According to a recent report by Future Market Insights (FMI), the snow boots market is expected to surpass a valuation of US$ 2.0 Billion at a CAGR of over ~4.0% through 2027.
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There are a significant number of established enterprises in the market. This number of big enterprises has grown over the years with the growing market. Majority of such big enterprises falls under organized sector. These enterprises have established its bases in regional and target markets and are further looking to expand its business in broader landscapes.
Alternatively, there is an emergence of higher number of unorganized enterprises present in the market and they are mainly small- and medium-sized enterprises. This emergence has caused higher competition between organized and unorganized sector. Besides, there is a limited presence of organized sales channel in various developing countries. Owing to the competitive pricing in the snow boots market the unorganized sales channel in developing countries is prominent. Such factors are attracting the majority of price-conscious customers towards buying the products such as snow boots leading to surge in volume of sales of snow boots across various regions.
Moreover, the products manufactured in small- and medium-sized enterprises are comparatively lower in price than the branded products. This can be attributed to the lower manufacturing costs, limited requirement of investment, cheap labor, and favorable labor laws. These are among the key factors driving the snow boots market.
Key Takeaways from the Snow Boots Market Study
- Outdoor snow boots held the largest revenue share in 2021, and is expected to maintain its lead over the coming years owing to greater application of these snow boots in outdoor activities over the sport snow boots.
- In terms of sales channel, specialty stores held the largest share in 2021. This is due to the limitation of alternatives for snow boots and with it focused selling strategies in specialty stores that is leading to growth in volume of sales of snow boots.
- The use of neoprene rubber as a raw material has been adopted by the manufacturers of snow boots since the past few years. The customers are also preferring for neoprene snow boots due to its better quality and durability.
- North America and Europe led the market in 2021. High concentration of manufacturers on top of snowy climatic conditions in U.S., U.K., France, Russia, and Germany is projected to remain a favourable factor in the coming years.
- Major players operating in the snow boots market includes DC Shoes Company, Deckers Outdoor Corporation, Deichmann SE, Honeywell International Inc., and Jack Wolfskin GmbH & Co.
Information Source: https://www.futuremarketinsights.com/reports/snow-boots-market
Impact of COVID-19 on the Market
Similar to other industries, the outbreak of the Covid-19 pandemic has hampered the growth of the snow boots market. As a result of pandemic, governments imposed strict restrictions on transportation and travel. This resulted in a scarcity of raw materials for the production of snow boots and other related products. Furthermore, the shutdown of many manufacturing plants during the pandemic has resulted in a complete collapse of the market during the crisis.
However, in light of this situation, players are now focused on improving online penetration, as this provides an opportunity to the players to access a wider consumer base at once within minimum costs.
Who is Winning?
Leading manufacturers of snow boots are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of snow boots globally.
Major players present in the snow boots market are Adidas AG, Asics Corporation, Bata Limited, Columbia Sportswear Company, Crocs, Inc., DC Shoes Company, Deckers Outdoor Corporation, Deichmann SE, Honeywell International Inc., Jack Wolfskin GmbH & Co., Kamik Company, Michael Kors Holdings Ltd., New Balance Athletics, Inc., Nike, Inc., Polartec, LLC, Puma SE, Skechers U.S.A., Inc., The Aldo Group, Inc., VF Corporation, Wolverine World Wide, Inc., Baffin, Santana Canada, Hackberry Inc., The Timberla Company, and W-D Apparel Company, LLC., among others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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