The platform boots market is estimated to grow at a mild CAGR of 3.8% during the forecast period. The valuation of platform boots market as on 2022 is US$ 415.8 million, and it is expected to be valuated at US$ 603.8 million in 2032.
Platform boots are thought to be among the most fashionable footwear because of their thick soles, which are typically between 4 and 9 cm thick. Furthermore, compared to wearing any other type of shoes, wearing even the most basic platform shoes makes us look much more attractive. Platform boots have a lot to offer, so it’s expected that sales will rise in the future.
The wider toe box of platform running shoes is another benefit. By doing this, complicated conditions like Morton’s neuroma or hammertoe deformity are prevented from developing.
Even the statistics show that the market for platform boots is expected to grow. The market’s historical CAGR is 3.5%, and the anticipated CAGR during the forecast period is 3.8%. Even though there isn’t much of a difference in the CAGR, the market is growing, and this growth will be more apparent once people in developing countries start wearing platform boots as their economies continue to improve.
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The fact that platform boots make us look fashionable and are made for special occasions, where we dress appropriately, is one of their biggest benefits, in addition to their comfort. Additionally, some platform boots have been created in such a way that they complement casual attire like jeans as well, making them appropriate for any situation.
There are flat platform shoes on the market for beginners who want to start out with platform boots. With these, we gain the benefit of height without sacrificing comfort.
There is no chance of ankle injury when wearing these shoes. With so many options and options for customization, the demand for for platform boots is expected to surge during the forecast period.
Thus, from the insights provided by FMI, it is quite evident that ‘An increasing clamour for a perfect balance of comfort and style coupled with many other reasons are expected to increase the demand for platform boots during the forecast period.’
- The platform boots market are expected to grow at a CAGR of 3.8% during the forecast period.
- The valuation of platform boots market as on 2022 is US$ 415.8 million.
- The expected valuation of platform boots market in 2032 is US$ 603.8 million.
- Rubber is the most widely used material type.
- The wide platform boots have a higher market share.
- Based on the end user, women have a higher market share as compared to men.
- Online sales channel has the highest market share.
- The North American platform boots market has a market share of 16.46%.
- The European platform boots market has a market share of 29.31%.
Apart from focusing on men and women, the key players have now started focusing on children’s segment as well. For this, they are launching a versatile mix of everyday staples blended with latest fashion, and they are laying a lot of emphasis on the designing part as well.
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Some of the recent developments are:
- In August 2022, the new brand H&M move announced that it is embarking on a mission to democratise sportswear, and get the whole world moving.
- In June 2022, Carvela and Mint Velvet chose St. David’s Cardiff for regional debuts. Spanning 2130 sq. ft. on the Grand Arcade, Carvela’s first standalone Welsh Boutique will feature its unique range of shoes, bags, and accessories.
Key Companies Profiled
- Bottega Veneta
- F21 IPCo, LLC.
- Alexander McQueen
- Stella McCartney
- Carvela Ltd
- The Row