Global footwear market is going to be dictated by the wide assortment of product innovation and product improvement. Technological, geographical, and marketing space are the three main determining factors as to which the market is categorized. Men's footwear is witnessing a number of technological innovations like faster-paced production, innovative styles, and quality materials. On the other hand, women's footwear will be defined by the variety of products, designs, styles, price, and functionality.
The footwear market is booming due to the increasing demand in the consumers and also the introduction of new styles that have become very popular among the women. Some of the major reasons that have led to the positive forecast period in the apparel industry are: the rise in global economy; better consumer spending power; increase in disposable income of consumers; and introduction of various new styles and brands. There are also some other factors that have helped in the successful movement of the market such as: the rising popularity of brands; introduction of online shopping; and an enhancement in the business infrastructure.
Launch of new products is expected to propel growth of the global footwear market over the forecast period. For instance, in September 2021, Nike launched annual Oklahoma Sooners-themed shoe collection.
R&D of AI-powered footwear is expected to offer lucrative growth opportunities for players in the global footwear market. For instance, in December 2020, Plantiga Technologies, an AI-powered human movement intelligence company, partnered with Original Footwear, a manufacturer of occupational and tactical footwear for military, law enforcement and first responders, to build AI-powered occupational footwear.
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