Portland, April 11, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global footwear manufacturing machinery market garnered $16.83 billion in 2017 and is expected to generate $23.37 billion by 2025, witnessing a CAGR of 4.3% from 2018 to 2025. The report provides an extensive analysis of changing market trends, drivers & opportunities, top winning strategies, key segments, and competitive landscape.

Increase in demand for various types of footwear with frequent changes in trends and rise in efficiency of production with advent of new technologies facilitate the growth in the market. However, huge cost of initial investment and lack of certainty regarding manufacturing hinder the market growth. On the other hand, advent of smart and sustainable manufacturing processes presents new opportunities in the industry.  

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The product segment contributed to nearly nine-tenths of total share in 2017 and is estimated to remain dominant by 2025. In addition, this segment is estimated to register the fastest CAGR of 4.71% during the forecast period, 2018–2025. It is a lucrative segment due to surge in investment in footwear manufacturing machines, rise in capacity of production, and enhanced product quality. The research also discusses the services segment.

Based on machine type, the semi-automatic segment held the major share in 2017, accounting for nearly half of the total share and is expected to maintain its leadership status by 2025. This is due to its characteristics including rise in precision in operation with assistance of humans. However, the automatic segment is expected to register the highest growth rate, with a CAGR of 4.92% from 2018 to 2025. This is due to considerable increase in demand for technologically advanced products and need for high speed of operation.

Based on region, in 2017, Asia-Pacific accounted for more than three-fourths of the total share and is estimated to maintain its lead during the forecast period. This is due to surge in presence of key manufacturers in the region and significant growth in population. However, Europe would grow at the fastest rate with a CAGR of 4.75% from 2018 to 2025, owing to variation in trends in fashion that leads to surge in demand for innovative products.

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Key market players discussed in the report include Kou Yi Iron Works Co., Ltd., ALC Tecnologie Adesive S.r.l., Atom S.p.A, Brustia Alfameccanica S.r.l., Orisol Taiwan Ltd., Comec, Comelz S.p.A, Dongguan Kingstone Shoe-making Machinery Co. Ltd., Elitron IPM S.r.l., and True Ten Industrial Co., Ltd.

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