Shoe Rack Market Size, Share & Industry Analysis, By Type (Wood, Steel, Aluminum, Plastic), By End-User (Residential, Commercial), By Distribution Channel (E-commerce Store, Retail Store) And Regional Forecast, 2024-2032

Nowadays, the usage of shoe rack is becoming a trend as people are increasingly aware of the importance of the use of the product to help organize footwear and prevent them from any possible damage. The positive attributes of the usage of the product are keep the floor clean, help to maximize space, and assist to sustain the shoe in a good condition. The rising growth of health and fitness clubs across the globe is resulting to possess a changing room with shoe rack for its clients ­­­­­­has played a vital role in the rising demand. For instance, according to the International Health, Racquet & Sportsclub Association, March 2019, is declaring that the health and fitness clubs in the United States in 2018 has more than 71.5 million customers which is a rise from 62.5 from the prior year and the industry is estimated to be worth USD 32.3 billion. Additionally, the rising consumption of the product in hotels around the world is likely to fuel the consumption rate.

The escalating growth of the footwear industry resulting in individuals possessing multiple types of shoes is projected to drive the market further. For instance, according to the Ministry of Micro, Small, and Medium Enterprise data issued, July 2019, is proclaiming that the footwear manufacturing turnover of India is estimated to be USD 6.78 billion. Furthermore, the rising demand for the product in various sports domains owing to athletes changing rooms usually possess a shoe rack for sportsmen. Additionally, research facilities maintaining a strict protocol in the maintenance of cleanliness when it comes to footwear has a positively upsurge the usage of the shoe rack.  

Nevertheless, the rising cost of raw material such as metals, wood, plastic, and others is resulting in to increase in the price of the product and act as a hampering factor for market growth.

Key Market Driver -

The increasing growth of the footwear industry act as a driving factor for the market growth.

Key Market Restraint -

The rising cost of raw material use act as a restraining factor for the market growth.

Key Players Covered:

Williams-Sonoma Inc, Godrej Industries Ltd, IKEA Group Corp, Kartell P.I., Ethan Allen Global, Inc., and others are the key companies operating in the market.

The shoe rack market is segmented into by type, end-user, distribution channel, and geography.

On the basis of type, the market is fragmented into the wood, steel, aluminum, and plastic. The wood segment is projected to be the prominent market shareholder owing to being eco-friendly as compared to other segments, possess strength and durability, and is in a solid stable state.

Based on end-user, the market is bifurcated into residential and commercial. Residential is estimated to be the larger market on an account of most individuals possessing the desire to own a separate shoe rack as it has the ability to help retain the quality of footwear.

By distribution channel, the market is divided into an e-commerce store and retail store. Retail store is anticipated to be the greater market shareholder due to most people possessing the prefer to touch and feel the actual shoe rack to help them avoid any complication that could happen after-sales.

Regional Analysis:

On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

Asia Pacific is assessed to be the prominent market shareholder and is estimated to continue throughout the forecast period of 2020-2027. The traditional usage of the product for leaving shoes at the door in various countries is helping to upsurge the need for the product. For instance, according to the article published by the Kashiwaya.Org, is proclaiming that most Japanese homes still follow the tradition of leaving the shoes at the door and wear separate footwear specially design to wear inside the homes or being in a barefoot to maintain cleanliness. Furthermore, the increasing number of international footwear brands such as Adidas, Nike, New Balance, Puma, and others having a robust presence in the Asia Pacific and attracting a large number of youth population has helped to upsurge the need for the product.

North America is assessed to exhibit a vital presence in the shoe rack market owing to the people in this region spending more on furniture products including shoe rack. For instance, according to a well-trusted Furniture Magazine called Furniture Today data issued, December 2019, is the furniture industry in the United States is estimated to made a sales revenue of USD 114.5 billion in 2019 which is estimated to be a rise of 2.8 percent from the previous year. Additionally, the large number of fashion events held in this region such as New York Fashion Week, LA Fashion Week, Project Women's Las Vegas, Houston Wedding Showcase, and others leading to increasing demand for the use of this product is helping to upsurge the consumption rate.

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Segmentation

Key Industry Developments-

• In November 2019, Business Insider is declaring that Seville Classics 3-Tier Resin Shoe Rack as one of the best shoe organizer.


• In March 2019, Footwear News is announcing that the inclusion of Whitmor Hanging Shoe Shelves as one of the 7 ingenious shoe racks which is helping to make organizing a breeze.