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. 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.
“In addition to this, growing advancements in the footwear manufacturing industry is improving the comfort level of footwear and this is driving the growth prospects of the European footwear industry,” states a TMR analyst. Celebrity endorsements are a key strategy adopted by players in the footwear market and this will help push the sales of footwear among the masses. An overall increase in the disposable income of the people is also estimated to boost the sales of footwear in the years to come.
SOURCE: Transparency Market Research