Market Analysis
The global smart shoe market is likely to touch USD 6.51 billion at a whopping 32% CAGR between 2017- 2023 states the recent Market Research Future (MRFR) analysis. Smart shoes, simply put, are a smart footwear technology. This shoe adopts smartphone applications for supporting tasks that cannot be done through standard footwear. Right from evaluating health metrics, tracking fitness to measuring athletic performance, these shoes offer a plethora of benefits to fitness freaks. Smart shoes are equipped with functionalities like location monitoring, gait tracking, in-depth run tracking, activity tracking, and more. Such shoes can be utilized by consumers for mHealth as well as in the enterprise that offers organizations the ability to monitor the health of workers. Navigation shoes, step-counting shoes, and positioning shoes are the different types of smart shoes that are widely available these days in departmental stores, online channels, and retail stores.
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Various factors are propelling the global Smart Shoe Industry share. As per the current MRFR report, such factors include growing popularity of smart wearable, increasing adoption of technology, trendy look of such shoes, increasing health awareness, rising participation in fitness activities and sports, burgeoning demand for tracking & evaluating health metrics, and technological advances in traditional shoes for boosting health, convenience, and comfort. Additional factors propelling market growth comprise the growing adoption of fitness and athleisure and demand for sneakers with smart technology.
On the contrary, constant product innovations from competitors, high cost of these shoes, and unprecedented supply chain disruptions owing to the ongoing COVID-19 outbreak are factors that may limit the global smart shoe market growth over the forecast period.
Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global smart shoe market report based on product type and distribution channel.
By product type, the global smart shoe market is segmented into navigation shoes, step-counting shoes, and positioning shoes.
By distribution channel, the global smart shoe market is segmented into departmental stores, online channels, and retail stores.
Regional Analysis
Based on the region, the global smart shoe market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. Rising product availability with mass brands, increasing consumer inclination for fitness & healthy lifestyle, presence of leading professional competitions, and the presence of outstanding infrastructure scale is adding to the global smart shoe market growth in the region. The US possesses the utmost share in the market with increasing willingness of consumers to invest in body recovery products and fitness.
The global smart shoe market in the APAC region is predicted to have healthy growth over the forecast period. Rising urban population, increasing use of fitness activities, booming fitness industry, increased investment in body enhancing and body exercising products, growing awareness about different sports, and availability of innovative and advanced products are adding to the global smart shoe market growth in the region.
The global smart shoe market in Europe is predicted to have notable growth over the forecast period. Quick adoption of modern technology, the presence of an outstanding infrastructure scale, and the presence of several businesses based in this region are adding to the global shoe market growth in the region.
The global smart shoe market in the RoW is predicted to have sound growth over the forecast period.
Key Players
Key contenders profiled in the global smart shoe market report include 361 Sports, Adidas, Solepower, Boltt, Digitsole, Under Armour, Li Ning (Xiaomi), Stridalyzer, Salted Venture, Orphe, and Nike, among others. Industry players have incorporated strategies such as mergers, acquisitions, partnerships, collaborations, and others to stay at the forefront.
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