into athletic and non-athletic
footwear, and the segment which is anticipated to lead among the two is
the non-athletic footwear segment. The non-athletic footwear not only
led in the past and is currently holding highest share of the market but
also estimated to continue in its leading position in the years to
come. The growing changes in fashion and increase in the number of
working women will spur the growth of the non-athletic footwear market
in Europe.
U.K. Continues to Reign in European Footwear Market
On the basis of geography, the European
footwear market is segmented into the U.K., Italy, Spain, France,
Germany, the Netherlands, and the Rest of the Europe. Of these, the U.K.
not only held the leading position in the footwear market in the past,
but shall continue to do so through 2021. Germany is anticipated to
continue being on the second leading position in the European footwear
market.
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On the basis of gender, the footwear
market in Europe will be led by men owing to rising brand consciousness
among European men and a growing awareness of fashion. Improved designs
and growing advancements in shoes for men will also help drive the
growth of this segment in the years to come. The women’s footwear market
will also see an upward trend with growing number of working women in
Europe.
Changing Fashion Trends to Drive Demand
The growing sense of brand consciousness
and constantly changing fashion trends continue to remain the two most
important drivers for the footwear market. The increasing popularity of
sports footwear as opposed to traditional footwear will help drive the
growth of the footwear market in Europe. The shift to sports footwear is
fueled by the increasing participation in sports activities and also
due to an increase in the number of people opting for fitness and
physical exercise. Increasing incidences of obesity and various physical
issues have created a need for maintaining fitness levels and this has
resulted in a growing number of people opting for jogging and other
physical exercises. All these factors are proving to be beneficial for
the growth of the European footwear market.
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