Sophia Jonson
The increasing popularity of smart wearables and continuous product innovation to capture the growing demand for smart shoes are the two major factors that are boosting the growth of the smart shoe market.
The growing popularity of smart wearables and the emerging trend of participating in different sports and fitness activities are the significant factors that are surging the demand of the smart shoe market in the coming years. Numerous multinational giants are emphasizing on product innovation, such as the development of smart shoe with an improved comfort level to attract new consumers base to opt for these shoes. For example, Nike recently launched the innovative self-lacing HyperAdapt 1.0 shoes, with pressure sensors in the soles that sense when the foot is inside the shoes and allows automatic lacing. Moreover, the rising adoption of athleisure and fitness and the accelerating demand for sneakers will further enhance the growth of the smart shoe market size. These shoes are equipped with sensors and Bluetooth controlled insoles, which helps in keeping track of the overall distance traveled by the user. They also record the total calories burned in a day and other health-specific biometric data.
The consumers are becoming aware of the remarkable advantages of walking, running, or doing any other physical activity, which in turn, will create innumerable growth opportunities in the smart shoe market. They are shifting towards adopting a healthy lifestyle by visiting the gym on a regular basis, following a strict diet pattern, and participating in various activities such as marathons and relay races. According to the smart shoe market report, the combination of these factors is further enhancing the growth of the smart shoe market size. On the other edge, the high price of smart shoes is a major factor that will hamper the growth of the market in the coming years.
Based on the product type, the smart running shoes segment is predicted to emerge as the maximum revenue generating segment in the coming years. This is attributed to the strong demand for smart shoes, which can track the number of calories burned, total distances covered, and other health-specific data. The smart shoes provide an option of tracking the total distance covered in a day through an application that is connected to the user’s smartphone. Furthermore, the launching of new innovative features in smart shoes will further create numerous growth opportunities for the segment.
On the basis of end-user, the global smart shoe market segmented into women and men. Among these, the men segment is anticipated to witness considerable growth in the next six years owing to the emerging trend of hitting to the gym and building a muscular body, which is motivating the men population to opt for smart shoes. In addition to this, the growing number of social media campaigns emphasizing on various physical activities and encouraging people to participate in those activities will further drive the growth of this segment. The increasing number of men who are passionate regarding sports and are trying to make a career or gain recognition in their field will have positively influence the demand of the segment.
On the basis of the region, the North American region is predicted to dominate the smart shoe market over the forecast period. This is due to the emerging trend of wearable devices, especially in the U.S. With the growing rate of obesity and disease, people are actively participating in various workout sessions and following a healthy diet pattern. This significant shift will strengthen the growth of the market in this region. The Asia-Pacific region is expected to witness a higher CAGR during the forecast period attributed to the growing rate of the millennial population and the increasing trend of participating in health and fitness activities in the Asian countries. The growing influence of social media in the developing economy, such as India, along with the rising penetration of smartphones and the internet, will further enhance the growth of the market in this region.
The key players of the smart shoe include PUMA SE, Vivobarefoot, Xiaomi Mi Shoes, Digitsole, Salted Co., Ltd., Pepper Gate Footwear Inc., Nike, Inc., Adidas Group, Under Armour, Inc., and Zhor-Tech, among others.
The research report on the smart shoe market provides an in-depth analysis of the market revenue based on product type, end user, distribution channel, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
