Driving Footwear Market is Expected to Grow at a CAGR of 2.60% by 2029

 The global Driving Footwear Market was valued at USD 52,531.2 million in 2021 and is expected to reach USD 64,505.42 million by 2029, and is likely to grow at a CAGR of 2.60% during the forecast period of 2022-2029. The “men” accounts for the largest consumer group segment in the driving footwear market within the forecasted period owing to its usage to obtain biofuels and bioplastics. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis and consumer behavior.

The market is primarily shaped by two significant trends in the 21st century. The penchant for design and preference for high-quality products around the world and a shift in production to more cost-effective manufacturing locations have allowed the industry to expand quickly. The driving footwear market is projected to show immense growth over the forecasted period

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Driving Footwear Market Dynamics

Drivers

Growing Income and Luxury Lifestyle

With the increasing number of billionaires around the globe, there is high demand for luxury car, which is the most significant factor driving the growth for this market. Moreover, the rising disposable incomes couple with the high demand for trendy, comfortable and fancy footwear accelerate the market’s growth.

Furthermore, the rapid urbanization, proliferation of e-commerce, and smartphones and mobile internet connectivity are also expected to fuel market growth. Moreover, the growing preference to adopt a western lifestyle also cushions the market’s growth within the forecasted period. The increasing demand for luxury cars or vehicles is escalating the demand for driving footwear across the world and rapidly increasing demand for luxury cars will further generate various opportunities for the driving footwear market.

Restraints/Challenges

Various Barriers To Harm The Growth Of The Market

 On the other hand, the various trade barriers imposed as well as the heavy taxes or duties charged on these imported products are expected to obstruct market growth.

Also, the presence of various counterfeits products in the market are projected to challenge the driving footwear market in the forecast period of 2022-2029.

Opportunities

Rising Demand for Luxurious Vehicles

There is an increasing demand for luxury cars or vehicles worldwide, which will offer numerous opportunities for the market. Additionally, various innovations by well-established manufacturers for product development and premium quality goods will also generate growth opportunities for driving footwear market.

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Post Covid-19 Impact on Driving Footwear Market

The driving footwear market was immensely impacted by the outbreak of COVID-19. To control the spread of COVID-19 pandemic, there were lockdown restrictions by various government authorities across the globe that further led to disruptions of various supply chain operations, stifling business growth and even harmed production.

The supply chain disruptions across major export markets, including China and India, are responsible for the estimated drop in global sales of footwear, clothing, and accessories. The industry’s worldwide supply chain was severely impacted, limiting the industry’s expansion.

Global Driving Footwear Market Scope

Material Type

• Leather
• Natural Fibers
• Synthetic
• Others

Product Type

• Shoes
• Boots
• Others

Vehicle Type

• Four Wheeler
• Two Wheeler

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Sole Type

• Rubber Sole
• Anti-Slip Flexible Sole
• PVC Sole
• Others

Price Range

• Mid-Range
• Premium
• Economic

Consumer Group

• Men
• Women

Distribution Channel

• Offline
• Online