by Market Overview:
Custom shoes refer to shoes that are designed or manufactured based on individual consumer’s specifications and requirements. Custom shoes allow consumers to select various design features such as style, material, color and size as per their preference. These shoes provide better fit and comfort compared to mass produced shoes. The growing demand for customized design and specifications tailored to individual needs is driving the growth of custom shoes market.
Market key trends:
Customization demand is growing significantly owing to increasing focus on individualization. Consumers are more inclined towards getting personalized and bespoke products that reflect their style and personality. The custom shoes market players provide 3D printing and CAD software technologies that allow design and fitting customization online as well as offline. This technological integration enables consumers to design their ideal pair of shoes with desired specifications of style, fit, performance and other attributes. The increasing adoption of technology driven customization is expected to fuel the demand for custom shoes over the forecast period.
Porter’s Analysis
Threat of new entrants: The Custom Shoes Market presents moderate threat of new entrants due to high initial investment required for manufacturing operations and expertise required.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various brands and customized offerings in the market.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes and lack of differentiation.
Threat of new substitutes: Threat of substitution is low as Custom shoes offer uniqueness and personalization.
Competitive rivalry: Intense due to presence of established brands.
SWOT Analysis
Strength: Custom shoes provide personalized fit and comfort. Wide variety of designs, materials and styles allow customization.
Weakness: Small players have limited production capabilities. Customization increases production costs and time.
Opportunity: Rising health consciousness and popularity of customized offerings present an opportunity. Growth in online retail channels offers scope for expansion.
Threats: Entry of private labels poses competition. Economic slowdowns impact discretionary spending.
Key Takeaways
The Global Custom Shoes Market is expected to witness high growth at a CAGR of 11% over the forecast period, due to increasing demand for unique designs and comfort. In 2023, the market size is estimated to reach US$ 5.03 Billion.
Regional analysis Wise, North America dominates the custom shoes market currently and is expected to maintain its leading position over the forecast period. This can be attributed to growing health awareness and rising demand for customized shoe designs in the region. The Asia Pacific region is anticipated to exhibit the fastest growth rate owing to the expansion of footwear companies in developing nations like India and China.
Key players operating in the custom shoes market are Nike, Adidas, New Balance, Puma, Asics, Skechers, Vans, Converse, Sperry, Crocs, Timberland, Clarks, ECCO, Wolverine Worldwide, Deckers Brands, Aldo Group, Genesco, Steve Madden, Caleres. These established brands offer a wide variety of customized shoes for men and women utilizing different materials and technologies. They are focusing on enhanced online customization tools and options to cater to evolving consumer preferences.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
