Footwear Market will Showcase Negative Impact during 2020-2024 | Design and Material Innovations to Boost the Market Growth
Technavio has been monitoring the footwear market and it is poised to grow by $ 42.06 bn during 2020-2024, progressing at a CAGR of over 2% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Footwear Market 2020-2024 (Graphic: Business Wire)
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. We offer $1000 worth of FREE customization
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. adidas AG, ASICS Corp., Burberry Group PLC, New Balance Athletics Inc., Nike Inc., PUMA SE, Skechers USA Inc., Under Armour Inc., VF Corp., and Wolverine World Wide Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Design and material innovations have been instrumental in driving the growth of the market. However, rising labor cost and fluctuating raw material prices might hamper market growth.
Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent
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