PORTLAND, OREGON, UNITED STATES, July 15, 2022 /EINPresswire.com/ -- As per the report published by Allied Market Research, the global tactical footwear market generated $1.54 billion in 2020, and is projected to reach $2.57 billion by 2030, registering a CAGR of 5.3% from 2021 to 2030.
Based on the insights of the CXOs of leading companies, the footwear industry is experiencing a rapid expansion, owing to rise in demand for trendy and comfortable tactical footwear. Rapid urbanization, demographics changes along with increase in demand of boots for military personnel, and surge in demand for boots in industrial and mining sectors fuel the growth of the tactical footwear market. Moreover, consumers consider comfort as an important parameter while choosing appropriate footwear. In addition, consumers presently are ready to indulge in stylish and comfortable footwear. Thus, all these factors are expected to contribute toward the growth of the overall market during the forecast period.
The CXOs further added that increase in penetration of online shopping platforms act as key growth driver of the global tactical footwear market. Most of the global players of the tactical footwear market are constantly investing in the development of their online and digital distribution channels. Thus, leading players are focusing on digitization, as the future is showing a promising growth opportunity through online channels
Rise in demand for tactical footwear from military personnel and surge in penetration of e-commerce platforms and strong distribution drive the growth of the global tactical footwear market. However, tactical footwear production effects on environment and restricted use of leather in the manufacturing process hinder the market growth. On the contrary, surge in social media marketing and rise in investments by manufacturers to offer high-quality trademark products are expected to open new opportunities for the market players in the future.
Increase in adoption of tactical footwear majorly by law enforcement professionals, firefighters, military service members, and adventure enthusiasts to operate in harsh and extreme climatic conditions are the tactical footwear market trends which is notably contributes toward the growth of the global market. Furthermore, increase in military personnel is a primary factor that fuels the growth of the market. For instance, according to the U.S. Defense Department data, in March 2019, in the Middle East, around 60,000 military troops present in Afghanistan, Iraq, and Syria, and this number is likely to increase in the coming years, which is expected to generate demand for military essentials and tactical boots, thereby fueling the tactical footwear market growth, globally.
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The pandemic presented several challenges for the manufacturing industry due to surge in the number of Covid-19 patients, restrictions regarding social distancing, and lockdown restrictions.
The prolonged lockdown in European and Asian countries disrupted the supply chain and hampered the raw material supply.
The report segments the global tactical footwear market on the basis of product, end use, sales channel, and region.
Based on product, the shoe segment is expected to portray the highest CAGR of 5.9% during the forecast period. However, the boots segment held the largest share in 2020, contributing to more than two-thirds of the market.
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On the basis of sales channel, the online store segment is projected to manifest the highest CAGR of 6.0% during the forecast period. However, the hypermarket/supermarket segment held the lion’s share in 2020, accounting for more than two-fifths of the market.
The global tactical footwear market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, holding nearly two-fifths of the market. However, the market across LAMEA is projected to showcase the highest CAGR of 6.7% during the forecast period.
The global tactical footwear market includes an in-depth analysis of the prime market players such as Adidas AG, ASICS Corporation, APEX Global Brands, Garmont International S.r.l., Belleville Boot Company, Nike, Inc., Maelstrom Footwear, Under Armour, Inc., Puma Se, and 5.11 Tactical.
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