Customized Footwear Market Outlook 2024: Opportunity and Demand Analysis, Market Forecast, 2016-2024
Global Customized Footwear Market
Market Overview
Customization has entered almost every consumer product industry in recent times. Adding the option of personalization to the products adds value to businesses as consumers increasingly incline towards custom made products. The footwear industry has also been affected by the trend, with several manufacturers now offering customized footwear.
Footwear is an integral part of people’s attires, while serving as a fashion accessory as well. Therefore, demand in the footwear market is driven by style as well as comfort. Customization gives an edge to the player as it helps customers create their own style, and also increase comfort by getting their shoes custom sized. This helps the brand in engaging more customers.
Rapid rise in the fashion industry, with styles coming and going faster than ever, drives the market for customized footwear. Rising personal disposable incomes, and increase in online shopping and e-commerce are other factors driving demand in the global customized footwear market.
The emergence of 3D printing technology has revolutionized the customized footwear market landscape by enabling people to customize deigns from the comfort of their homes and manufacturers to print them in relatively shorter spans of time. Rising urban population and its consciousness towards health and fitness are causing a spurt in the demand for customized athletic footwear.
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Market Segmentation
By Product Type
By Distribution Channel
By End User
By Geography
Market Size and Forecast 2016-2024
The global market for customized footwear is valued at USD 60 Billion for 2016. It is expected to grow at a CAGR of 5.5% over the forecast period and reach a valuation of approximately USD 92 Billion by 2024.
The segment for non-athletic customized footwear is expected to grow at a faster pace than customized athletic footwear, as customers try to keep pace with the current fashion trends.
Geographically, Asia Pacific is the fastest growing market for customized footwear. The fast pace of this regional market can be attributed to the large population, rapid economic development and rising disposable incomes. About 10% of total consumption expenditure is on clothing and footwear in this region.
North America and Europe account for the largest market share in terms of revenue, as these regions are characterized by high incomes and spending on clothing and footwear.
Key Drivers
Rising frequency of fashion fads and people’s rising tendency to follow them is set to be the key driving force for the emerging customized footwear market. Consumer behavior favoring customized shoes due to increased comfort and personalized style and a ballooning global population will also bolster demand.
Rapid urbanization worldwide, with 54% of the global population residing in urban areas, is another factor driving demand for customized footwear, as urban people tend to have greater per capita expenditure on clothing and accessories. Further, rise in personal disposable incomes will propel growth in the market.
Increasing concern for health and fitness, especially among the urban population, will drive the demand for athletic customized footwear. Players are using increasing popularity of organized sports to their advantage and selling customized footwear for both players and fans. Rising popularity of online shopping and usage of social media, complemented by the development of 3-D printing technology, will further boost the market for customized footwear.
Opportunities
Customized shoes are a relatively nascent and emerging market with a huge potential. As per the survey conducted on online portals, about 25% of footwear sold online is customized. This leaves 75% of consumers as potential customers for customized footwear if appropriately targeted. Entrants can use fashion trends to woo customers and capture a wide untapped market.
Restraints and Risk Factors
However, high cost of products and limited customization pose hurdles to the growth of the market. Players need to offer greater degrees of customization to attract more customers. Further, the customers might not be easily willing to shift to lesser known or relatively unknown brands due to fear of inferior quality and substandard products. This further poses challenges for new entrants.
Key Players
Market Synopsis
Market Segmentation
Global Customized Footwear Market is segmented as follows:
Global Customized Footwear Market report covered insights of below mentioned regions:
Market Dynamics: Growth Drivers, Restraints and Opportunities
Key Market Players
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Market Landscape: Competition and Beyond
Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
Expert Analysis
Concluding Remarks
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