In 2023, the global boot market is expected to grow by 5.8% to reach US$ 34.06 billion, and by 2033 it is expected to reach US$ 59.85 billion.
As consumers adopt trendy designs, boot sales increase, resulting in higher sales. The boot market has expanded rapidly in recent years, as boots have become increasingly popular as fashion accessories. Fashion consciousness, rapid industrialization, and a growing number of hikers and mountaineers are driving the global boot market
The growth of online retailers and the increasing demand for fashionable, comfortable boots are driving up the popularity of boots among people of all ages. Retail channels providing footwear and the increasing popularity of online retailers are stimulating consumer purchasing 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 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.
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.
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