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PORTLAND, OREGON, UNITED STATES, May 15, 2023 /EINPresswire.com/ — Global shoe with knitted upper market is anticipated to grow at a CAGR of 5.9% from 2018 to 2025, driven by the rising trend towards sedentary lifestyle and increase in the number of sports-inspired children worldwide. The casual shoes segment would continue its dominance throughout the forecast period, while the e-commerce distribution channel segment would register the highest growth rate in the near future. Regionally, LAMEA is expected to register the highest CAGR of 7.8% through 2023.
According to a recent report published by Allied Market Research, the global shoe with knitted upper market accounted for $2.03 billion in 2017 and is expected to attain $3.19 billion by 2025, registering a CAGR of 5.9% during the forecast period, 2018-2025.
Surge in number of sports-inspired children worldwide along with growing trend towards sedentary lifestyle which causes myriad health concerns drive the growth of the global shoe with knitted upper market. However, the implementation of rapid government regulations toward footwear industries hampers market growth. Nonetheless, the upsurge in e-commerce sales is set to provide lucrative opportunities to emerging market players in the near future.
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Increase in trend of sedentary lifestyle and resultant health issues caused by it, such as overweight and obesity problems, influence people to actively take part in both indoor and outdoor physical activities. Overweight and obesity are defined as abnormal or excessive fat accumulation that may impair health. The illness can lead to multiple health problems, including diabetes and cardiac diseases. These diseases can be caused through variety of pathway that include carrying extra pounds of weight and some involving complex changes in hormones and metabolism. However, in the recent years, due to rise in awareness toward the ill effects of obesity and overweight, people participate in jogging and other exercises. This in turn has fueled the demand for shoe with knitted uppers, thereby boosting the growth of the global market. Rise in the living standards along with increase in disposable income of people around the globe drive the market growth. The surge in demand for this product is also attributed to the functional benefits of being lightweight and comfortable; which also supports the market growth. Moreover, rise in the number of sports inspired children and increase in concerns about foot health among customers also boost the growth of the shoe with knitted upper in the global market. However, strict implementations of government regulations toward footwear industries majorly restrict the growth of the shoe with knitted upper industry. The upsurge in the e-commerce is expected to provide ample opportunities for this market in the future.
By shoe type, the running shoes segment is projected to grow at the highest CAGR of 7.1% during the forecast period, on account of the rise in sports-inspired children and growing awareness of health and fitness around the globe. However, the casual shoes segment generated almost half of the overall revenue in 2017 and is expected to continue its dominance through 2025, owing to aggressive advertising and rise in disposable income of consumers.
By distribution channel, the e-commerce segment is expected to register the highest CAGR of 8.0% from 2018 to 2025, due to the increasing penetration of internet and smartphone worldwide that facilitates online shopping. However, the specialty stores segment is poised to continue its global market dominance on account of its massive popularity and being perceived as a safer option by consumers.
Regionally, Asia-Pacific would continue its global market dominance and occupy around three-quarter of the overall shares by 2025. This is attributed to the rise in number of sports-inspired children in the region and growing precautions concerning foot health and injury. However, LAMEA is projected to grow at the fastest CAGR of 7.8% during the forecast period, due to increasing adoption of sports and rising disposable income of people
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The key players analyzed in the report include Adidas AG, ASICS Corporation, K-Swiss, Nike, Inc., PUMA, and Skechers USA, Inc. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
Tushar Rajput
Allied Analytics LLP
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