Driving Footwear Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMFMCG3099 | Last Updated On: Oct 07 2022 | Available Formats

> Global Driving Footwear Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Driving Footwear Market is segmented By Distribution Channel (E-commerce, Retail), By Gender (Men, Women), and By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[180 Pages Report] The Global Driving Footwear Market is expected to grow at a CAGR during the forecasting period (2022-2029).

Driving Footwear Market - Strategic Insights

Metrics

Details

Market CAGR

2.5%

Segments Covered

By Distribution Channel, By Gender and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Driving footwear are durable and comfortable shoes that are intended for sportscar enthusiasts. It has a slip-on moccasin-Distribution Channel with rubber soles and grommets that cover the back of the heel. Such footwear aid in better grip and pedal traction and provide an axis point to move the foot to and fro from the brake to the accelerator.  

Market Dynamics

Rising enthusiasm and awareness about the health benefits of sports activities, the booming retail e-commerce sector globally, and the rising disposable income of consumers are certain factors that are driving the demand for driving footwear globally. Moreover, the youngsters are getting willing on adopting a healthy lifestyle and are hence contributing actively to sports and other related activities.

Changing consumer lifestyle

Urbanization is a key factor that impacts consumer lifestyle. As per the Department of Economic and Social Affairs, Population Division (2014) of the United Nations, around 54% of the world’s population dwelled in urban areas in 2014, which is expected to reach 66% of the world’s population by 2050. Western Europe and North America are among the highly urbanized regions having a huge consumer base and emerging fashion trends in sportswear. Moreover, the changing consumer lifestyle is expected to boost the demand for driving footwear in the coming years.

Increasing sales of luxury vehicles

The rising number of billionaires globally is leading to an increase in demand for premium-segment cars. In 2010, the number of billionaires in the world was 1,011, which increased at a CAGR of 10.2% to reach 1,810 billionaires in 2016. A similar pattern has been noticed in luxury cars. For instance, in 2010, the number of luxury cars sold were 17,365 which increased at a CAGR of 8.6% to reach 36,468 in 2019. Billionaires and sports car owners wear driving footwear particular to the cars they own. The companies operating in the market include Puma SE that makes driving footwear for brands such as BMW, Ferrari, Mercedes, and others. Therefore, the rising demand for luxury cars or vehicles is boosting the demand for driving footwear across the globe.

COVID-19 Impact Analysis

The footwear, clothing, & accessories industry is anticipated to witness volatile growth throughout 2020, as a result of the unmatched supply chain disruptions caused by the COVID-19 pandemic globally. The estimated decline in the global sales of footwear, clothing, & accessories is attributable to huge supply chain disruptions across major export markets, including China and India. Though the industry is likely to recover within the forecast timeframe From a manufacturing viewpoint, the sustainable fashion trend is expected to support market growth throughout the forecast timeframe. Moreover, luxury apparel is another profitable space for potential manufacturers to target, given the escalating number of prosperous and fashion-conscious consumers globally.

Segmentation Analysis

Based on the distribution channel, the driving footwear market has been classified into e-commerce and retail

The online segment is projected to with high CAGR  during the forecast period.

E-commerce, which involves buying and selling products through electronic channels increasing globally. Online shopping has simplified the purchasing process for consumers by getting it easier and convenient. Online shopping is more prevalent in developed nations, such as Japan and America, compared with emerging countries such as India and China. The industry has a huge opportunity due to the development of e-commerce, which makes shopping easier, simpler, and more convenient. For instance, nearly six out of the ten major U.S. retailers in 1990 paved the way to e-commerce, such as Amazon.com, Costco, and Walgreens.

Driving footwear is further segmented based on gender which includes women and men

Men’s driving footwear is expected to dominate the driving footwear market.

Men’s footwear holds more than half of the market in 2019 and is expected to continue to dominate the athletic footwear market until 2025. Moreover, women’s footwear is catching up gradually as the popularity of sports continues to grow among women, particularly in markets previously unexplored.

Geographical Analysis

Based on geography, the study analyzes the driving footwear market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

North America is expected to dominate the global driving footwear market

North America led the market with over 30.0% share in 2019 and is projected to continue to dominate the market during the forecast period. The U.S. generates the majority of the revenue in the regional market, which can be ascribed to high enthusiasm among the citizens for sports and fitness. Asia Pacific is estimated to witness the highest CAGR over the forecast period, followed by Latin America. Increasing levels of disposable income and the growing e-commerce sector are estimated to play a key role in driving the demand for driving footwear in the Asia Pacific.

Competitive Landscape

The driving footwear market is highly competitive, owing to the presence of big food brands. The key driving footwear players which are contributing to the growth of the global market include Puma SE, Adidas AG, Alpinestars S.p.A, Dainese S.p.A, Fox Head Inc., SCOTT Sports SA, Lemans Corporation, Gianni Falco Srl, Sparco S.p.A, and Piloti Inc., Xiamen Youguang Technology Co., Ltd., Guangzhou Yuexiu District Yike Shoes Firm, Jinjiang Zhundu Shoes & Garments Co., Ltd., Wenzhou Jitai Shoes Co., Ltd. The major players are adopting new product launch and expansion strategies for global growth in the driving footwear market.   

PUMA SE

Puma SE employs in the development and marketing of sports and sports lifestyle products, including footwear, apparel and accessories. Puma’s brands include puma and cobra golf. PUMA is involved in the design, marketing and sale of sporting footwear, apparel and accessories. The company was founded in 1948 and is headquartered in Herzogenaurach, Germany.

Product Portfolio: The Company’s portfolio comprises footwear, sportswear, apparel, accessories and among others

Why Purchase the Report?

  • Visualize the driving footwear market segmentation composition by Distribution Channel, Gender, and region, highlighting the critical commercial assets and players.
  • Identify commercial opportunities in the driving footwear market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of driving footwear market - level 3 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players

The global driving footwear market report would provide access to an approx. 60 market data table, 46 figures and 180 pages.

Target Audience

  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers

FAQ

What is the Driving Footwear Market growth?

The market is growing at a CAGR of 2.5%.

What is Driving Footwear Market size in 2021

The Driving Footwear Market size was valued at USD YY million in 2021.

Who are the key players in Driving Footwear Market?

Adidas AG, Alpinestars S.p.A, Dainese S.p.A, Fox Head Inc., SCOTT Sports SA, Lemans Corporation, Gianni Falco Srl, parco S.p.A, iloti Inc.

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