According to a recent report, the women’s footwear market is expected to surpass a valuation of US$ ~178.4 Bn in 2022 and at a CAGR of approximately 4.2% through 2027.
Women are often concerned about their physical body shapes, and they engage in a variety of activities to maintain their fitness, including trekking, gym training, yoga, aerobics, and so on. Maintaining healthy behaviors, controlling stress, and getting additional assistance are all vital, according to the Centers for Disease Control and Prevention, especially during COVID-19. Regular exercise, decent sleep habits, and avoiding excessive alcohol consumption are all simple methods to maintain healthy behaviors.
Manufacturers were motivated by growing worries about physical health among women consumers, thus market players produced smart shoes for both men and women. Nike, for example, released the groundbreaking self-lacing HyperAdapt 1.0 sneakers in 2018. Pressure sensors in the soles detect when the foot should be inserted and trigger an algorithm that allows for automatic lacing. The shoes have built-in LEDs that can alert the wearer about low battery or a tight fit. Furthermore, these shoes do not require daily charging and may be charged for up to two weeks.
Furthermore, numerous footwear makers have implemented a 3D manufacturing technique, which has changed the sector. 3D printing has become a new buzzword among enterprises that make real items. This trend could not be avoided by the footwear business. Several footwear startups have invested in the development of 3D printing technologies for manufacturing. Feetz, a custom shoe company based in the United States, built its own 3D printer utilizing a fused filament creation technology. 3D printing is also gaining popularity due to its low environmental impact. Women’s footwear can also be 3D printed, and companies that use 3D printing technology have the possibility to flourish.
Key Takeaways from the Women’s Footwear Market Study
As people’s lifestyles get more ‘healthy,’ and traditional dress codes become more relaxed and casual, it’s likely that sporty, comfy, and casual women’s footwear will continue to dominate the market.
The demand for women’s footwear is quite high and growing at a rapid rate. Women’s footwear is being targeted by major footwear firms, and the women’s footwear business is being strengthened through particular advertising and branding.
“The enhanced visibility options offered by E-commerce channels have further augmented the demand for women’s footwear products. Moreover, footwear manufacturers have been increasing their in-house online sales, even to countries where their products have low reach.” says a Senior Research Analyst.
Impact of COVID-19 on the Market
The COVID-19 outbreak wreaked havoc on a variety of businesses around the world, including the women’s footwear industry. Due to combined effect of outlet closures and frugality as a result of rapidly deteriorating economic circumstances, the discretionary character of footwear rendered it one of the most significantly damaged businesses by the pandemic. Due to the availability of online shopping and doorstep delivery, the women’s footwear market saw a boom in demand in the mid-months of 2020.
Who is winning?
Leading manufacturers of women’s footwear are focused on aggressive promotional strategies and advertisements that have driven sales growth of women’s footwear globally.
Major players present in the women’s footwear market are Nike Inc., Adidas AG, Puma SE, Skechers U.S.A. Inc., Under Armour Inc., Wolverine World Wide Inc., Crocs Inc., ASICS Corporation, Deichmann SE, The ALDO Group Inc. among others.
These insights are based on a report on Women’s Footwear Market by Future Market Insights