The heated slippers market is estimated to be valued at US$ 633.1 Mn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Heated slippers provide comfort and keep feet warm during cold weather conditions. They consist of a battery operated heating system that gently warms the foot interior maintaining optimal temperature. This helps people with poor blood circulation in legs and feet. The rechargeable battery allows continuous wear without the hassle of changing batteries regularly. Market key trends: The growing demand for luxury and premium products is augmenting the heated slippers market growth. Consumers now prefer comfort over basic necessity and are willing to pay premium prices for enhanced experiences and features in footwear as well. The increasing usage of innovative technologies such as controlling temperature via apps is attracting modern consumers. Manufacturers focus on developing smart, feature-rich products to cater to evolving consumer preferences. Further, rising industrialization and urbanization resulting in sedentary lifestyles is increasing the risk of poor blood circulation stimulating the demand for heated slippers. Porter's Analysis Threat of new entrants: Low barrier to entry however intense competition from established players. Bargaining power of buyers: Moderate bargaining power due to availability of substitute products. Bargaining power of suppliers: Low as raw materials are easily available. Threat of new substitutes: Threat from alternate heating appliances is moderate. Competitive rivalry: Intense competition among existing players. SWOT Analysis Strengths: Provides warmth and comfort during winters. Portable and lightweight design. Weaknesses: Higher costs than traditional slippers. Requires charging or fuel to function. Opportunities: Growing demand during winters in cold regions. Innovation in features and technology. Threats: Safety concerns due to possibility of overheating. Volatility in raw material prices. Key Takeaways The global Global heated slippers market Size is expected to witness high growth at a CAGR of 9.2% over the forecast period, due to increasing demand for warmth and comfort during winters. North America dominated the market in 2023, accounting for over 30% share due to extreme winter conditions in countries like Canada and United States. The Asia Pacific region is expected to be the fastest growing market during the forecast period owing to large consumer base and bitter winter seasons experienced in countries like China, Japan and South Korea. Key players operating in the heated slippers market are ActionHeat, SMOKO, Snookiz, Volt Heat, Intelex, and ValueRays. ActionHeat leads the market with its innovative and efficient heated slipper models. Get More Insights On This Topic: https://www.newswirestats.com/heated-slippers-market-forecast-outlook-trend-2023-2030/
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AuthorCOHERENT MARKET INSIGHTS |