Shoe Repair Market Is Predicted To Grow At A CAGR Of 2.4% By The End Of 2033, Says Fact.MR
North America Leads with One-third Share of Global Shoe Repair Market. Children’s Shoe Repair Market Is Expected to Grow the Fastest
Rockville, Feb. 07, 2023 (GLOBE NEWSWIRE) -- According to a new study by Fact.MR, a market research and competitive intelligence provider, the global shoe repair market is expected to reach a valuation of US$ 1.3 billion in 2023 and grow at a moderate rate of 2.4% during the forecast period (2023-2033)
The market has an inverse relationship with global economic growth. As the economy tends to grow and perform well, it means people have a job and they are earning well. They will spend more on their well-being. In such a scenario, it is expected that people will buy a new pair of shoes rather than getting and old pair repaired. On the other hand, rising inflation and economic slowdown force people to save money and opt for shoe repair services.
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Key Takeaways from Market Study
The global shoe repair market is expected to progress at a CAGR of 2.4% over the next 10 years.
The Indian shoe repair market is expected to grow at the highest CAGR of 4.5% among other major economies of the world.
Sole repair as a service holds 31% market share.
Among men, women, and children, men contribute the most to the overall revenue of the global market.
North America accounts for 34% share of the global market value.
“Increasing popularity of specialized and designer footwear will drive the demand for shoe repair services,” says a Fact.MR analyst.
The shoe repair market is unorganized as most market players are individual-run businesses. A handful of businesses are multi-location, that to only limited to the same country. The industry has not witnessed any notable mergers and acquisitions; however, it saw some partnerships happening between shoemakers and cobblers.
In November 2022, Cobblers Direct, a market leader in shoe repair services space, partnered with Designer Brands Inc. to offer quality shoe repair services at its 500 stores located across the U.S.
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Key players associated with shoe repair services are NuShoe, Inc., Pasquale Shoe Restoration, ShoeVival Shoelaundry Pvt. Ltd, USA Shoe Company, LEATHER SPA, Cesar's Shoe Repair, Alex's Shoe Repair, Dr. Shine Shoe Repair Shop, Minas Shoe Repair, Chimo Shoe Repair, PABLO'S SHOE REPAIR, Mister Minit, Angel's Shoe Repair, Broadway Shoe Repair, Dave Page, and Cobbler.
The shoe repair industry is largely unorganized owing to several individuals and small-scale companies operating in this space. The industry has hardly seen any notable business transactions in the past few years. However, it witnessed a few investments from private equity investors.
Timpson, a shoe repair service provider, is planning to open its 3rd store at Tesco Ryde.
Fact.MR has provided detailed information about the providers of shoe repair services positioned across regions, revenue growth, and service offering expansion, in the recently published report.
Pasquale Shoe Restoration
ShoeVival Shoelaundry Pvt. Ltd
USA Shoe Company
Cesar's Shoe Repair
Alex's Shoe Repair
Dr. Shine Shoe Repair Shop
Minas Shoe Repair
Chimo Shoe Repair
PABLO'S SHOE REPAIR
Angel's Shoe Repair
Broadway Shoe Repair
Dave Page, Cobbler
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Segmentation of Shoe Repair Industry Research
By Service :
By Customer Orientation :
By Region :
South Asia & Oceania
Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the shoe repair market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of service (heel repair, toe repair, sole repair, restoration, stretching) and customer orientation (men, women, children), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Check out more related studies published by Fact.MR Research:
Footwear Market - The footwear market tends to grow nearly 1.5x between 2021 and 2031, reaching nearly US$ 640 Bn in 2031 with a 10-year compound annual growth rate (CAGR) of 4% as per Fact.MR report.
Kids Footwear Market - The global kid’s footwear market at present is valued at USD 46.74 Billion in 2022. The market is further expected to grow and surpass a valuation of USD 102.79 Billion at end of 2032
Hiking Footwear Market - Hiking footwear sales are slated to increase at a CAGR of 3% to top US$ 25 Bn by 2031. Demand for hiking shoes is set to increase faster at a CAGR of 4% across the assessment period of 2021 to 2031.
Orthopedic Footwear Market - The global orthopedic footwear market is majorly driven by rise in the number of accidents, which is the major cause of orthopedic injury.
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