The 3D-printed footwear market size is estimated to grow at a CAGR of 19.72% between 2022 and 2027. The size of the market is forecast to increase by USD 1,972.58 million, according to Technavio. The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market’s competitive landscape and offers information on several market vendors including – Adidas AG, Columbia Sportswear Co, EOS GmbH, FitMyFoot Inc., Kornit Digital Ltd., LuxCreo Inc., Materialise NV, New Balance Athletics Inc., Nike Inc., OESH Shoes, Peak Sport Products Co. Ltd., Prodways Group, Scientifeet, Sculpteo Inc., Shapeways Inc., Sintratec AG, Stratasys Ltd., Superfeet Worldwide LLC and Under Armour Inc.
Key Drivers- The increasing emphasis on personalized 3D-printed footwear is a key factor driving market growth. The vendors are focusing on various strategies to increase their sales and remain competitive in the market. The customized models of these products are one of the strategies which are gaining popularity among the vendors in the market. As a result, they can maintain strong customer relationships and address the unique requirements of their customers. EOS and Adidas are the key vendors that offer customizable products. For example, Adidas offers Futurecraft 3D, which is a unique 3D-printed running shoe midsole that can be changed according to the cushioning needs of the feet of individuals. Through the customized option, they can match the exact contours and pressure points which create a good experience for the customer. Hence, this increasing personalized footwear is expected to drive market growth during the forecast period.
Major Trends- Innovations in 3D printing are the major trends in the market. The rising popularity of 3d printing technology providers in the market attracts many vendors to collaborate with them to develop footwear. 3D printing innovation helps vendors with reducing the time expected from conceptualizing another plan to arriving at store racks s compared to the typical requirement. Furthermore, this advancement in technology has motivated vendors to upgrade their footwear offerings. For example, Stratasys announced the launch of its F120 3D printer. The printer comes with simple controls and remote self-monitoring which allows high levels of reliability and repeatability. Many footwear designers in the market are planning to use the company’s printer to design new footwear. Thus, these innovations are expected to drive market growth during the forecast period.
Significant Challenges- The lack of in-house expertise is a significant challenge restricting market growth. In a company, an employee needs to handle various tasks such as data management, equipment design, and technology. Additionally, the installation and operation of 3D printers also require trained staff and experienced professionals. This is to ensure that the proper installation and timely maintenance of the operations is rightly done. This needs an expert who has deep knowledge about all the operations and their functioning. In addition, staff members must be creative and capable of handling a variety of complicated operations in order to deliver products with complex customizations in order to meet customers’ requirements. Therefore, a lack of in-house expertise is expected to restrict the market growth during the forecast period.
