3D Printing - Market Size
Based on market reports and the calculations outlined below, the market size for the global 3D-printed footwear was between $541.77 million and $831.4 million in 2018. The footwear industry will be among the biggest benefactors of additive manufacturing (3D-printing), only second to the eyewear industry. Consequentially, the 3D-printed footwear market will likely represent a significant portion of the 3D-printed apparel industry.
3D-printed Footwear Market
- According to research by Technavio, the global 3D-printed footwear market will grow by 19% between 2019 and 2023.
- The report estimates that the 19% incremental growth will be equivalent to $751.08 million. Based on the calculations presented in the last part of the strategy section, if the global 3D-printed footwear market will grow by $751.08 million during the period 2019-2023, and the CAGR during this forecast period is 19.0%, then it can be computed that the global 3D-printed footwear market will grow from $541.77 million in 2018 to $1.29 billion by 2023.
- According to another report available on AP News, the 3D-printed footwear market will reach about $5.9 billion in 2029 growing at a CAGR of 19.5% from 2019.
- Using a Reverse CAGR calculator, and taking the 2018 as the base year, the market size in 2019 would be about $831.4 million.
- The second report further adds that the global 3D-printed footwear market will be about $1 billion in 2023.
- The players that are likely to drive the global 3D-printed footwear market include Adidas, Nike, Under Armour, 3D Systems, Stratasys, Superfeet, Kings 3D, Carbon, and New Balance, among others.
- Additionally, it is estimated that the 3D-printed footwear industry will represent about 1.5% of total global footwear revenues by 2029.
- While the two estimates seem to agree on the market size for the global 3D-printed footwear industry (about $1 billion) in 2023, there seems to be a significant disparity between the estimated present values.
- Furthermore, research indicates that the footwear industry is among the biggest benefactors of additive manufacturing (3D-printing), only second to the eyewear industry. This means that the footwear market represents a significant portion of the 3D-printed apparel industry.
3D Printing Market
- According to Statista, the global 3D printing market was about $4.4 billion in 2013 and is expected to reach $21 billion in 2021.
- The market was valued at $5.7 billion, $6.9 billion, $8.3 billion, $10 billion, and $12 billion in 2014, 2015, 2016, 2017, and 2018, respectively. It is estimated that the market would reach $14.5 billion and $17.5 billion in 2019 and 2020, respectively.
- The key players in the overall 3D printing market are Stratasys, 3D Systems, Envisiontec, Protolabs, EOS GmbH, Mcor Technologies, Ultimaker, Renishaw, and Ge Additive, among others.
- Notably, none of the top players are in the sports apparel industry (or the consumer goods segment), which would indicate that the industry still lags behind other players in the adoption of the technology.
- Compared, even with the higher estimate of the size of the 3D-printed footwear industry in 2018 ($831.4 million), the market is still far below the overall 3D printing industry.
As mentioned in the strategy phase, there is very little information on the size of the 3D printing market in the sports apparel industry as most reports are behind paywalls. However, the research team leveraged paywalled to provide key insights on the subject. We believe that the information is not readily available because this is a relatively new industry. We have provided insights on the global 3D-printed footwear market and the global 3D printing market.
Below are our calculations to determine the estimated size of the global 3D-printed footwear market:
If the global 3D-printed footwear market will grow by $751.08 million during the period 2019-2023, and the CAGR during this forecast period is 19.0%, we conducted the following calculations to determine the estimated present value.
((FV/(FV-751.08 million))^(1/(2023-2018))-1 = 0.19
(FV/(FV-751.08 million))^(1/5)-1 = 0.19
(FV/(FV-751.08 million))^(1/5) = 1.19
(FV/(FV-751.08 million)) = (1.19)^5
(FV/(FV-751.08 million)) = 2.3863536599
FV = (2.3863536599)*(FV-751.08 million)
FV = 2.3863536599FV - 1,792.34250688 million
1.3863536599FV = 1,792.34250688
FV = 1,292.84652158 million
PV = 1,292.84652158 million - 751.08 million
PV = 541.76652158 million