Product Overview Smart shoes is a smart technology shoe in which shoe soles are digitally connected making it more than just a normal shoe making it easier for its users with more features and specifications larger than life.
New York, July 12. 02, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Smart Footwear Market: Market Segments: By Product Type; sex; distribution channel ; and Region – Global Analysis by Market Size, Share and Trends 2014 – 2020 and Forecast to 2030″ – https://www.reportlinker.com/p06191705/?utm_source=GNW
Portable devices or digital-related products offer services that facilitate the daily operations of the end user. These products are thus gaining ground with consumers, particularly in North America and Europe. Also, these smart shoes come with a navigation tracker and automatic lacing technology. They also help track the physical output of the end user, thereby increasing their adoption in the sports industry.
The smart footwear market is expected to project a notable CAGR of 8.9% in 2030.
The Smart Footwear Market will exceed USD 250.4 Million by 2030 from USD 114.7 Million in 2019 in increasing value at a CAGR of 8.9% throughout the forecast period, i.e. say 2020-30. This increase is expected to be fueled by the growing popularity of smart wearable devices linked to increased participation in sports and fitness activities. The growing demand for health analytics monitoring and evaluation is expected to drive the adoption of integrated fitness technology products, such as smart shoes, which in turn is expected to boost the industry. In the smart clothing market, technical developments in traditional shoes to improve comfort, convenience and health are expected to generate growth opportunities for smart shoes. The market for smart textiles and wearables is expected to drive increased acceptance of athleisure and fitness as a way of life. To monitor distance traveled, calories burned, and other health-specific biometric data, the smart shoes come with built-in sensors and Bluetooth-controlled insoles. Additionally, the growing demand for sneakers is expected to see manufacturers introduce smart technology into the category to meet the growing demand.
Smart Shoes Market: Segments
Smart Walking Shoes Segment Expected to Grow with Highest CAGR of XX.X% in 2020-30
The smart shoes market is segmented by product type into smart walking shoes, smart running shoes, and smart athletic shoes. The smart running shoes segment is estimated to dominate the market with a share of more than XX.X% in 2019. The smart running shoes have options that allow the end user to monitor both the distance run and calories burned. This information can be viewed by customers through various linked applications on smartphones or other devices. This allows the client to keep track of the same and thus maintain their fitness. Manufacturers are now working on innovative smart running shoes to support these customers. The product is expected to gain popularity among sportsmen and professional athletes, thus contributing to the forecast of the global smart shoes market.
The women’s segment will be the fastest growing segment with a CAGR of 20.2% in 2020-30
The smart footwear market is segmented by gender into men and women and children. The Men’s segment accounted for the largest share of revenue with 50.2% in 2019. To stay in shape, the majority of men prefer sports. Some are also passionate about their sport and try to make a career out of it or gain popularity in it. They need to keep track of their routine in such situations, and hence choose smart sports shoes. These shoes monitor their routine, keep track of the distance covered while running or walking and protect the foot. Smart shoes for the female population, however, help reduce opportunities to generate sales, as there are fewer female fitness enthusiasts. This is expected to hamper the growth of the global women’s smart shoes market. Rising health and fitness awareness combined with increased spending capacity is expected to drive the growth of the segment. The demand for smart goods has increased due to the growing popularity and interest in different female sports stars through various international games and competitions such as Olympics, Women’s International Cricket and Grand Slam tournaments.
Smart Footwear Market: Market Dynamics
Growing Popularity of Smart Clothing
The growing acceptance of technology and the growing popularity of smart clothing are the variables that lead to the proliferation of the smart shoe industry. Furthermore, the growth of the smart shoes market over the forecast period is expected to be fueled by factors such as the fashionable look of smart shoes and rising health awareness. In developed countries as in most developing countries, there is an increasing trend in health and well-being. By going to the gym, adopting a strict diet and participating in other healthy events, clients choose to pursue a healthy lifestyle. There is a set of customers among these health conscious customers who have taken their method of improving health to the next level. To monitor progress, this group should keep a regular record of activities. Smart shoes help keep track of running/walking/cycling distance covered as well as calories burned during a workout. These end users are thus contributing to the growth of the global smart shoes market.
Growing availability of counterfeit products
Improved availability of counterfeit shoes in the market, volatile economic conditions in developed and developing countries across the globe, and currency deflation are some of the major factors limiting the growth of the global market. The recent economic crisis has had a detrimental effect on the global sales of smart shoes. Currency fluctuations and shrinking brand outlets in emerging regions could be demand-limiting variables. Raw materials also play a crucial role in the smart shoe industry and their prices have risen sharply in recent years.
Smart Shoes Market: Key Players
Company overview, business strategy, key product offerings, financial performance, key performance indicators, risk analysis, recent development, regional presence and SWOT analysis.
Li-Ning Company Limited
Under Armour, Inc.
361 Degrees International Limited
Daphne International Holdings Limited
SOLE POWER LLC
Ducere Technologies PVT. LTD
Smart Shoes Market: Regions
The smart footwear market is segmented on the basis of regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, Middle East and Africa.
The North America smart shoes market dominated the market with a lion share of over 39.2% in 2019 and is expected to maintain its lead over the forecast period. The demand for smart shoes on both online and offline platforms has increased the accessibility of by-products with the mass brands in this field. Coupled with the involvement of some of the major professional competitions, a strong client inclination for fitness and a safe lifestyle. In terms of product demand, the United States leads the global market with greater willingness of customers to spend on health and body recovery products. Due to growing urban population and acceptance of fitness activities, Asia-Pacific is expected to register the fastest CAGR during the forecast period. The regional smart shoes market is expected to be fueled by the rapid growth of the fitness industry, involving increased investments in exercise and body enhancement products. The availability of advanced and creative technologies and growing knowledge of various sports are likely to fuel the market for smart wearables and sports accessories.
The highly competitive smart shoes market is made up of several major players such as Nike Inc., Adidas AG; Under Armor Inc.; Digitsole; Puma SE; Salty enterprise; TRAQshoe has a substantial market share in the smart shoe market. Other players analyzed in this report are Vivobarefoot; Xiaomi Corporation Limited; and ShiftWear among others.
The Smart Footwear Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – US & Canada
Latin America Market size, share, trends, opportunities, annual growth, CAGR – Mexico, Argentina, Brazil and rest of Latin America
European Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – North Africa, Israel, GCC, South Africa & Rest of MENA
The Smart Footwear Market Report Also Contains Analysis On:
Smart Shoes Market Segmentation:
By product type:
Smart walking shoes
Smart running shoes
Smart sports shoes
By mode of sale:
Smart Footwear Market Dynamics
Smart Shoes Market Size
Offer and demand
Competition and companies involved in the market
Market value chain
Market drivers and restraints
Smart Shoes Market FAQs
Which segment is expected to hold the largest market share?
At what CAGR is the market expected to grow between 2020 and 2030?
Who are the key players in the Smart Footwear market?
What could be the challenging factors in the growth of the Smart Shoes market?
What are the growth drivers of the Smart Footwear market?
Read the full report: https://www.reportlinker.com/p06191705/?utm_source=GNW
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