Global Waterproof Socks Market: Overview
The waterproof socks market is expected to grow at an impressive CAGR (Compound Annual Growth Rate) between 2019 and 2027 owing to increase in activities like camping, river rafting and trekking. In fact, the sports and outdoor industry is itself going at a pace faster than global waterproof socks market. The user penetration in 2019 was 10.6% and by 2023 will be 17.3%.
Global Waterproof Socks Market: Notable Developments
While waterproof socks have always been in demand and that has been quite consistent, there has been seen an increase in recent years owing to growing popularity for water sports, trekking, hiking, snow sports, etc. So, it does not come as a surprise that players are actively trying to meet this growing demand. And, the competition is intense. Some of the developments in the market are outlined below. These are shaping the competitive landscape in a big way.
ArcticDry launched waterproof socks - ArcticDry Xtreme - with innovative new features. It has three layers to protect from water and is also breathable. Then, it introduced Waterfly which is again highly water resistant. Not only does the company seem to be at the vanguard of the innovation game but also it is actively working towards diversifying the product portfolio.
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Global waterproof socks market is fragmented. Major players include:
- Showers Pass
- Wigwam Corporation
- Camaro GesmbH
- Randy Sun
Global Waterproof Socks Market: Key Trends and Drivers
Global Waterproof Socks Market Landscape is witnessing demand from various corners of the business world. Demand is not just coming from sports enthusiasts but also people under medical care. Some of the factors are driving the global waterproof socks market are outlined below:
- Known to be antibacterial, waterproof socks are seeing a rise in demand from the healthcare sector. These cater well to needs of patients suffering from infections and issue posed by bacteria and viruses. Especially, during outdoor activities, these become especially significant. Thus a good number of healthcare professionals prefer these for prevention of bacterial invasion.
- Millennials are ardently seeking outdoorsy pleasures. And, the fact that they seek for an active and healthy lifestyle, via sports, etc. is further contributing to the growth of the global waterproof socks market. These act as a sort of a safety equipment for people who are out in the wild - trekking, camping, hiking – or for those who play snow sports, run in wilderness or in rainy regions, etc. Depending on the kind of activity that is pursued, variants of waterproof socks in demand change.
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Global Waterproof Socks Market: Geographical Analysis
North America and Europe will account for a large chunk of market share over the forecast period, owing to a massive number of sports enthusiasts in the region. Besides, these regions are home to countries that spend heavily on events related to rafting, cycling, snow sports and so on. Moreover, it is supported by the high levels of disposable incomes in the region.
Another region that will experience growth, creating untapped opportunities for global waterproof socks market players to make the most of is the Asia Pacific (APAC) region. The reasons are manifold.
One, thanks to rising awareness regarding health and fitness, more and more people are now adopting activities like running, camping and trekking, etc. Two, there is a marked increase in disposable incomes in the region. It is a direct outcome of good economic performance by a number of developing regions. This is improving the spending capacity of people who can now afford to indulge in a lot many sporting activities and afford expensive equipment.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.