Hiking Footwear Market Set to Cross US$ 26.73 Billion at a 3.1% CAGR through 2033, Says Fact.MR
Rockville, Dec. 13, 2023 (GLOBE NEWSWIRE) -- According to the most recent industry research report from Fact.MR, the global Hiking Footwear Market achieved sales totalling US$ 19.70 billion in 2023. Projections indicate a CAGR of 3.1%, with expectations to reach US$ 26.73 billion by the conclusion of 2033.
The escalating participation in various adventure sports, encompassing rock climbing, mountain biking, and cave exploring, is anticipated to drive the demand for hiking boots in the years ahead. These specialized shoes play a crucial role in safeguarding feet from the challenges posed by slippery and debris-laden terrains.
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Key Segments of Hiking Footwear Industry Research Report
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Sales of hiking footwear through direct-to-customer online channels are poised for substantial growth, forecasted to rise at a CAGR of 5.1%, reaching US$ 8.63 billion by 2033.
Versatile Protection and Utility
Hiking footwear serves as a protective barrier for ankles and feet, particularly in rugged terrains. These shoes offer a secure grip and are designed to be lightweight, facilitating effortless movement. The surge in visits to archaeological sites and ancient monuments further fuels the demand for hiking footwear, as visitors navigate through various landscapes during extended exploration periods.
Research and Tourism Dynamics
The increasing number of researchers engaged in forest and wildlife studies contributes to the rising demand for hiking footwear. These shoes offer protection from insects and ensure excellent grip during fieldwork. Additionally, the proliferation of tourist destinations worldwide featuring hiking trails is expected to drive sustained demand for hiking footwear as more individuals engage in outdoor exploration.
Driving Forces Behind the Global Demand for Hiking Shoes
Embracing Hiking as a Popular Outdoor Pursuit
Hiking stands out as a premier outdoor recreational activity, capturing the interest of millions of enthusiasts globally. Particularly popular among the younger demographic, hiking provides unique excitement and thrills. The surge in participants over recent years reflects the growing attraction of this activity, offering individuals a chance to connect with nature and rejuvenate both mind and body.
Government Initiatives to Promote Outdoor Activities
Governments worldwide are taking proactive steps to manage hiking trails and recreational spots, aiming to foster a culture of outdoor engagement. Hiking emerges as a cost-effective pursuit, requiring minimal investment in equipment or high-end leisure services. Consequently, the rising demand for trekking and hiking shoes, coupled with the widespread use of well-designed footwear for hiking, contributes to the increasing sales of mountaineering boots, fostering the hiking shoes market growth.
Thriving Adventure Tourism Industry in Various Regions
The substantial growth witnessed in the adventure tourism industry presents significant opportunities for key players in the target market. Adventure travel is increasingly integral to the overall tourism experience, with consumers seeking authentic and unique encounters in an ever-globalizing world.
Younger travellers, in particular, seek distinctive adventure experiences by exploring challenging and remote destinations such as mountains, canyons, and sub-tropical ranges. While adventure travel requires a comprehensive understanding of hiking protocols and physical fitness, the rising engagement of individuals in adventure activities fuels the demand for a diverse range of hiking footwear.
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| Report Attribute | Details |
| Value Projection (2033) | USD 26.73 Billion |
| Growth Rate (2023-2033) | 3.1% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 249 Tables |
| No. of Figures | 84 Figures |
Key Industry Players
Distinguished providers of hiking footwear are actively investing in fortifying their supply chain management systems, focusing on product quality, and upholding stringent product standards.
These market leaders are executing various strategic maneuvers, such as acquisitions and mergers, to extend their global presence.
For Example;
In August 2019, Lowa, a prominent player in the industry, completed the acquisition of Rika Sports S.r.l., an Italian manufacturer specializing in sports footwear, including hiking gear. This strategic move is anticipated to enhance Lowa's workforce and bolster its market presence.
Notable Participants in the Hiking Footwear Market
Major contenders in the hiking footwear industry include New Balance Inc., Adidas AG, VF Corporation, Mizuno Corporation, NIKE Inc., Sketchers USA Inc., Deckers Outdoor Corporation, Amer Sports Corporation, Wolverine World Wide Inc., PUMA SE, and Under Armour Inc. These key players are actively shaping the industry landscape through their commitment to quality, strategic acquisitions, and initiatives aimed at global expansion.
Checkout More Related Studies Published by Fact.MR Research:
Footwear Market: The global footwear market stands at a value of US$ 465.1 billion in 2023 and is forecasted to hit US$ 688.4 billion by 2033, rising at a steady CAGR of 4% from 2023 to 2033 (forecast period).
Outdoor Footwear Market: Outdoor footwear market value is projected to reach US$ 82.62 Bn in by 2032-end, with this market accounting for nearly 11%-14% of the global footwear market share.
Recovery Footwear Market: Global demand for recovery footwear market is projected to increase at a CAGR of 5.9% and reach a market value of US$ 28.76 billion by the end of 2034.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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