North America Footwear Market Estimated To Experience a Hike in Growth By 2031

Transparency Market Research delivers key insights into
the North America footwear market. In terms of revenue,
the North America footwear market is estimated to expand at a CAGR of 8% during
the forecast period, owing to numerous factors regarding which TMR offers
thorough insights and forecasts in the North America footwear market report.

In this market report, TMR predicts that the North America
footwear market will be broadly affected by several factors. Footwear has
gained immense relevance in sportswear due to increasing sports activity,
emphasis on performance, and advancements in technology, which are factors
expected to boost the North America footwear market during the forecast period.

The overall rise in retail infrastructure is triggering the
North American footwear market. Consumers are becoming more fashion-conscious,
thereby generating huge demand for both athletic and non-athletic footwear.
Factors such as great diversity in the footwear market and easy availability of
products in many retail outlets are anticipated to encourage impulse buying of
these products. Different brands, as well as retailers, are re-orienting their
focus on this market, which has led to a significant increase in the number of
retail outlets in the region. Moreover, Internet retailing is also gaining
prominence for the purchase of footwear across different geographies of the
region. This channel is gaining popularity for the purposes of shopping for
women’s footwear as well as sports footwear. The collection, variety, discount,
and price range of products available with online retailers is diverse, leading
to its increasing popularity. Considering all these factors, the impact of this
driver is moderate currently and is likely to become high with the growth in
retail activity.

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North America Footwear Market Expansion

The North America market for footwear has been segmented
based on type, usage, price range, end-user, distribution channel, and country.
Based on type, the market has been divided into sports shoes & bellies
shoes, boots, sandals, and others, wherein, sports shoes & bellies shoes
segment is projected to be a highly lucrative segment in the region from 2021 to
2031 due to rising participation of users in sports activity. Additionally,
bellies shoes have become one of the trendiest casual wear footwear option,
especially among youngsters. The worldwide growth of security, military,
corporate, and institution sectors is likely to promote the expansion of the
footwear market in terms of boots.

The influx of new and innovative designs coupled with
increasing consumer awareness about trendy and fashionable lifestyles are among
the major factors fueling the growth of the footwear market in the region. In
terms of usage, the footwear market has been divided into athletic and
non-athletic. The athletic footwear market is driven by rising demand for
comfortable footwear with new styles and innovative designs. Moreover, increasing
participation of users in high profile sporting events has resulted in
extensive usage of athletic shoes.

Based on price range, the North America footwear market has
been divided into low, medium, and high. The end-user segment of the market has
been classified into men, women, and kids. Men’s footwear segment is expected
to witness dynamic growth during the forecast period. Men have taken to
changing styles often and they prefer casual alternatives in terms of footwear
such as colored footwear or more comfortable athletic footwear that can be
worn, along with a suit.

Based on distribution channel, the market has been divided
into online and offline. Rapid advancement in the field of technology and
advent of high-speed Internet services such as 4G and 5G have contributed to
the growth of the online segment of the footwear market. Furthermore, major
manufacturers operating in this industry are opting to sell through online
platforms due to the emergence of several e-commerce companies in order to
attain a broader consumer base, as it helps them to promote their products with
large discounts and offers to attract consumers.

North America Footwear Market: Prominent Country

The U.S. dominates the North America footwear market in terms
of revenue. The growing footwear purchase by consumers via e-commerce platforms
such as Amazon, Walmart, and others, and the launch of improved product range
by manufacturers are key trends in the North America footwear market.

In terms of revenue, North America is witnessing major growth
of the footwear industry, owing to the presence of a large customer base in the
region. The increasing demand for usage of athletic and non-athletic footwear
in the region is driving the expansion of the footwear market in North America.

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