| A04908 | Pages: 245 | May 2019 | 17384 Views | ||
| Author(s) : Abel Thomas , Shankar Bhandalkar | Tables: 133 | Charts: 53 |
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Request Now !The smart shoes market size was valued at $115.3 million in 2018 and is expected to reach $223.4 million by 2026, registering a CAGR of 9.1% from 2019 to 2026.Smart shoes is a smart technology footwear in which the shoe insoles are digitally connected that facilitates its user with larger than life features and specifications making it more than just a regular shoe. Wearable products or digitally connected products feature services that ease the day-to-day activities of the end user. Thus, these products gain traction among the consumers especially in North America and Europe. Further, these smart shoes come with navigation tracker and self-lacing technology. They also help track the physical performance of the end user, thus increasing their adoption in the sports industry. The global smart shoes market is segregated into smart walking shoes, smart running shoes, and smart sports shoes.
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There is a rise in the health and wellness trend in the developed as well as most of the developing countries. The consumers prefer to adopt a healthy lifestyle by hitting the gym, following a strict diet, and participating in other healthy activities. Among these health-conscious consumers, there is a set of customers who have taken their health enhancement process to the next level. This group needs to maintain a daily record of the activities to track progress. Smart shoes help maintain a record of the distance covered running/walking/cycling as well as the calorie lost after a workout session. Thus, these end users contribute to the global smart shoes market growth.
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Based on product type, the market is segmented into smart walking shoe, smart running shoe and smart sports shoe. Among these product types, smart running shoes accounts to higher value smart shoes market share. Smart running shoes come with options that help the end user track the distance covered as well as calories burnt. Customers can view this data through different connected apps in smartphone or other devices. This helps the customer keep a record of the same and thus maintain fitness. To help these customers, manufacturers are also focusing on innovating the smart running shoes. The product is expected to gain higher traction among the sports personnel as well as professional athletes contributing to the global smart shoes market forecast.
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Based on end user, the market is segmented into men and women. The men segment accounts to comparatively higher value share. Majority of the men choose sports to remain healthy. Some are also passionate about their sport and try to make a career or gain recognition in the same. In such cases, they need to a keep a track of their routine and hence prefer smart sport shoes. These shoes track their routine, maintain a data of the distance covered running or walking, as well as protect the foot. However, smart shoess for women population leads to less scope in generating sales, as there are less number of women fitness enthusiasts. This is expected to hamper the growth of the global smart shoes market for women.
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Based on distribution channel, the market is segmented into supermarket/hypermarket, Specialty store and online store. Among these distribution channels, smart shoes market generates its sales majorly through online store. Over the past one decade, there has been a significant increase in the internet penetration especially in the North America, Europe, and Asia-Pacific regions. Consumers now rely on internet to gain information and consider online shopping as the most convenient factor. Thus, most of the key manufacturers have gone online and have created their own web portals for selling products.
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Based on region, the Smart shoes industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominates the global smart shoes market. The North America wearable segment accounted for US$3.1 Billion in 2019 and is expected to exhibit annual growth rate of 5% during the forecast period. As per the sources, in 2015, 39.5 million U.S. adults used some or the other form of wearable devices, which in turn boosts the growth of the U.S. smart shoes market. Asia-pacific is expected to witness faster over the forecast period. 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.
Key players 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 Market Segments
Key Market Players
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According to the insights of the CXOs of leading companies, innovation is the key for the growth of the global smart shoes market in terms of value sales. The rise in demand for various wearable devices among the target customer makes way for the manufacturers to come up with smart shoes comprising of features such as performance analysis, navigation systems, and distance covered tracker that cater to the requirements of its target customers. This is anticipated to boost the growth of the smart shoes market
The manufacturers focus on the sports industry where sports personnel usually indulges in performance enhancement programs and seek for products such as the smart shoe that help them improve and optimize their performance in their respective game. Millennials are tech savvy and always ready to adapt themselves to the new trends introduced in the consumer goods as well as smart products sector. This in turn boosts the growth of the global smart shoe market.
The rise in rate of internet penetration around the major parts of the world makes way for manufacturers to initiate several key online marketing programs as online platforms are one of the easiest ways to create awareness about the specifications and features of the smart shoes among the target customers.
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