The global hiking footwear market 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.
Hiking footwear is equipped with thick & rugged sole that is well-suited for treading on rough terrains. Hiking footwear is useful for long distance travel, owing to their provision of great functionality and weathering. Hiking footwear is highly durable and water-resistant.
Adventure tourism has been witnessing a tremendous surge over the past couple of years. There is a growing inclination towards combining leisure with adventure, owing to which hiking, scuba diving, and rock climbing. Several government organizations in collaboration with United Nations World Tourism Organization (UNWTO) are promoting adventure sports. These factors have also rubbed off on the popularity of hiking, with more people around the globe indulging in this health and wellness activity. This has led to increased demand for various hiking products, such as backpacking tents, water bottles, and hydration gear. As demand evolves, consumers are looking for advanced and eco-friendly equipment.
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The growing popularity of hiking has been favorable for the prospects of the global hiking footwear market. Major players in the global hiking footwear market are competing on the basis of weight, durability, weather resistance, price, design innovations, adaptability, and quality of raw materials. In addition, manufacturers are concentrating on product innovation, and adopting online retail as distribution channel, in a bid to gain a competitive edge in the market.
A new report by Fact.MR anticipated the global hiking footwear market to register a staggering expansion throughout the forecast period 2017 to 2022. Global sales of hiking footwear are expected to reach nearly US$ 7,000 Mn in revenues by 2022-end.
Europe is estimated to remain the most attractive market for hiking footwear, and is projected to create an absolute $ opportunity of over US$ 2,000 Mn during 2017 to 2022. North America will continue to be the second largest market for hiking footwear. Growing interest in the outdoor recreational activity among people will drive the market growth in Europe and North America. The hiking footwear market in Asia-Pacific excluding Japan (APEJ) is poised to exhibit the highest CAGR through 2022.
Based on product type, sales of hiking shoes and approach shoes are expected to exhibit a parallel expansion at 26% CAGR through 2022. Hiking shoes will continue to be the most lucrative product, accounting for over one-third revenue share of the market over the forecast period.
Direct to customer institutional channel are projected to remain the largest sales channel for hiking footwear across the globe, followed by franchised sports outlet. However, sales of hiking footwear in third party online channel are poised to register the fastest expansion through 2022.
Based on design style, low-cut hiking footwear will remain sought-after among consumers around the world, with sales estimated to exceed US$ 30,000 Mn in revenues by 2022-end. Mid-cut design of hiking footwear will account for a relatively lower revenues than low-cut design hiking footwear, however sales of mid-cut design hiking footwear will register the highest CAGR through 2022.
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