Global Shoe Rack Market - 2021-2028
The Global Shoe Rack Market size was worth US$ YY million in 2020 and is estimated to record significant growth by reaching up to US$ YY million by 2028, growing at a CAGR of YY% within the forecast period (2021-2028).
A shoe rack is a piece of furniture or a built-in storage device that keeps pairs of shoes organized and together. Shoe racks can be found in a home's entry foyer, vestibule, or closet. To keep shoes from piling up in a hallway or foyer, many shoe racks are employed. A shoe rack can be used to keep a home clean by allowing wet shoes to dry and preventing dirt from being tracked deeper inside. Shoe storage can be built-in into shelves or wall units within a closet or walk-in closet and is normally low to the ground for ease. A shoe rack can be created from stacking crates or scratches by screwing together pieces of plywood to construct shelves or cubbies. Inherently, the depth of a shoe rack should consider and correspond to the length of one’s shoe. A depth of 13 inches (33 cm) will be plenty for practically all users, as anything deeper would leave space vacant unless used to store shoe boxes rather than merely shoes.
With the growing consumer investment inexpensive shoes, they seek the best storage solutions that keep their shoes in tip-top shape, escalating the demand for the shoe rack market. The growing influence of home décor shows on television, social media, and other platforms and the increasing accessibility of various organizers on e-commerce platforms drive the product's market share.
With the growing consumer investment inexpensive shoes, they seek the best storage solutions that keep their shoes in tip-top shape, escalating the demand for the shoe rack market.
According to a survey conducted by CNBC LLC, there were 618,000 millennial millionaires in the United States in 2019, with about 93% of millennials having a net worth of between USD 1 million and USD 2.5 million. Millennials are increasingly interested in high-end footwear. This footwear has improved material, durability, distinctiveness, and comfort, a major driving force in the industry. Consumers' desire to fashion with numerous foreign brands such as Louis Vuitton, Gucci, Chanel, Burberry, and Prada and growing taste for elegant luxury footwear as a statement of status boost product demand.
Furthermore, these brands have been adopting lucrative ways to attract different consumer classes, including HENRYs (High-Earners-Not–Rich-Yet), who are digital savvy and are big spenders.To attract this group, manufacturers offer inclusive, customized, and self-expressive products, which will drive market growth. For example, Modello Domani, a luxury footwear firm specializing in handcrafted premium footwear, offers total footwear customization for men, women, and children, with monograms and designs that suit the customer's style and size.
Thus, the growing market share of luxury footwear and increasing investment in inexpensive shoes are expected to create lucrative opportunities for the shoe rack market to grow in the forecast.
The growing influence of home décor shows on television, social media, and other platforms and the increasing accessibility of various organizers on e-commerce platforms drive the product's market share.
The improving rate of urbanization has fueled market growth of home decore products by shifting customer preferences toward urban lifestyles. A lifestyle change necessitates the right placement of furniture and furnishings, which should be of high quality. According to the United Nations, urban regions were home to 55% of the world's population in 2018. As a result, this rising rate will positively impact demand for home décor products during the projected period. Due to globalization, consumers now have access to a larger market, making it easier to find a range of products across numerous distribution channels. In addition, the rise of the interior design business has opened the way for opulent and high-end home décor products that provide guests with a memorable experience. These wealthy and high-end items contribute to spiritual and aesthetic enjoyment and the sophistication of the household's residents.
Furthermore, real estate expansion and development are likely to support the growth of the home decor market. The use of online home décor products as a medium of buying has expanded due to the increasing penetration of e-commerce and smart devices such as mobile phones and tablets with convenient payment and distribution possibilities. With various home décor products, easy access to products and increased availability have fueled industry expansion. The improving penetration of home decore products in developing countries has positively impacted the growth of show rack business in the various growing regions, furthermore expected to maintain the market momentum in the forecast period due to increasing online distribution channels for the product.
The growing use of cheap plastic material in shoe racks has severely hampered the growth of the market.
The growing demand for shoe racks has created immense opportunities for the local players to grow in developing countries. However, the increasing numbers of local players have shown a massive impact on the quality of the product. The local players are offering show racks at a much cheaper rate by using low-quality raw materials for manufacturing shoe racks. Local players use low-grade plastic materials that can not take high weight pressure and easily break, thus offering less shelf life. Furthermore, small cubbies might not fit large pairs of shoes. Moreover, the shoe rack might not withstand heavy boots and shoes or lay against the door appropriately. Several buyers have complained that the plastic containers broke easily during assembling and posed a major market growth challenge.
COVID-19 Impact Analysis
Covid-19 has severely impacted the luxury footwear sector. Due to quarantine and lockdown procedures, store closures negatively impacted sales, which dropped significantly from January to April 2020. According to a World Footwear analysis, footwear sales in the United States fell by about 42% in the first quarter of 2020. Due to social isolation and stay-at-home policies, the pandemic impacted luxury footwear production and sales in several online and offline nations. Furthermore, the pandemic scenario has prompted people to spend more wisely and avoid unnecessary purchases. People have been avoiding purchasing premium footwear, which is normally much more expensive than regular footwear. In addition, As business leaders worldwide grapple with the COVID-19 Pandemic, shoe rack market players are seeing a massive drop in online retail sales and traffic at the start of the crisis. However, as the lockdown is lifted in some parts of the world, the market gradually rebounds. Manufacturers are resetting inventory positions by clearing out spring and summer inventories with discounts. In this case, digital marketing is critical for maintaining engagement and increasing online sales and attracting customers to visit stores in those geographic markets once they reopen.
The global Shoe Rack Marketcan be segmented ontype, material, applicationand region.
Plastic shoe holders are widely accessible, and while they are more durable than engineered or natural wood items.
The global Shoe Rack market based onmaterial is segmented intoplastic, wood, bamboo, fabric, aluminum, stainless steel, wood, metal and others. Out of the mentioned materials, plastic holds a dominating position due to affordability and easy availability of raw materials.Plastic shoe holders are widely accessible, and while they are more durable than engineered or natural wood items, they are neither aesthetic nor environmentally friendly. They can, however, be good materials for some shoe rack designs, such as over-the-door or over-the-wall shoe racks, which are acting as an escalating factor for the market growth. They may also protect footwear from the elements, making them a popular design choice for a modern shoe rack with a cover. Most plastic shoe racks have few moving parts, so keep them away from heat and sunshine to get the most out of them.
However, Natural Wood is the most popular of all kinds of furniture materials for creating shoe racks and is expected to show significant growth in the shoe rack market in the forecast period.Natural wood has a long history of use in the production of shoe and slipper stands worldwide, and it is still used to make them today. Sheesham wood, oakwood, and other high-end wood materials are used to make the majority of high-end shoe racks. They can be cut and carved into any shape with modern cutting tools, and they provide an artistic touch to the homes of those who buy them. They're also inherently strong and long-lasting.
The improving business for home décor and increasing adoption of luxury footwearis boosting the market share for the shoe rack market in the Asia-Pacific region.
As a result of the increasing consumption of consumers in South Asia and East Asia is expected to be the fastest-growing and largest regional market for show rack business. The substantial presence of well-known enterprises in the regions will drive market growth even more. Furthermore, Due to the vertical movement of population to urban areas, the Asia Pacific home decor market is expected to increase significantly. The real estate business in the region is expanding rapidly, meaning the construction of new homes and buildings.
As a result, new construction generates fresh and unique décor products for sale, creating market opportunities for show rack to grow in the market period. Home décor products have increased as the interior design business has grown in developing countries like Indonesia, China, and India. Furthermore, as people's attitudes toward eco-friendly items have shifted, waste materials to create a trendy aesthetic have become more popular.It, in turn, has increased the creativity factor in manufacturing home décor products.
The Shoe Rack market is highly competitive with the presence of local and global companies. Some prime companies contributing to the market's growth areBaxton Studio, Songmics, Tangkula, ClosetMaid, Giantex, Honey-Can-Do, Household Essentials, Richards Homeware, Whitmorand others.
The major companies are adopting several growth strategies such as acquisitions, product launches, and collaborations, contributing to the market growth of the Shoe Rackglobally.
For instance, In September 2021, Hafele has launched a New Range of Wardrobe Accessories. The new additions consist of Storage Boxes, Baskets, Trouser Pull-outs, Shoe & Storage Racks and other accessories.
Overview:Richards Homewares was created by Myron Freelander in Los Angeles, California, in 1939 under the name Richards Plastic Company. Myron used to take vinyl sheets, die-cut them, stitch elastic around the edges, and sell them to dentistry as dental chair headrest covers. Bernard, Myron's son, joined the company in the late 1940s, working on consumer products made from the same vinyl. Many goods were sweater and blanket bags, suit and dress covers, and indoor furniture slipcovers.
Product Portfolio:The Companyhas a product portfolio of Shoe Racksthat include:
Richards Homewares Shoe Rack with Wheels (50 Pair), Bronze:The company offers a bronze-colored Shoe Rack with Wheels. The shoe rack is free standing and requires assembly.
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