The global boot market is estimated to reach USD 34.06 billion in 2023 and grow by 5.8% between 2023 and 2033. By 2033, the market is expected to surpass USD 59.85 billion.
The demand for hiking and mountaineering products is being fueled by factors such as growing fashion awareness, rapid industrialization, and the increasing number of hikers and mountaineers. Boot sales are on the rise as consumers embrace fashionable designs, leading to increased product sales.
Birth of online retailers and the popularization of comfortable and fashionable boots are leading to the high demand of boots all aged people. The rise in the number of retailers selling footwear and the growth in the popularity of online retailing are causing the growth in consumer buying behavior.
There has been an increase in boot demand as a result of growing fashion awareness, rapid industrialization, and a rising number of hikers and mountaineers. The boots market is growing as consumers’ preferences for fashionable designs change, resulting in high sales. As consumer preferences change and fashion trends evolve, manufacturers can come up with more innovative and enhanced products due to a better understanding of brands.
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Key Takeaways from the Market Study:
- The boot market is expected to register a CAGR of 5.8% over the forecast period.
- From 2017 to 2022, the global boot market registered a CAGR of 3.9%.
- Offline channels accounted for 68.80% of overall revenue, dominating the global boot industry.
- 55% of worldwide revenue is anticipated to come from the regular boots in 2023, representing the leading market share.
Competitive Landscape:
Several prominent companies dominate this market, including Timberland LLC, Wolverine Worldwide, Woodland Worldwide, Dr. Martens Airwair, Red Wing Shoe Company, Church & Co. Ltd., R.M Williams, Sorel, Belstaff International Ltd., The Frye Company, and others.
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Small-to-medium-sized and unorganized players also make up the global market, which accounts for a significant share of the market. Most of these established players have extensive distribution networks around the world to reach out to their large customer base, which makes them significant players in the market.
Various strategic initiatives are being undertaken by the key players to drive revenue growth and strengthen their market position, including product launches, acquisitions, collaborations, participation in events, and expansions.
Recent Developments:
- A collaboration between Vans and Timberland was initiated in December 2022 to commemorate Half Cab’s 30th anniversary. The partnership created Half Cab Hiking, which is technically a hybrid of a skate shoe and a hiking boot.
- In December 2022, the footwear company Wolverine World Wide Inc. announced to start the process of licensing or selling its brands Keds and Wolverine. This was done by determining them to be low-profit contributors. In addition, it reduced the workforce associated with them.
- Wolverine partnered with Halo to release a limited-edition set of shoes designed specifically for Halo fans. These shoes feature UltraSpring cushioning midsoles and have the number 117 imprinted on the outside heel.
- In February 2022, Dr. Martens and A-COLD-WALL collaborated on two classic Dr. Martens boots – the Rikard 8-eye boot and the 3-eye shoe. The reflective side panels feature the A-COLD-WALL branding. These companies have collaborated in the past as well.
Boot Market Segmentation by Category
By Product:
- Chelsea Boots
- Regular Boots
- Military Boots
- Safety Boots
- Others
By Distribution Channel:
- Online
- Offline
By Region Outlook:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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