The global industrial protective footwear market is projected to grow at a CAGR of 4.76% during the forecast period (2020 - 2025).
- The global industrial protective footwear industry is projected to grow at the significant growth rate in the near future due to the rise in the introduction of innovative products from key players. The risk of electric shocks are increasing as the importance of hybrid and fully electric vehicles continue to grow which is influencing the demand of high-quality safety shoes. - The growing acceptance of ergonomically designed protective footwear from various industries is one of the major factor driving the market growth from last few years. Additionally, industrial protective footwear help to reduce strain and lead to sufficient support of the feet. This is driving industrial approach toward designing and manufacturing safety footwear, which is influencing the market growth.
Key Market Trends Leather Footwear to Witness Significant Demand during Forecast Period
Leather industrial safety shoes hold a significant market share and are expected to retain their dominance during the forecast period 2020 to 2025. Leather suppliers across the globe are witnessing huge demand from industry safety shoe manufacturers as leather is a non-conductive material and is significantly used in protective footwear to offer safety against harmful electric shocks. A large number of local manufacturers are producing cheap safety shoes by using spurious and low-quality materials which are restraining the market growth. The key players in safety shoes are facing strong competition, due to the rising preference among consumers for locally made inexpensive shoes.
Asia-Pacific holds the Largest Share
The growth in this region is mainly driven by the introduction of regulations that mandate the usage of safety shoes in the work environment along with occupational safety standards. Growing adaptation of health and safety practices, in order to reduce workplace fatalities, are expected to surge the product demand for protective footwear over the forecast period. The significant growth of the construction industry in developing economies such as India and China is supporting the market growth in the region. In North America, the rising demand for industrial safety shoes in the region can be attributed to the growth of markets coupled with stringent legislations in the United States. Additionally, North America will also witness a demand for women’s safety shoes, which is influencing the sales of safety shoes in the region.
Competitive Landscape Honeywell International Inc., Bata Corporation, Wolverine Worldwide, and, Rock Fall are the most active companies with strong geographical presence and diversified product offerings. Dunlop Protective Footwear, Cofra, and VF Corporation are some of the other active players operating in the market. Expansion is one of the major strategies adopted by the companies to strengthen their footprints across the world.
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