Smart Shoes Market is set for a rapid growth over the forecast period. In terms of revenue, the global smart shoes market accounted for USD 129.4 Million in 2019 and is expected to reach USD 361.4 Million by 2026, growing at a CAGR of 11.2%.
The smart shoes market is set for a rapid growth over the forecast period. In terms of revenue, the global smart shoes market accounted for USD 129.4 Million in 2019 and is expected to reach USD 361.4 Million by 2026, growing at a CAGR of 11.2%.
Global Smart Shoes Market: Overview
Smart shoe is a smart footwear technology that can connect with smartphone over applications. They help the user to track fitness peripherals such as number of steps and calories burned during a time span. The shoes also have sensors installed in the soles that sense when the foot is placed inside which allows automatic lacing.
Global Smart Shoes Market: Growth Factors
Rising disposable income, changing lifestyle due to the adoption of technologically advanced products is driving the market growth over the forecast. Adoption of technology in traditional shoes to enhance comfort and convenience of users is expected to create growth opportunities for smart shoes over the forecast period. Rising awareness of fitness and daily fitness activities is expected to boost the demand for smart shoes.
Rising investments in the manufacturing of smart shoes is driving the market growth. Market players focus on product innovation and utilize advanced technologies to cater to the end user requirements. For instance, in January 2020, Nike Inc. launched its smart shoe named Nike Adapt BB 2.0. The newly launched smart shoe has additional technical features specifically designed for Basketball.
Global Smart Shoes Market: Segmentation
The smart shoes market is bifurcated on the basis of distribution channel, end user, and region. The distribution channel segment is further segmented into specialty stores, online, and supermarket & hypermarket. Based on end user, the market is divided into male and female.
Global Smart Shoes Market: Regional Analysis
Based on regions, the global smart shoes market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North America region held a substantial share in 2019. This is attributable to the presence of top companies such as Nike Inc., Puma SE, and Under Armour Inc., among others.
The Asia Pacific region is anticipated to grow at a notable rate during the forecast period. This growth is due to the rising disposable income among developing countries such as India and China. The increasing adoption of technologically advanced products is expected to augment the market growth. Moreover, the Indian government is also taking initiatives to promote fitness and healthy lifestyle among the citizens of the country. For instance, in 2019, the government of India launched “Fit India Movement” to promote fitness. This is anticipated to augment the market growth over the forecast period.
Global Smart Shoes Market: Competitive Players
Some of key players in smart shoes market are Adidas AG, Nike Inc., Digitsole, ShiftWear, Puma SE, Under Armour Inc., TRAQshoe, Salted Venture, and Vivobarefoot, among others.
Global Smart Shoes Market: Regional Segment Analysis
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