New York - The global knitted footwear market size is expected to be worth US$3,195 million in 2025, up from $2,031 million in 2017.
A new report, Shoe With Knitted Upper Market from Allied Market Research, notes that with a CAGR of 5.9% through the forecast period, the casual shoe segment dominated the global shoe with knitted upper market in 2017 and is expected to maintain the dominance throughout the shoe with knitted upper market forecast period.
"Shoes with knitted uppers are footwear in which the upper part of the shoe is made using machine knitted fabric," the report said. "These shoes provide sock like comfort and maintain a trendy yet athletic look. The shoe with knitted upper has become increasingly popular among the younger generation owing to the high influence of sports. The knitted upper shoe requires very little manual labor while manufacturing, which allows footwear manufacturers to move production closer to their larger markets, which decreases the costs of shipping and tariffs."
The report also notes that the knitted upper market is driven by an increase in the disposable income along with a rise in the living standards of consumers around the globe. The rise in demand for this product is also attributed to the functional benefits knitted uppers provide such as being lightweight and comfortable. Moreover, a rise in the number of sports inspired children and increasing concerns about foot health among customers also fuel the growth of the market. "However," the report notes, "strict implementations of government regulations toward footwear industries acts as the major restraint for this shoe with knitted upper market. The upsurge in the e-commerce industry is expected to provide ample opportunities for this in the future."
In 2017, the casual shoe segment had the highest share in the market owing to the increase in the disposable income of consumers all over the world and increase in influence of online shopping. However, the running shoe is expected to witness the highest CAGR of 7.1% throughout the forecast period due to a rise in number of sport-inspired children as well as growth in trend of health and fitness among consumers.
In 2017, the speciality store dominated the distribution channel segment in the market. This was due to the factor of immediate gratification and the option of trail before purchase. However, the e-commerce segment is expected to witness the highest growth rate during the forecast period owing to the increase in penetration of internet and smartphones all around the world.
The key findings of the Shoe With Knitted Upper Market report are:
- Based on type, the casual shoes segment was the highest contributor to the shoe with knitted upper market growth and is expected to grow at a CAGR of 5.0%, from 2018 to 2025.
- Based on distribution channel, the specialty stores segment was the highest contributor to the shoe with knitted upper market in terms of value in 2017 and is estimated to grow at a CAGR of 4.4% from 2018 to 2025.
- Based on type, the running shoes segment is expected to grow at the highest CAGR of 7.1% from 2018 to 2025.
- Based on distribution channel, the e-commerce segment accounted for less than one-third in the shoe with knitted upper market share in 2017 and is estimated to grow at a CAGR of 8.0%.