In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Unbreakable shoes are the work boots which are highly tech oriented and resembles to sneakers. They can be used by users who are working at manufacturing plants, factories, construction sites and places which demand work on heavy equipment. These shoes are well-suited for any type of activity which needs physical and rigorous effort. The important features of unbreakable shoes are that they render durability and protection of feet integrated with comfort and style of sneakers. Also, their utilization can be switched between work and play mode.
Increasing concern for physical injuries at industrial and construction sites along with the need amongst individuals and athletes to have a comfortable and stylish shoe are some of the significant factors boosting the market growth. The unbreakable shoes market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The unbreakable shoes market is segmented by design into safety work shoe and athletic shoe. Out of these, the safety work shoes segment is anticipated to hold the leading share in the market on account of high demand for safety work shoes by manufacturing and construction companies, as mandated by safety regulatory bodies to follow the safety guidelines. The athletic shoe, on the other hand, is anticipated to grow at the highest rate in the unbreakable shoes market as a result of rise in number of athletes and increasing safety concerns in their vigorous physical activities.
According to an article by the American Academy of Orthopaedic Surgeons (AAOS), stated that wearing the appropriate athletic shoe for specific sports activities can improve comfort and performance, and most importantly, prevent injuries. It also stated that sports can place tremendous pressure on the feet, ankles, and legs, and doing any physical activity generates an impact force through the legs that is three to five times a person's body weight. CLICK TO DOWNLOAD SAMPLE REPORT
The industrial sector across the world is improving at a fast pace owing to the advancement in technologies and favorable government policies. Industries such as construction, mining and chemical etc. are more vulnerable to hazardous working environments. Also, they are bound to follow strict work safety guidelines and procedures, which comprises of putting on robust shoes and helmets. As per the National Safety Council (NSC), every 7 seconds, a worker is injured on the job. A minute negligence in obeying the safety guidelines results in accidents like oil slips, tripping off and sometimes even fatalities. On the back of these factors, the market is predicted to grow over the forecast period.
Increasing concern by sports athletes and gymnasts towards the prevention of their sports related injuries are fueling the demand for unbreakable shoes. Additionally, improving overall efficiency of the athletic trainees in increasing their agility by putting on lightweight and comfortable shoes is a major factor which further fuels the unbreakable shoes industry. Such a factor is anticipated to significantly expand the unbreakable shoes market.
The potential factor that can affect the market of unbreakable shoes market is their price. A typical unbreakable shoe starts from 75 USD to 174 USD and higher. Additionally, increase in automation technology is leading to a corresponding decline in number of factory labors and site engineers in manufacturing and construction sites respectively, which is a major challenge to the growth of unbreakable shoes market.