The global Smart Shoes market was valued at $115.3 million in 2018 and is projected to reach $223.4 million by 2026, growing at a CAGR of 9.1% from 2019 to 2026. The rise in demand for various types of wearable devices has been driving the global smart shoes market.
The global Smart Shoes market is segmented based on product type, end use, distribution channel and regions. Based on product type, the global Smart Shoes market is further segmented into smart walking shoes, smart running shoes and smart sports shoes. Among these product types, smart running shoes segment accounts to higher value share owing to higher rate of demand incurring from various fitness enthusiast customers.
North America and Europe are known to be the dominant regions in the global Smart Shoes market. North America has witnessed higher rate of traction for different types of wearable devices since the product provide innovative feature that make their life easy in day-to-day busy life. Some of the key macroeconomic factors such as rise in internet penetration rate, surge in per-capita income also play an important role in contributing to the overall growth of the global smart shoes market.
Though North America and Europe accounts to higher value share in the global Smart Shoes market, Asia-Pacific is expected to exhibit faster growth in the future. Asia-Pacific has witnessed rise in demand for different types of wearable products such as smartphones, smart watches, and smart accessories. Smart shoes are newly launched products in the region. In 2018, the wearable products segment accounted to US$7.3 billion. The Asia-Pacific regions have witnessed surge in number of millennials and the millennials are the forefront users of various types of wearable products. Therefore, rise in number millennial population makes way for lucrative growth opportunities in the market.
Smart shoes are expensive when compared with other regular shoes owing to the technology adopted during the production of the shoe. Further, the maintenance cost for the product is also high. This makes smart shoes to be counted in the premium product range. This leads to decrease in affordability for the product among the common end user, which in turn restricts the market growth.
Millennials, population aged between 20 and 35 years, are tech-savvy, active, and broad minded. They always to tend to try products that are new in the market and determine whether the products cater to the requirements. Thus, they are also anticipated to exhibit interest in smart shoes that help them in their daily tasks. This factor is projected to fuel the growth of the market.
Some of the key companies profiled in the report include Adidas AG, Digitsole, Nike Inc., Puma SE, Salted Venture, TRAQshoe, Under Armour Inc., Vivobarefoot Limited, Xiaomi Corporation, Zhor-Tech.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging market trends and opportunities in the global Smart Shoes market.
- The report provides detailed qualitative and quantitative analysis of current trends and future estimations that help evaluate the prevailing market opportunities.
- A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
- An extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The report provides extensive qualitative insights on the potential segments or regions exhibiting favorable growth.
KEY MARKET SEGMENTS
By Product Type
- Smart Walking Shoes
- Smart Running Shoes
- Smart Sports Shoes
By End Use
By Distribution Channel
- Specialty Store
- Online Store
- North America
- ·Rest of Europe
- ·Australia and New Zealand
- ·Rest of Asia-Pacific
- ·Latin America
- ·Middle East