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Boots Market By Product (Chelsea, Military, Hiking & Trekking, Boots, Safety, Cowboy), By Material (Leather, Synthetic Fiber, Gortex, Polyurethane), By Distribution Channel (Online, Offline) By End-use (Mining, Military, Recreational, Industrial), Forecast, 2023 – 2032
- Report ID: GMI5478
Boots Market size exceeded USD 32 billion in 2022 and is anticipated to grow at a CAGR of over 5.8% between 2023 and 2032. Increasing demand for fashionable footwear along with factors such as the increasing focus on safety & comfort, rising disposable incomes, and changing lifestyles will drive market growth.
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A boot is a covering of leather or rubber for the foot or a part of the leg. Earlier, boots were meant for protecting feet & legs from dust, water, snow, and other hazardous industrial materials. Boots can also cover the calf, ankle, and the complete leg. They are being increasingly used for style and fashion these days. Boots are commonly used by men & women at work and for mining & military activities as well as for riding, skiing, walking in snow, snowboarding, and ice skating.
People around the globe are inclined toward fashion owing to the expanding economy and the rising purchasing power will accelerate the boots market. Consumers, especially among the youth, are concerned about the social & environmental impacts of this footwear type. They back their beliefs by favoring brands that align with their values.
The change in consumer preferences, the adoption of the latest fashion trends, and increasing brand awareness have allowed boot manufacturers to come up with several designs. When it comes to must-have footwear, boots are positioned at the top of the list. They offer comfort and are also super stylish & versatile.
Boots can be worn at workplaces and can be matched with smart casual & semi-formal ensembles, making them a valuable wardrobe addition. Different boot types are manufactured for different occasions. The boots market is gaining traction due to rapid industrialization. The demand for boots is rising owing to the durability, comfort, and protection offered by them in any working environment.
North America dominates the global industry and accounts for the largest share in the overall revenue. The improving fashion sense among regional consumers is driving the demand for boots. Innovations in product design and active promotions by manufacturers are also driving the North America market. Boots offer balance, coordination, and endurance to the wearer. The rising number of athletes and hikers is accelerating the boots market growth in the U.S. and Canada.
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In the above chart, it illustrates military percentage expenditure of countries. Boots are an essential part of military uniform and are designed to provide soldiers with the necessary protection and support to perform their duties in a wide range of terrain and weather conditions. Military boots are designed to protect soldiers' feet from various hazards such as rocks, debris, and other objects. They also protect against extreme weather conditions like cold, heat, and moisture.
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As The boots market is segmented based on product, material, end-user industry, and distribution channel. Based on product type, the market is bifurcated into Chelsea boots, military boots, hiking & trekking boots, chukka boots, safety boots, and cowboy boots. The Chelsea boots segment is expected to register the fastest growth due to the rising demand from millennials.
These boots offer elastic sides and are very fashionable. The sleek silhouette of these boots makes it a suitable choice for casual & sophisticated looks. The versatility of these boots is gaining the attention of consumers, and manufacturers are focused on coming up with different styles of Chelsea boots.
The improving lifestyles, rising disposable incomes, and the growing product premiumization are favoring segment growth. Technological advancements along with the rising awareness about the benefits associated with leather boots are driving boots market growth.
The COVID-19 pandemic has led to a shift in consumer preferences towards comfortable and practical footwear. As a result, sales of boots that are comfortable, easy to wear, and can be worn both indoors and outdoors have increased. The pandemic has also led to significant disruptions in the global supply chain, which has affected the production and distribution of boots.
Many manufacturers have faced difficulties in sourcing raw materials, and shipping and logistics have been affected by lockdowns and travel restrictions. The pandemic has accelerated the growth of e-commerce, as more people have turned to online shopping. This has led to increased sales of boots through online channels.
The key players in the boots market include KH Boots, Boots India, Nirmaan Enterprises, Nike Inc., VF Corporation, Under Armour, Skechers USA Inc., Wolverine World Wide Inc., Crocs Inc., Weyco Group, Steve Madden, Rocky Brands Inc., Spirale, Bekina Boots, and Dunlop.
These players are investing in R&D activities and implementing strategic initiatives such as new product launches to strengthen their market position. For instance, in March 2022, Wolverine partnered with Halo to launch Master Chief, its limited-edition boot. The boots will be equipped with the UltraSpring cushioning midsole for lightness and outfitted with the number ‘117’ on the exterior heel.