The global hiking footwear market is predicted to grow at a CAGR of over 3% and reach a valuation of US$ 25 Bn by 2031, according to Fact.most MR’s recent revised report.
Walking on rocky terrain is made easier by the thick, tough soles that hiking shoes have. Hiking footwear is useful for long distance travel, owing to its offer of great utility and durability. Additionally, hiking boots are extremely tough and water-resistant.
The prospects of the hiking footwear market have benefited from the growing popularity of hiking.
Major hiking boot producers compete based on weight, toughness, weather resistance, cost, novel design features, flexibility, and raw material quality.
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People all around the world are putting more emphasis on enjoying vacations that include adventure sports like camping, rafting, rock climbing, scuba diving, and hiking, along with diverse outdoor physical activities, as a result of growing health concerns. Globally, there has been a noticeable increase in the demand for hiking gear that is both cutting edge technologically and environmentally.
In an effort to obtain a competitive edge in the market, manufacturers are also focusing on product innovation and using online retail as a distribution channel.
Competitive Landscape
- Prominent firms are using creative measures such as ground-breaking marketing tactics, technical developments, mergers, and acquisitions for market expansion.
- Leading manufacturers of hiking footwear are putting more emphasis on product development and launch strategies, with specific focus on material and design advancements.
- Top companies in the market for hiking footwear are expanding their offerings to appeal to a wider variety of potential customers as the competition heats up.
Key Takeaways from Market Study
- Global hiking footwear market to top US$ 25 Bn by 2031.
- Hiking shoes projected to reach around US$ 12 Bn by 2031.
- Approach shoes projected to record above 3% CAGR over next 10 years.
- Market in Europe holds share of more than 40%.
- Market in India expected to reach valuation of US$ 1.3 Bn by 2031.
- Market in France to record 2.5% CAGR over forecast period of 2021- 2031.
Market Competition
Important hiking boot companies combine organic and inorganic strategies to increase penetration across lucrative industries. These strategies include brand launches, partnerships and agreements with renowned manufacturers of hiking boots, acquisitions, and the growth of local and international distribution networks.
Leading market companies are implementing cutting-edge methods such creative marketing strategies, opening new retail locations, technological advancements, and mergers and acquisitions.
More Valuable Insights Available
In its latest offering, Fact.MR offers a frank study of the hiking footwear market, including historical demand data (from 2016 to 2020) and projections for the years 2021 to 2031.
The study provides key market insights based on product types (trail shoes, hiking boots, mountaineering boots, and approach shoes), design styles (low cut, mid cut, and high cut), and sales channels (independent sports stores, franchised sports stores, modern trade channels, direct to customer brand outlets, direct to customer online channels, direct to customer institutional channels, and third-party online channels), across seven major industries (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
