Smart Shoe 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.
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.
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Smart Shoe 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.
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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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.
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