Custom shoes market is gaining traction owing to growing demand of personalized footwear. Custom shoes are tailor made as per consumer's individual foot size and shape. It offers enhanced comfort level and reduces cases of feet related issues such as extra pressure on heels or toes. Custom shoes are prepared using 3D foot scanning technology that precisely maps out dimensions of feet to create well-fitted shoes. In addition, consumers can customize numerous design aspects including material, color, laces etc.

The global custom shoes market is estimated to be valued at US$ 5 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity for personalization has been a key growth driver for the Global Custom Shoes Market Size. Consumers, especially millennials prefer customized products that reflect their style and personality. Increasing popularity of customizable shoes among this demographic segment has boosted market growth. Easy accessibility of numerous customization options offered by market players through their online platforms has further fueled the demand. Personalized footwear allows consumers to design shoes as per their changing fashion sensibilities which is encouraging repeat purchases. Hence, the opportunity for personalization through customization is estimated to promote market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: Low. Established brands have strong brand loyalty and economies of scale which pose significant barriers. Bargaining power of buyers: High. Custom shoes industry is fragmented with many small players, giving buyers more bargaining power. Bargaining power of suppliers: Moderate. There are many raw material suppliers but specialized inputs are concentrated. Threat of new substitutes: Moderate. Alternate customized and standard shoes available but custom shoes have unique designs. Competitive rivalry: High. Industry has many small players competing on design, quality and pricing.

SWOT Analysis

Strengths: Ability to create customized designs, quality craftsmanship. Weaknesses: High production costs, reliance on skilled labour. Opportunities: Growing demand for uniqueness, online customization tools. Threats: Sensitivity to economic cycles, competition from fast fashion brands.

Key Takeaways

The global custom shoes market is expected to witness high growth.

The North America region currently dominates the market attributed to high disposable incomes and demand for unique designs. Europe is the second largest regional market propelled by proliferation of small brands offering customized designs. The Asia Pacific region is expected to grow at the fastest pace during the forecast period with China and India emerging as highly lucrative markets.

Get More Insights On This Topic: https://medicalinfoblogs.weebly.com/blog/custom-shoes-market-is-estimated-to-witness-high-growth-owing-to-opportunity-for-personalization