According to the market report published by Future Market Insights titled ‘Snow Boots Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2027,’ the revenue generated from snow boots is estimated to be valued at over US$ 1,475.1 Mn in 2018, which is projected to increase at a CAGR of 3.5% during the forecast period (2018-2027).
Manufacturers of snow boots are focused on frequently launching new products with innovative features and latest fashion as well as the development of innovative snow boots for regions that witness heavy snowfall. Moreover, companies are also expanding their market footprint by establishing organised sales channels in developing countries due to a rise in the consumer demand for sportswear, particularly for the winter season, which are among the key factors driving the global demand for snow boots. In addition, companies in the snow boots markets are expanding their production capacity due to advanced manufacturing procedures, and innovations in the technology used for the manufacture of snow boots. Manufactures are developing snow boots at reasonable prices to be able to keep pace with the growing demand for the same. These are some other factors accelerating the growth of the snow boots market during the forecast period.
In snow boots market, companies are focusing on various product differentiation strategies to have a competitive edge. In the developing countries, the snow boots industry is highly fragmented with various small- and medium-sized enterprises operating largely in the unorganised snow boots market and the limited presence of organised sales channels. The intensity of competition between the unorganised and organised sales channel in the snow boots market is high. The unorganised sales channel in the snow boots market is prominent in the developing countries owing to the competitive pricing of products from this channel, which is attracting price-conscious consumers. Locally manufactured snow boots are cheaper owing to cheap labour, favourable labour laws and limited requirement of investment, and these are among the key factors driving the snow boots market.
The rapidly growing e-commerce platform is projected to become the largest retail sales channel across the world. However, the e-commerce channel is not evenly distributed worldwide. The penetration rate of this channel is 13%, which is among the highest in the world. Moreover, retailers in the snow boots market need to modify their digital strategies by region, country and category to be able to target the potential customers. Furthermore, in the snow boots market, manufacturers are frequently introducing snow boots specifically for men, which is creating considerable growth opportunities for the global snow boots market in the near future.
The global snow boots market is segmented on the basis of regions, which include North America, Latin America, Asia Pacific Excluding Japan (APEJ), Europe, Middle East & Africa and Japan. Among all these regions in the snow boots market, the Europe and North America regions are estimated to hold a substantial value share. In terms of value, Europe is the most attractive region in the global snow boots market and is expected to grow at a CAGR of 3.2% over the forecast period. The APEJ region is expected to gain an incremental opportunity of US$ 156.5 Mn during the forecast period.
On the basis of product type, the snow boots market is segmented into outdoor and sports. In 2017, the outdoor segment accounted for the highest revenue share of 56.8% in the global snow boots, which is expected to continue throughout the forecast period.
Key Players in the Global Snow Boots Market: Detailed profiles of companies are also included in the global snow boots market report to evaluate their performance, key product offerings and recent developments. Some of the key players profiled in the global snow boots market study include Columbia Sportswear Company, Crocs, Inc.; Bata Limited; Asics Corporation; Adidas AG; Deckers Outdoor Corporation; DC Shoes Company; Michael Kors Holdings Ltd.; Jack Wolfskin GmbH & Co.; Puma SE, Deichmann SE; Honeywell International Inc.; Nike, Inc.; Polartec, LLC; Kamik Company; New Balance Athletics, Inc.; The Aldo Group, Inc.; Wolverine World Wide, Inc.; VF Corporation; Skechers U.S.A., Inc.