As per newly released data by Future Market Insights (FMI), the Platform Shoes Market is estimated at USD 142.7 million in 2022 and is projected to reach USD 205.1 million by 2032, at a CAGR of 3.7% from 2022 to 2032.
| Attribute | Details |
|---|---|
| Estimated Platform Shoes Market Size 2022 | USD 142.7 Million |
| Projected Platform Shoes Market (2032) Market Size | USD 205.1 Million |
| Value CAGR (2022 to 2032) | 3.7% |
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Platform shoes are designed for their thick soles as well as to give comfortable room for the toes. The thick soles are evenly distributed across the length and width of the shoes. The cork and rubber sole guarantees that the shoes provide greater comfort while also being effective in impact absorption.
This makes platform shoes popular among people who suffer from chronic foot pain. This might boost demand for platform shoes. As the style component is being considered, this is specifically in comparison to high heels. High heels are typically tilted, with the foot close to the ground and the heel relatively high. This puts a lot of tension on the calves, which may lead to back problems in the long run.
Platform shoes also provide even height distribution. So, by seeming tall, customers may make a fashionable statement and appear slimmer without putting undue strain on their bodies. Flat platform shoes are available on the market for those who want to get started with platform shoes. These provide consumers with the advantage of height without sacrificing comfort. There is no risk of ankle injury when wearing these shoes. With so much variety and flexibility available, platform boot demand is likely to skyrocket during the projection period.
Due to the high height, the center of gravity shifts downward, putting a lot of pressure on the toe after the forefoot meets the ground. This could result in additional harm to the legs and knee joints. The load on the user’s knees and ankle joints is likely to grow regardless of whether we have a thick or thin sole. Walking for long periods of time can be detrimental to the knees and ankles. This could have an impact on the demand for platform shoes in the future.
Since the forefoot is unable to provide the appropriate force, this may have a detrimental effect on the calf muscles by thickening them and altering the leg line in the long run. Despite platform shoes can be worn to both casual and formal events, they are not suitable for use all of the time due to the strain required in wearing these shoes. This could have a negative influence on platform shoe sales.
Youngsters are the driving force of China’s platform shoe market
Luxury footwear businesses have good reason to be concerned about the sneaker craze, but a recent analysis suggests that it's not too late for fashion brands to grab their share of the market with patterns aimed at younger, style-savvy Chinese consumers. Especially if the designs are for men's high-heeled shoes.
According to a survey conducted by a Chinese fashion brand, one out of every three male customers has these shoes, and more than half of the population possess more than four pairs, which the authors ascribe to a growing streetwear impact and K-pop. The popularity of the platform sneaker, as well as other high-end sneaker types, demonstrates that luxury businesses can promote excellent, brand-name shoes to youthful shoe enthusiasts.
North America provides an excellent market for platform shoes
During the projected period, the North American platform shoes market is expected to perform well. Americans are very conscious about their fashion and grooming, they are constantly seeking new trendy forms of styling. Hence, without a question, platform shoes have a lot of potential in North America. However, the region also has some fantastic alternatives to platform shoes, which poses a threat to the business. Having said that, the market has a lot to offer because of the fashion component linked with platform shoes.
Italy being the capital of fashion, platform shoes will continue to gain popularity
The Italian platform shoe market is predicted to be one of the most important platform shoe marketplaces. This country has a high demand for platform shoes due to its proximity to some of the most stylish cities in the world, such as Milan. Furthermore, the ability to deliver comfort as well as fashion is projected to boost platform shoe sales in Italy. Furthermore, Italians enjoy carrying themselves with a sense of elegance, and platform shoes fulfill that desire.
Wide-platform shoes have a higher market share
Wide-platform shoes have a larger market share than medium-platform shoes. The reason for this is that larger shoes allow more area for toes, which increases the comfort factor when compared to its counterpart. Furthermore, wide platform shoes exert less strain on the ankles and soles, which reduces the danger of falling when compared to medium platform shoes. Furthermore, because the sole thickness is greater than that of medium platform shoes, these offer significantly better value for money.
Women have a larger market share than men in terms of consumer orientation
The growing interest among women in trying on new types of footwear is projected to enhance platform shoe sales. Furthermore, an increase in women's discretionary income compared to what was possible five years ago has resulted in women dominating this area. Men, on the other hand, are said to be the fastest-increasing demographic. Increased interest among men in trying different types of footwear and spending more money on their appearance could fuel the men's segment during the projected period.
Online Retailers will gain traction in the forecast period
The online sales channel has the largest market share among the sales channels. The cause for this is the explosive growth of E-Commerce behemoths. The E-Commerce behemoths are well-known for offering inexpensive branded platform shoes. Furthermore, the things are delivered to our homes, saving us money on transit. At certain times, they give discounts of up to 70%, and if we do not like the thing, we may return it right away. This could increase demand for platform shoes.
Competitive Landscape Apart from women and men, the primary players have now begun to focus on the children's market as well. They are launching a dynamic blend of basic products mixed with the latest fashion for the same, and they are putting a lot of emphasis on the design aspect as well. Ugg launched their new series of platform shoes, Classic Mini Platform Boot, a two-inch platform version of Ugg's iconic boot. In addition, the Ultra Mini Boot, Classic Short Boot, and Classic Tall Boot are available.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania & Middle East and Africa(MEA) |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, Russia, South Africa, Northern Africa GCC Countries, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia & New Zealand. |
| Key Segments Covered | Material, Consumer Orientation, Width, Closure Type, Sales Channel, and Region. |
| Key Companies Profiled | Ugg; Bottega Veneta; H&M; F21 IPCo, LLC.; Pull & Bear; Alexander McQueen; ASOS; GANNI; Stella McCartney; Carvela Ltd; The Row |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The growing demand for platform shoes in China is being driven by the increasing popularity of street fashion and the rise of the Chinese middle class.
The increasing demand for platform shoes in Germany is being driven by the growing popularity of casual wear and the increasing number of young people in the country.
The booming fashion industry has necessitated the adoption of platform shoes services.
The United States held 25% of the global market share in 2022.
The KLM country to witness 3.7% CAGR through 2033.
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Platform Shoes Market
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