Men Formal Shoe Market Overview:
Global men formal shoe market is estimated to grow at a CAGR of 6.2% from 2016 to 2022, to reach $9,881 million by 2022. Formal shoes are provided with more attention than the casual shoes as they are worn in offices and also at social occasions. They can be black or brown shoes used in formal meetings, dance floors, dress code parties, special occasions, and as standard daily shoes.
The global men formal shoe market is segmented based on shoe type, leather type, and geography. On the basis of shoe type, the market is classified into consumer oxfords, derby, loafers, boots, and others. On the basis of leather type, the market is categorized into patent leather, pebble & full grain, top grain, and suede leather. Further on the basis of Geography, the market is classified into, North America (U.S., Canada, and Mexico), Europe (Italy, Germany, France, UK, Spain and Rest of Europe), Asia-Pacific (China, India, Japan, Malaysia), and LAMEA (Latin America, Middle East, and Africa).
Innovations in Design and Features keep the Market Future Bright.
Men formal shoes or dress shoes are the premium products occupying a significant share in the global market for footwear. In addition, rising commercialization and demand for branded footwear drive the market growth with innovations that result into unique look, better finish, and durability.
Individuals are adopting new trends with higher demand in shoes such as shoe types, designs, grain, and shoe cuts which drives the market with new and established brands. The estimation of global market is based on revenue generated by the sale of footwear across different geographic regions which is maximum with respect to Europe and North America and fastest in case of Asia-Pacific.
Rapidly Expanding Asia-Pacific Men Formal Shoe Market
Various footwear enterprises initiated to devote great efforts to enhance their technological and innovation capability in an attempt to stay competitive and increase specialized production leading to more applications owing to new technology, materials, and processes.
In Asia Pacific, the men formal shoe market is significantly facilitated by the growing demand in emerging economies such as India and China. The rapid urbanization and increased demand for western brands witnessed all across Asia Pacific providing opportunities for international footwear brands. Also, a surge in adoption of online shopping among customers of Asia-Pacific boosted prospects for online sales of footwear in the region.
Main export destinations include China and Vietnam to which exports increased by60% and 20% in 2014. China remained the largest supplier of footwear to the U.S., accounting for 62 % of total imports in 2015, with a decrease from 66 % in 2014. In contrast, the respective shares of lower-cost suppliers such as Vietnam, Indonesia, and India, increased in 2015.
Increasing Disposal income among Developing Economies and Increased Spending on Apparels, Running the Market.
Rapid growth and rising urbanization have spawned ample of consumers with more expenditure in the market and an urge for fashion. Significant new growth opportunities for foreign and domestic players are observed owing to high-growth and fast-changing retail clothing market of India.
For men, shoes are categorized into: semi-formal, work, and special occasion footwear. Increase in globalization and westernization of Asia-Pacific region, men are more concerned of sophisticated combinations for their outfits as a result of disposable income. India, Malaysia, and Singapore together with China are emerging as the major markets both in terms of consumption and production. Present scenario suggests that consumers globally spend an average of 5-6 % of their total income on apparels, however, this figure is significantly higher in emerging markets.
- A comprehensive analysis of the current trends and future estimations in the market are provided.
- The report elucidates on key drivers, restraints, and opportunities along with a detailed impact analysis from 2014 to 2022.
- Porters Five Forces model of the industry illustrates the potency of the buyers and suppliers in the market.
- A quantitative analysis of the current scenario and the forecast period highlights the financial competency of the market.
- The report provides a detailed analysis of the market with respect to shoe types, leather types, and geography.
Men Formal Shoe Market Key Segments
By Shoe Types
By Leather Types
- Patent leather
- Pebble & full grain
- Top grain
- Suede leather
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
- South Africa
Market Players in the Value Chain
- C. & J. Clark International Ltd (UK)
- Dolce & Gabbana (Italy)
- Guccio Gucci S.p.A (Italy)
- Cole Haan LLC (U.S.)
- Calvin Klein Inc. (U.S.)
- Burberry Group Inc. (UK)
- Louis Vuitton (U.S.)
- Prada S.p.A.(Italy)
- Hugo Boss AG (Germany)
- Alden Shoe Company (U.S.)
Other Players in the value chain include (profiles not included in the report)
- Belle International
- Aldo group
- ECCO Sko A/S
- Salvatore Ferragamo S.p.A.