Snow boots provide insulation from cold temperature by sealing out moisture and protect feet from wetness and snow. Features of snow boots include waterproof and breathable outer material, insulation inner layer, lugged sole for traction on snow or ice. Growing popularity of various outdoor recreational activities such as skiing, snowboarding, hiking and mountaineering in cold climate regions is driving the demand for snow boots.
The global Snow Boots Market is estimated to be valued at US$ 2094.39 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increased adoption for outdoor recreational activities presents a lucrative market opportunity for snow boots. Participation in winter sports and other snow outdoor activities has witnessed steady rise in countries with cold climates such as United States, Canada, European nations such as France, Austria, Switzerland, and others. Rising popularity of snowboarding and skiing as serious sports has contributed to significant growth of winter sports goods industry. According to National Ski Areas Association, estimated visitor days at ski resorts in United States reached approximately 59.5 million days in 2021 season. Growing cultural trend of winter sports is expected to drive increased demand for necessary snow gear including snow boots. Manufacturers can capitalize on this opportunity by developing snow boots catering to requirements of various snow sports and outings to gain wider market share.
Porter's Analysis
Threat of new entrants: Low capital requirements and established brand loyalty act as entry barriers. However, the market is highly fragmented with presence of many regional and local players.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of substitutes and commodity nature of products. Buyers can negotiate on pricing and avail discounts.
Bargaining power of suppliers: Major suppliers have moderate bargaining power due to availability of substitutes and less switching costs. However, compliance with strict regulations favors large established suppliers.
Threat of new substitutes: Threat of substitutes is moderate to high as boots, sports shoes and casual wear can be used as alternatives depending on weather conditions and utility.
Competitive rivalry: The market is highly competitive with presence of numerous regional and international brands. Players compete based on product quality, style, pricing and effective marketing.
SWOT Analysis
Strengths: High demand during winters, wide distribution channel, established brand names
Weaknesses: Seasonal demand, pricing pressures, rising raw material costs
Opportunities: Expanding e-commerce, newer product innovation, venturing into new geographies
Threats: Intense competition, changing consumer preferences, stringent regulations
Key Takeaways
The Global Snow Boots Market Demand is estimated to be valued at US$ 2094.39 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.
Regional analysis: Europe dominates the global snow boots market led by countries like Germany, France, UK, Italy, Austria, Switzerland and Russia. High participation in winter sports and established snow boots industry are the key factors for Europe's dominance. The Asia Pacific snow boots market is projected to witness fastest growth during the forecast period led by China, Japan and South Korea. Rising disposable incomes, growing middle class and increasing popularity of snowboarding and skiing are expected to drive the Asia Pacific market.
Key players operating in the snow boots market are Nike, Inc., Tecnica Group S.p.A, VF Corporation, Wolverine World Wide, Inc, Guccio Gucci S.p.A., Jack Wolfskin, Columbia Sportswear Company, The North Face, Arcteryx, adidas Outdoor. Major players are focused on new product development, geographical and channel expansion to strengthen market presence.
For more insights, Read- https://www.pressreleasebulletin.com/snow-boots-market-trends-size-and-share-analysis/
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