by Snow boots, also known as winter boots, are specifically designed to provide insulation against extreme cold temperatures and wet snow. They are usually made of waterproof and insulated material such as rubber, leather, or synthetic fabrics. Snow boots are gaining popularity among outdoor sports enthusiasts and people living in regions with snowy climates as they provide protection from the wet and slippery snow. Some key products in the snow boots market include extreme cold weather snow boots, snow sports boots, basic snow boots, and fashion snow boots.
The global snow boots market is estimated to be valued at US$ 2094.39 million 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 Dynamics
The growing trend of winter sports and activities such as skiing, snowboarding, hiking, and ice skating is driving the demand for snow boots across the globe. According to the National Ski Areas Association, the number of skier visits in the United States grew from 50.8 million to 53 million between the 204.5-2017 and 2017-2018 winter seasons. Snow boots provide adequate insulation, waterproofing, and traction needed for performing various winter sports and outdoor activities in snowy conditions. Such growing popularity of snow sports is expected to boost the snow boots market during the forecast period.
Furthermore, changing climatic patterns have led to increased snowfall in regions that were traditionally not associated with winter sports. For instance, countries in northern and western Europe such as the UK, Ireland, Norway, and Sweden are witnessing higher levels of snowfall in recent years. This has expanded the customer base and grown the demand for products suitable for snowy climate such as snow boots. The increasing opportunity for winter tourism and related activities due to unpredictable weather changes is anticipated to propel the snow boots market expansion over the next few years.
Segment Analysis
The global snow boots market is dominated by the winter sports & activities segment. Snow boots are specifically designed for snow and slippery surfaces and provide protection from snow, rain and cold temperatures. This segment accounts for over 50% of the total sales as snow boots are essentially a necessity for skiing, snowboarding and various other winter sports activities. The casual segment is the second largest sub-segment and is gaining market share rapidly as snow boots are not just limited to winter sports. Certain stylish snow boots are being preferred for casual wear during winter months as a fashion statement.
PEST Analysis
Political: Stringent regulations related to use of hazardous materials in manufacturing may slightly impact costs. However, no major trade barriers exist for key export regions.
Economic: Rising disposable incomes in developing countries will likely boost demand. However, an economic slowdown can dampen leisure travel and winter sports participation affecting sales.
Social: Changing fashion trends are popularizing snow boots for casual winter wear beyond sports usage. Growing interest in adventure & sports also supports demand. A health & wellness wave may drive more people to participate in winter activities.
Technological: Advanced materials are making snow boots lighter, more breathable and comfortable for prolonged usage. Waterproofing technologies further enhances performance. Digital & social media marketing helps companies promote products.
Key Takeaways
The Global Snow Boots Market Demand is expected to witness high growth over the forecast period supported by rising winter sports participation and changing fashion trends. 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.
Regional analysis: The North American regional market accounted for the largest share of over 35% of the global market revenue in 2023 led by the United States. Europe is the second largest market for snow boots spearheaded by countries like Germany, France and United Kingdom. With improving economic conditions and increasing interest in winter sports, the Asia Pacific region is expected to grow at the fastest pace during the forecast period with China and Japan being the major country markets.
Key players: Key players operating in the snow boots market are AbbVie Inc. (U.S.), Bausch Health Companies Inc. (Canada), Teva Pharmaceutical Industries Ltd. (Israel), Cipla Inc. (India), Lupin (India), Sun Pharmaceuticals Industries Ltd. (India), Hikma Pharmaceuticals PLC (U.K.), AstraZeneca (U.K.)
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Source: Coherent Market Insights, Public sources, Desk research
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