The global shoe rack market size is set to gain momentum from the increasing awareness among people regarding the organization of footwear to prevent them from damages. The surging number of health and fitness clubs worldwide is set to propel the demand for shoe racks. According to the International Health, Racquet & Sportsclub Association (IHRSA), in 2018, in the U.S., there were more than 71.5 million customers of health and fitness clubs, compared to 62.5 million in 2017. This sector is estimated to reach USD 32.3 billion soon. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Shoe Rack Market, 2023-2030.”
The COVID-19 pandemic has taken a huge toll on the consumer goods industry and its effects are set to persist through 2021. Various retailers and companies are facing unprecedented volatility in demand, supply-chain disruptions, and challenging physical environments. These are hampering businesses to get products on shelves and keep everyone safe at the workplace. But, the sales of cosmetics, hygiene, and similar other products have increased at a fast pace because of the closure of beauty salons. On the contrary, as many furniture companies have shut down their manufacturing facilities temporarily to curb the spread of this deadly virus, the shoe rack industry is getting hampered.
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A list of prominent shoe rack manufacturers operating in the global market:
- Williams-Sonoma Inc.
- Godrej Industries Ltd.
- IKEA Group Corp.
- Kartell P.I.
- Ethan Allen Global, Inc.
- Other key market players
Report Coverage-
The report includes four notable activities in projecting the current share of the shoe rack industry. Extensive secondary research was conducted to collect data about the parent market. Our next step involved exhaustive primary research to authenticate these sizing, assumptions, and findings with a large number of industry experts. We have also used bottom-up and top-down research approaches to calculate the size of this industry.
Drivers & Restraints-
Rising Trend of Keeping Various Types of Shoes to Accelerate Growth
The rising trend of possessing various types of shoes is resulting in the expansion of the footwear industry worldwide. In July 2019, the Ministry of Micro, Small, and Medium Enterprise, for instance, declared that the footwear manufacturing turnover is anticipated to reach up to USD 6.78 billion in India. At the same time, the demand for shoe racks is becoming high at a fast pace because of the possession of changing rooms containing a wide range of shoes by athletes. Coupled with this, the implementation of stringent protocols for the maintenance of cleanliness in research institutes would also propel the shoe rack market growth in the near future. However, the surging prices of raw materials, especially plastic, wood, and metals are further increasing the costs of the product. It may hinder growth.
Regional Insights-
Tradition of Leaving Shoes at Doorstep in India and Japan to Favor Growth in Asia Pacific
Geographically, Asia Pacific is expected to remain at the forefront throughout the forthcoming years on account of the traditional practice of leaving shoes at the door in countries, such as India and Japan. Kashiwaya.Org, for instance, declared that most of the people in Japan wear separate footwear inside their homes or remain barefoot to maintain cleanliness. Hence, they keep their everyday outdoor shoes in shoe racks. Additionally, the presence of numerous international footwear brands, such as Puma, Nike, New Balance, and Adidas in the region would attract a large number of youngsters to purchase these products.
Furthermore, in North America, the increasing expenditure of people on furniture would aid growth. Furniture Today, a reputed magazine, for instance, stated that the U.S. furniture industry was expected to reach USD 114.5 billion in 2019. Along with this, the organization of multiple fashion events, such as Houston Wedding Showcase, New York Fashion Week, Project Women’s Las Vegas, and LA Fashion Week would also spur the demand for shoe racks in this region.
Segments-
Retail Store Segment to Lead Backed by Surging Need to Touch and Feel the Actual Product
By type, the market for shoe racks is divided into wood, steel, aluminum, and plastic. Based on the end-user, it is bifurcated into commercial and residential. Lastly, by the distribution channel, it is segregated into e-commerce store and retail store. Out of these, the retail store segment is expected to generate the largest shoe rack market share in the upcoming years. This growth is attributable to the rising preference of people to physically see the product, touch, and feel it to help avoid any complications with it later.
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Competitive Landscape-
Key Players Focus on Introducing New Products to Gain a Competitive Edge
The global market houses various companies that are constantly striving to gain a competitive edge by launching novel products. A few others are trying to bag awards for their products as per certain specifications.
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