LONDON–(BUSINESS WIRE)–The global smart footwear market is expected to grow at a CAGR of almost 23% during the period 2018-2022, according to Technavio’s latest market research report. Request a free sample report
The popularity of fitness activities is driving vendors in the global smart shoes market to invest in cutting-edge technological innovations. Products such as step counting shoes are gaining popularity with consumers as they help them monitor and plan their physical activity. This leads vendors to market their products as premium variants and adopt effective branding strategies to retain and expand their customer base. Branding is crucial as most of the existing players offer products with relatively similar characteristics. Also, global recognition of a brand logo implies wider acceptance of the brand, which helps to retain the brand’s position in the market. This will accelerate the demand for premium products and help market players to increase their revenue.
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According to Technavio, the strategic partnerships will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect the growth of the market during the period 2018-2022.
Global Smart Footwear Market: Strategic Partnerships
Market vendors are forming strategic alliances with tech giants to develop smart shoes with various features. For example, in 2017, Li Ning collaborated with Xiaomi to launch smart shoes equipped with military-grade motion sensors. Similarly, in 2017, Brooks collaborated with HP to introduce custom running shoes based on the biomechanics of the foot. This trend is expected to boost the growth of the global smart shoes market over the forecast period.
“The growing supply of personalized fitness coaching and the increased use of wearable devices in sports analysis will further drive the market growth during the forecast period,” says a senior analyst at Technavio.
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Global Smart Footwear Market: Segmentation Analysis
This market report segments the global smart shoes market through function (step counting smart shoes, positioning smart shoes, navigation smart shoes and self-tightening smart shoes), end users (adults, the elderly, disabled users and children), distribution channel (online and offline) , and geography (Americas, EMEA and APAC)
The Americas region led the market in 2017, followed by EMEA and APAC respectively. During the forecast period, the Americas region is expected to maintain its dominance in the market.
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Some of the main topics covered in the report include:
Market Segmentation Analysis
Market size and forecast
Five forces analysis
Main leading countries
Ranking of suppliers
Positioning on the supplier market
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