The platform boots market is anticipated to expand at a mild CAGR of 4.3% during the forecast period. The valuation of the market as of 2023 is USD 432.4 million, and it is expected to be valued at USD 658.8 million by 2033.
An increasing clamor for a perfect balance of comfort and style coupled with many other reasons is expected to increase the demand for platform boots during the forecast period.
Platform boots have a thick sole, usually in the range of 4-9 cm, and carry an image of one of the most stylish-looking footwear. Moreover, wearing even simple platform shoes help us look way more appealing as compared to wearing any other kind of shoes. With so much to offer, the sales of platform boots are expected to increase in the coming times.
Platform running shoes are also known for providing wider toe boxes. This avoids the development of complex conditions like Morton’s neuroma or hammertoe deformity.
Even the stats point towards the fact that the platform boots market is in for growth. The historical CAGR for the market is 3.5%, and the expected CAGR for the forecast period is 3.8%. Though not much difference is observed in the CAGR, the good thing about the market is that it is progressing, and this progress is more palpable when the economic condition of developing nations further improves, and people in such countries start using the platform boots.
Comfort and Style are the Key Drivers of the Platform Boots Market
Sole thickness: Apart from providing comfortable room for our toes, the platform boots are also meant for their thick sole. The thick soles are uniformly spread throughout the length and width of the shoes. The sole is made up of cork and rubber, which ensures that the shoes provide extra comfort and are effective in impact absorption as well.
This makes the platform boots popular amongst those who suffer from frequent foot pain. This is likely to increase the demand for platform boots.
Consistent height distribution: This is specifically in comparison to high heels, as the style factor is being pondered upon. The high heels are usually angled, with the foot being near the ground, while the heel is quite high. This puts a lot of strain on calves, which ultimately develops back pain in the long run.
However, if we talk about platform shoes, these offer even height distribution. So, by looking tall, we are able to make a stylish statement, and slenderer without applying unnecessary pressure on our body. What better way to express ourselves when we are in comfort and at the same time looking stylish? This is anticipated to increase the sales of platform boots. Additionally, the consistent height distribution also helps counteract awkward wobbling.
Elegance at any occasion: Apart from the comfort, one of the biggest advantages associated with platform boots is that they help us look trendy, and are designed for special occasions, as they go well with the attire we wear during such occasions. Moreover, certain platform boots have been designed in such a manner that they go well with casuals like jeans as well, which makes these shoes suitable for any occasion.
Unconquerable flatforms: For beginners, who want to get started with platform boots, there are flat platform shoes available in the market. These provide us with the advantage of height without compromising on comfort.
By using these kinds of shoes, there is no risk of hurting the ankle. With so much variety and flexibility being offered, the demand for platform boots is expected to surge during the forecast period.
Restraints for the Platform Boots Market
Risk of falling: If we observe the human body, the reason why we are able to walk smoothly is because of the iron triangle that is formed by the feet. However, if we wear platform boots, the triangular load becomes a four-cornered load, because of which the stability offers diseases and there is a risk of falling. This is expected to pose a serious challenge to the sales of platform boots.
Joint injury: Because of the height being high, the center of gravity moves down, because of which the toe has to bear a lot of pressure after the forefoot touches the ground. This potentially causes excess damage to the legs and knee joints.
Problems associated with too heavy or too light soles: Irrespective of being a thick sole or thin sole, the stress on our knees and ankle joints is expected to increase. Walking for long hours seriously affects the knees and ankles. This affects the demand for platform boots going ahead.
Negative impact on the calf muscles: As the forefoot is not able to exert the necessary force, in the long run, this adversely affects the calf muscles by thickening them affecting the line of the legs.
Can’t be used all the time: Although the platform boots are worn dusting both formal as well as informal events, they are not appropriate to wear all the time, because there is some pressure that is involved while wearing these shoes. This negatively impacts the sales of platform boots.
| Attributes | Details |
|---|---|
| Platform Boots Market CAGR (2023 to 2033) | 4.3% |
| Platform Boots Market Size (2023) | USD 432.4 million |
| Platform Boots Market Size (2033) | USD 658.8 million |
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With the world becoming a small place because of rapid technological advancements taking place in air, water, and land routes, the road ahead for the platform boots market is filled with optimism. With development activities taking place at a rapid pace throughout the world, and an increase in the adoption of Western Culture, the growth of the platform boots market seems inevitable as of now.
Moreover, the growth of E-Commerce platforms is also expected to increase the demand for platform boots during the forecast period. The best thing associated with E-Commerce stores is that they are known for providing huge discounts on the MRP, which makes such types of shoes extremely affordable on this platform.
Rise in the adoption of desert boots: The desert boots are mainly meant for their sole, which is made up of creep rubbers. These soles are softer than any other type of soles, which allows us to walk comfortably even for long hours.
Rise in the adoption of service boots: These are rugged, durable leather shoes. They are known for offering sophistication when worn along with casual outfits.
Rubber is the most widely used material and dominated the market with a share of 28.4% in 2022. It is used for preparing soles in almost all types of platform boots. It is mainly because of the usage of rubber, that the platform boots offer such comfort.
Carbon rubber, solid rubber, DRC, Duralon, and gum rubbers are the different kinds of rubbers that are used for manufacturing platform boots. Polyurethane is a kind of artificial leather, which is used for making shoes flexible. It is believed to be a very close alternative to genuine leather. When gathered, these produce wrinkles exactly like natural leather. Moreover, these cost less than real leather.
Likewise, synthetics have been used keeping in mind the ethical rights of animals. These are made up of textiles and polyurethane to give the feel of genuine leather. Moreover, synthetics do not require much preparation and make less use of chemicals, which also supports cost reduction. Also, these are cost-effective and durable.
The wide platform boots have a higher market share as compared to medium platform boots.
The reason is these provide a better room for toes, because of which the comfort factor associated with the wider boots is much more as compared to its counterpart. Moreover, the wide platform boots do not put much strain on ankles and soles, as a result of which the risk of falling is less as compared to medium platform boots. Additionally, with the sole thickness being more as compared to medium platform boots, these provide much more value for money.
Increasing interest among women in exploring different kinds of footwear is expected to drive the sales of platform boots. Moreover, an increase in the disposable income of women as compared to what it was probably five years back has also led to women dominating this segment.
However, if we talk about men, they are touted to be a significant segment. An increasing interest amongst men to try different kinds of sneakers, and to invest more money in their looks is something that drives the men’s segment during the forecast period.
Amongst the sales channel, the online sales channel has the leading market share. The reason is the humongous growth of E-Commerce giants.
The E-Commerce giants are known to provide branded platform boots at discounted rates. Moreover, the goods are delivered to our houses and we hardly need to pay any transportation charges. On certain occasions, they offer discounts up to as high as 70%, and if customers do not like the product, they return them on the spot. This surge in the demand for platform boots.
These are some of the factors which have led to the Online sales channel ruling the roost in the sales channel segment.
| Countries | Market Share (2022) |
|---|---|
| United States | 28.4% |
| Germany | 7.9% |
| Japan | 5.5% |
| Australia | 2.3% |
The North American platform boots market, which had a market share of 31.3% in 2022, is expected to perform decently during the forecast period.
Undoubtedly, North America is a region that holds a lot of potential for platform boots. But the region also has some amazing alternatives to platform boots, which in a way pose some threat to the market. That being said, because of the style factor associated with platform boots, the market has a lot to offer.
The European platform boots market, which had a market share of 28.4% in 2022, is expected to be one of the most significant markets for the platform boots.
Being home to some of the most fashionable cities like Milan, London, Paris etc., there is a huge demand for platform boots in this region. Moreover, with an ability to provide comfort along with fashion is expected to surge the sales of platform boots in Europe. Moreover, Europeans love to carry themselves with a sense of elegance, and the platform boots fulfill their wish.
With a view to make a positive impact on the environment, the start-ups are focusing on manufacturing eco-friendly sneakers. This is a step towards achieving Carbon negative.
Some of the start-ups:
Neeman’s: Neeman’s was founded in 2016. It is a private label brand of footwear. Their portfolio includes sneakers, joggers, and loafers. The products are made from natural fiber of Merino wool.
Monrow: Monrow was founded in 2016. It is an internet first brand offering multi-category vegan footwear for women. They offer sneakers, block heels, wedges, flats, heels and many other footwears. Its products are cruelty free and have anti-slip soles.
Some other start-ups are: Rapawalk, Desi Hangover, and Kurio.
Key Players Focus on Sustainable Development Going Forward
Apart from focusing on men and women, the key players have now started focusing on the 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.
Recent Developments
With an eye towards sustainable development, Bottega Venetta, Ganni, and Alexander McQueen are taking all strides to ensure that they maintain equilibrium between business and environment.
The companies are taking all possible initiatives pertaining to sustainable development from their side to increase the platform boots market share.
Bottega Venetta (founded in 1966) is a brand that specializes in leather handbags, and ready to wear men’s and women’s fashion. The luxury fashion house is based in Milan.
Alongside the launch of Bottega series, the brand is working behind the curtains to improve the sustainability of the products. Moreover, the brand that is being developed is rated on how close or far they are to the 2025 sustainability targets.
The focus remains on reducing the environmental impacts, by reducing replacement of products, and consequently reducing environmental footprint. Moreover, the focus for the brand is to count the days, and focusing on the long term, instead of developing focus for the ‘next hour’.
Ganni (founded in 2000) is a Danish ready-to-wear fashion brand. Ganni has this uncanny reputation of being a luxury brand with low end prices. The brand mainly focuses on T-shirts, pants, silhouettes, elasticized straps, and ruching.
In October 2019, Ganni had opened a new store, which is an ode to Scandinavian sustainability. The design is beyond what consumers have ever dreamt of. Moreover, the entire store has been constructed using organic materials.
The panel of the podium in the store is made up of recycled plastics. Last but not the least, the store is ‘cluttered, but in a good way’.
ASOS (founded in 2000) is a British online fashion and cosmetic retailer. Their target segment are the younger adults. Moreover, ASOS is also known for the fact that it does not charge commission rates on small business transactions. This initiative was started by them during the covid 19 pandemic for sellers.
ASOS launched the ‘fashion with integrity’ program, which encompasses their 2030 strategy. Through this program, they strive to become a responsible company that delivers benefits for people, and minimizes the negative impact on the planet.
The platform boots market is estimated to be worth USD 432.4 million in 2023.
The platform boots market is expected to have a CAGR of 4.3% by 2033.
The platform boots industry expanded at a share of USD 415.8 million in 2022.
North America expanded significantly in the platform boots business, with a share of 31.3% in 2022.
The platform boots sector is expected to have a valuation of USD 658.8 million by 2033.
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Platform Boots Market
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