According to a new report published by Allied Market Research, titled,"Footwear Manufacturing Machines Market by Solution and Machine Type: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the footwear manufacturing machines market accounted for $16,836.3 million in 2017, and is expected to reach $23,372.1 million by 2025, growing at a CAGR of 4.3% from 2018 to 2025. In 2017, Asia-Pacific dominated the global market, in terms of revenue, accounting for about 82.0% share of the global market, followed by LAMEA.
Footwear manufacturing machinery includes machines used for manufacturing & designing shoe upper and insole parts, and it assembles and stabilizes these parts to form a finished shoe product. The demand for footwear production is increasing rapidly, owing to change in lifestyle and fashion trends, which in turn boosts the demand for footwear making machinery. Furthermore, the footwear making machinery simplifies the manufacturing process and increases production capacity utilizing optimized time. These factors are majorly driving the demand for footwear making machinery. However, uncertainty in the manufacturing industry can hamper of growth of the footwear manufacturing machinery.
The product segment secured the highest share of about 86.0% in the footwear manufacturing market in 2017 and is expected to grow at a CAGR of 4.7% during the forecast period. In terms of machine type, semi-automatic machines are expected to account for the highest market share in the coming years, as production capacity of these machines is higher than manual machines, which reduces labor cost, and improves product quality.
Asia-Pacific secured the highest market share in 2017, owing to wide presence of key footwear manufacturing companies. Moreover, most of the key footwear making machines manufacturers are located in Taiwan. Furthermore, the countries such as China and India are growing rapidly in the footwear manufacturing industry, which is increasing demand for footwear manufacturing machines in region.
Key Findings of the footwear manufacturing machinery market:
- In 2017, the product segment dominated the global footwear manufacturing machines market, in terms of revenue, and is projected to grow at a CAGR of 4.7% during the forecast period
- The service segment is projected to grow at a CAGR of 1.2% during the forecast period
- Asia-Pacific is projected as one of the most dominant regions in the footwear manufacturing market and is expected to witness notable growth rate.
The major players, such as ALC Tecnologie Adesive S.r.l., Atom S.p.A, Brustia Alfameccanica S.r.l., Comec, Comelz S.p.A, Dongguan Kingstone Shoe-making Machinery Co. Ltd., Elitron IPM S.r.l., Kou Yi Iron Works Co., Ltd., Orisol Taiwan Ltd., and True Ten Industrial Co., Ltd., have focused on strengthening their business capabilities in the market.