Hiking Footwear Market Projected to reach US$ 70,000 Mn by 2022
The global market for hiking footwear is projected to expand at a robust CAGR throughout the forecast period 2017 to 2022, according to a new report by Fact.MR. Hiking footwear offer high functionality, and great weathering resistance, and therefore are useful for travelling long distances. Sales of hiking footwear worldwide will account for revenues nearly US$ 70,000 Mn by 2022-end.
The United Nations World Tourism Organization (UNWTO), coupled with various government organizations, is concentrating on endorsing tourism events, with an aim to inculcate adoption of healthy lifestyle by population across the globe. Demand for technologically advanced and eco-friendly hiking equipment has been witnessing a significant rise worldwide. Leading manufacturers of hiking footwear are thriving in the market by competing based on factors such as design innovations, quality of raw materials, adaptability, price, durability, weather resistance, and weight of the footwear. These manufacturers are also focusing on developing new innovative products, and adopting the online retail as their products’ distribution channel for gaining a competitive edge in the global hiking footwear market. These factors might impact the market growth on a large scale.
A large number of people around the world, with increasing health concerns, are focusing on taking vacation packages that include adventure sports such as camping, rafting, rock climbing, scuba diving, and hiking, along with various outdoor physical activities. The lifestyle of urban population worldwide has been witnessing continuous alternations, with increasing participation in adventure tourism as well as leisure vacations. This has further led to a tremendous surge in the requirement for equipment of adventure trips, such as hiking footwear. These factors are further expected to fuel demand for hiking footwear over the forecast period.
8 Key Takeaways from Fact.MR’s Report on Global Hiking Footwear Market
- On the basis of design style, low-cut hiking footwear is expected to remain preferred among hikers across the globe, with sales projected to surpass revenues worth US$ 30,000 Mn by 2022-end.
- Mid-cut hiking footwear sales are anticipated to hold a comparatively lower revenue share of the market than that of low-cut hiking footwear. In addition, sales of mid-cut hiking footwear will exhibit the fastest expansion in the market through 2022.
- Sales of approach shoes, and hiking shoes will register a parallel increase, exhibiting a CAGR of 26% through 2022, on the basis of product type. Hiking shoes are poised to remain the most attractive product, with revenues expected to account for more than one-third share of the market throughout the forecast period.
- Hiking footwear sales in third party online sales channel are expected to exhibit the highest CAGR through 2022, as compared to all the other sales channel segments included in the report.
- Direct to customer institutional channel will continue to be the largest sales channel in the global hiking footwear market, followed by the franchised sports outlet.
- Asia-Pacific excluding Japan (APEJ) is expected to be the fastest expanding market for hiking footwear during 2017 to 2022.
- Europe is expected to remain dominant in the global hiking footwear market, followed by North America, in terms of revenues. Increasing interest of people in outdoor recreational activities will fuel growth of the market in these regions.
- Key market players identified in the report include Deckers Outdoor Corporation, Mizuno Corporation, New Balance, Inc., Amer Sports Corporation, PUMA SE, Wolverine World Wide, Inc., NIKE, Inc., Skechers USA, Adidas AG, VF Corporation, and Under Armour, Inc.
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