From 2016 to 2022, the global men’s formal shoe market is expected to grow at a CAGR of 6.2%, reaching $9,881 million in Asia and the Middle East. Based on what suppliers have reported, formal leather shoes such as oxford and loafer shoes receive more attention than casual shoes because they are worn in offices as well as on social occasions. They can be black or brown shoes that are worn in formal meetings, on dance floors, at dress code parties, on special occasions, and as everyday shoes. The global men's formal shoe market is divided into three categories: shoe type, leather type, and geography. The market is divided into consumer oxfords, derby, loafers, boots, and others based on shoe type. The market is divided into patent leather, pebble & full grain leather, top grain leather, and suede leather. Geographically, the market is divided into North America (the United States, Canada, and Mexico), Europe (Italy, Germany, France, the United Kingdom, Spain, and the Rest of Europe), Asia-Pacific (China, India, Japan, and Malaysia), and LAMEA (Latin America, Middle East, and Africa). 
Design and feature innovations keep the market's future bright:
Men's formal shoes, also known as dress shoes, are high-end items that account for a sizable portion of the global footwear market. Furthermore, rising commercialization and demand for branded footwear drive the growth of the men's formal shoe market with innovations that result in a distinct look, superior finish, and durability. Individuals are adopting new trends in shoes, such as shoe types, designs, grain, and shoe cuts, which drive the market with new and established brands. The global market is estimated based on revenue generated by the sale of footwear across different geographic regions, which is highest in Europe and North America and fastest in Asia-Pacific. Men's Formal Shoe Market in Asia-Pacific Expansion: Various footwear companies began to make significant efforts to improve their technological and innovation capabilities in order to remain competitive and increase specialized production, which led to more applications due to new technology, materials, and processes. The Asia Pacific men's formal shoe market is being aided significantly by rising demand in emerging economies such as India and China. 
Rapid urbanization and increased demand for Western brands seen throughout Asia Pacific present opportunities for international footwear brands. Furthermore, a surge in the adoption of online shopping among Asia-Pacific customers boosted prospects for online footwear sales in the region. China and Vietnam were the top export destinations in 2014, with exports increasing by 60% and 20%, respectively. China remained the top supplier of footwear to the United States, accounting for 62% of total imports in 2015, down from 66% in 2014. In contrast, lower-cost suppliers such as Vietnam, Indonesia, and India increased their respective market shares in 2015. Increasing Disposal Income in Developing Economies and Increased Apparel Spending, Managing the Market: Rapid growth and rising urbanization have resulted in a large number of consumers with increased market spending and a desire for fashion. The high-growth and fast-changing retail clothing market in India have created significant new growth opportunities for both foreign and domestic players. Shoes for men are classified as semi-formal, work, and special occasion footwear. 
Because of increased globalization and westernization of the Asia-Pacific region, men are becoming more concerned with sophisticated outfit combinations. India, Malaysia, and Singapore, along with China, are emerging as major consumption and production markets. According to the current scenario, consumers worldwide spend an average of 5-6% of their total income on apparel; however, this figure is significantly higher in emerging markets. To increase their market share, players have used product launches, agreements and partnerships, business expansion, and product innovations as key strategies. Product launch and expansion are two prominent strategies used by key players to stay competitive in the market. To gain a significant men's formal shoe market share globally, the leading players in the men's formal shoe industry focus on providing customized solutions to consumers. C. & J. Clark International Ltd (UK), Dolce & Gabbana (Italy), and Guccio Gucci S.p.An (Italy) are among the major companies profiled in the report, as are Cole Haan LLC (US), Calvin Klein Inc. (US), Burberry Group Inc. (UK), Louis Vuitton (US), Prada S.p.A. (Italy), Hugo Boss AG (Germany), and (U.S.) The report provides a quantitative analysis of the current men's formal shoe market trends, estimations, and dynamics of the market size from 2014 to 2022 in order to identify the prevailing market opportunities. 
The key countries in each major region are mapped according to their market share. Porter's five forces analysis emphasizes the ability of buyers and suppliers to make profit-oriented business decisions and strengthen their supplier-buyer network. In-depth analysis, as well as the size and segmentation of the men's formal shoe market, aid in determining the current market opportunities. Each region's major countries are mapped based on their revenue contribution to the global men's formal shoe industry. The market player positioning segment facilitates benchmarking and provides a clear understanding of market players' current positions. The report includes revenue generated from men's formal shoe sales as well as a forecast for the men's formal shoe market in North America, Europe, Asia-Pacific, and Latin America. The report analyzes the men's formal shoe market on a regional and global scale, as well as key players, market segments, application areas, and growth strategies.