Footwear Making Machinery Market

The global market for footwear making machinery is projected to see growth in both volume and value terms over the next eight years. Consumption, production, imports, and exports are all on the rise, with India, China, and Vietnam emerging as key players in the market. The import and export prices are also showing fluctuations. China leads the market in both production and exports, while India is the major importer. Overall, the footwear making machinery market is expected to see gradual growth in the near future.

Market Forecast

Driven by increasing demand for machinery for making or repairing footwear worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market volume to 422K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market value to $1.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Machinery For Making Or Repairing Footwear

In 2022, consumption of machinery for making or repairing footwear increased by 0.9% to 340K units, rising for the third year in a row after two years of decline. The total consumption volume increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption reached the peak volume in 2022 and is expected to retain growth in years to come.

The global footwear making machinery market revenue expanded slightly to $1.2B in 2022, growing by 2.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (108K units), China (56K units) and Vietnam (32K units), together accounting for 58% of global consumption.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +39.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, India ($220M), Vietnam ($199M) and China ($138M) were the countries with the highest levels of market value in 2022, with a combined 47% share of the global market.

India, with a CAGR of +25.9%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of footwear making machinery per capita consumption was registered in Singapore (3,870 units per million persons), followed by Hong Kong SAR (1,484 units per million persons), Vietnam (328 units per million persons) and South Korea (306 units per million persons), while the world average per capita consumption of footwear making machinery was estimated at 43 units per million persons.

From 2012 to 2022, the average annual growth rate of the footwear making machinery per capita consumption in Singapore was relatively modest. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Hong Kong SAR (-1.0% per year) and Vietnam (+23.8% per year).

Production

World Production of Machinery For Making Or Repairing Footwear

Global footwear making machinery production was estimated at 326K units in 2022, remaining relatively unchanged against the previous year's figure. In general, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the production volume increased by 1.9% against the previous year. Over the period under review, global production hit record highs at 341K units in 2012; however, from 2013 to 2022, production failed to regain momentum.

In value terms, footwear making machinery production totaled $1.1B in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 19%. Global production peaked at $1.3B in 2017; however, from 2018 to 2022, production remained at a lower figure.

Production By Country

China (228K units) constituted the country with the largest volume of footwear making machinery production, comprising approx. 70% of total volume. Moreover, footwear making machinery production in China exceeded the figures recorded by the second-largest producer, South Korea (23K units), tenfold. The third position in this ranking was taken by Singapore (22K units), with a 6.7% share.

In China, footwear making machinery production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+0.3% per year) and Singapore (+0.7% per year).

Imports

World Imports of Machinery For Making Or Repairing Footwear

In 2022, the amount of machinery for making or repairing footwear imported worldwide skyrocketed to 226K units, with an increase of 18% against 2021 figures. In general, imports continue to indicate prominent growth. The growth pace was the most rapid in 2021 when imports increased by 58%. Global imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, footwear making machinery imports totaled $567M in 2022. Over the period under review, total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +43.8% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 29%. Over the period under review, global imports attained the maximum at $582M in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports By Country

India represented the major importer of machinery for making or repairing footwear in the world, with the volume of imports reaching 108K units, which was near 48% of total imports in 2022. Vietnam (33K units) ranks second in terms of the total imports with a 15% share, followed by Indonesia (9.6%). The following importers - Bangladesh (6.4K units) and Italy (5.9K units) - each finished at a 5.5% share of total imports.

India was also the fastest-growing in terms of the machinery for making or repairing footwear imports, with a CAGR of +38.9% from 2012 to 2022. At the same time, Vietnam (+24.8%), Bangladesh (+21.3%), Indonesia (+14.5%) and Italy (+10.1%) displayed positive paces of growth. From 2012 to 2022, the share of India and Vietnam increased by +41 and +9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($203M) constitutes the largest market for imported machinery for making or repairing footwear worldwide, comprising 36% of global imports. The second position in the ranking was taken by Indonesia ($95M), with a 17% share of global imports. It was followed by India, with an 11% share.

In Vietnam, footwear making machinery imports expanded at an average annual rate of +21.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+9.1% per year) and India (+7.7% per year).

Import Prices By Country

In 2022, the average footwear making machinery import price amounted to $2,513 per unit, which is down by -5.4% against the previous year. In general, the import price showed a deep contraction. The pace of growth appeared the most rapid in 2017 when the average import price increased by 11%. Global import price peaked at $5,062 per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($6,144 per unit), while India ($567 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (-2.3%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Machinery For Making Or Repairing Footwear

In 2022, global exports of machinery for making or repairing footwear skyrocketed to 212K units, growing by 18% against 2021 figures. Over the period under review, total exports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +64.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 39% against the previous year. The global exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, footwear making machinery exports rose remarkably to $615M in 2022. In general, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +46.1% against 2020 indices. The pace of growth appeared the most rapid in 2019 with an increase of 36% against the previous year. As a result, the exports attained the peak of $679M. From 2020 to 2022, the growth of the global exports remained at a lower figure.

Exports By Country

China prevails in exports structure, accounting for 173K units, which was approx. 81% of total exports in 2022. It was distantly followed by Taiwan (Chinese) (12K units) and Italy (11K units), together comprising an 11% share of total exports. South Korea (7.3K units) followed a long way behind the leaders.

China was also the fastest-growing in terms of the machinery for making or repairing footwear exports, with a CAGR of +10.0% from 2012 to 2022. At the same time, South Korea (+5.5%) displayed positive paces of growth. By contrast, Taiwan (Chinese) (-5.8%) and Italy (-7.6%) illustrated a downward trend over the same period. While the share of China (+31 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Taiwan (Chinese) (-10.6 p.p.) and Italy (-12.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($415M) remains the largest footwear making machinery supplier worldwide, comprising 67% of global exports. The second position in the ranking was held by Italy ($68M), with an 11% share of global exports. It was followed by Taiwan (Chinese), with a 7.3% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +12.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Italy (-3.9% per year) and Taiwan (Chinese) (+3.6% per year).

Export Prices By Country

The average footwear making machinery export price stood at $2,899 per unit in 2022, shrinking by -7.6% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 19% against the previous year. As a result, the export price attained the peak level of $3,429 per unit. From 2018 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Italy ($6,447 per unit), while China ($2,402 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+9.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform