Report Ocean has recently published the “Smart Shoes Market“ Research Report 2023-2031, offering a comprehensive analysis of the market. This report delves deep into the market dynamics, including key trends, upcoming technologies, drivers, challenges, and regulatory policies. It also features company profiles and strategies of prominent players in the industry. With over 100+ market data tables, pie charts, graphs, and figures, this global market study provides a thorough understanding of the market landscape. It presents a complete assessment, encompassing future trends, current growth factors, informed opinions, factual insights, and industry-validated market data, enabling accurate forecasts until 2031.
According to a new report published by Report Ocean titled, ”Smart Shoes Market by Product Type, End User and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019 – 2026,”the global Smart Shoes market size 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. In 2017, North America accounted for nearly 44.5% share of the Smart Shoes market. As of 2017, the global wearable products market was valued at US$8.4 billion. The growth in value sales for such products is attributable to the surge in demand for different electronic products, which facilitate easy life for its target customers.
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Thus, customers desire for same kind of trend in products that they use in day-to-day activities. Some wearable products that help ease the daily tasks of the customers include smartwatches, smart jeweler, smart clothing, smart coolers, and smartphones. Smart shoes is an innovative entry in the market and offers physical performance tracker and navigation tracker. It is also enabled with self-lacing technology. These shoes thus witness higher rate of demand among the sports personnel who desire to keep track on their performance and health.
The smart shoes industry has been evolving in terms of its key features and specifications. Manufacturers focus on key innovations that cater to the requirements of its target customers. For instance, Nike, one of the key players in the shoe market, launched innovative self-lacing HyperAdapt 1.0 Shoe that come with pressure sensors in the soles that sense and triggers an algorithm that allows automatic lacing. In 2018, Under Armour launched two new sets of smart shoes that have inbuilt sensors that help maintain a record of the data required by the runners.
There is an increase in the awareness for health and wellness among most of the people residing in the developed as well as the developing countries around the globe. . This has led customer to indulge in various types of physical activities, such as jogging, running, and other sports activities. Among these health-conscious consumers, there are a set of customers that have taken their health enhancement process to the next level by indulging into performance enhancement programs. They keep a track of their performance and health on daily basis. This results in demand for various types of wearable products that help track their performance, such as distance covered along with the data for calorie or fat loss after every workout. Smart shoes are one such products that gain traction among fitness enthusiasts.
Smart shoe market has witnessed higher rate of penetration in North America as well as Europe. However, there is low availability for this product in some of the major parts of Asia-Pacific as well as LAMEA, which is attributable to some of the low performing macro-economic factors. Thus, lower penetration of such products results in lower value share in the global smart shoes. This in turn limits the global smart shoes market growth.
There has been an increase in number of users in various social media sites with the rise in internet penetration. Taking this into consideration, most of the key players in the smart shoes market strategize on promoting their products and services on these social media platforms. Thus, through social media marketing strategy, global smart shoes market sights critical opportunity in gaining traction and eventually increase its registration among its target segments.
The key players profiled for Smart Shoes market include Adidas AG, Digitsole, Nike Inc., Puma SE, Salted Venture, TRAQshoe, Under Armour Inc., Vivobarefoot Limited, Xiaomi Corporation, Zhor-Tech
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Key Findings of the Smart Shoes Market:
In 2018, based on product type, the smart walking shoes segment accounted for around 40.3% Smart Shoes market share, growing at a CAGR of 9.8% from 2019 to 2026.
In 2018, based on end user, the men segment accounted for 53.9% share of the Smart Shoes market and is expected to growth at the highest CAGR of 9.0%.
In 2018, based on region, North America accounted for a prominent market share and is anticipated to grow at a CAGR of 8.7% throughout the forecast period.
Table of Contents:
- Introduction and Scope
- Definition and Forecast Parameters
- Methodology and Forecast Parameters
- Information Sources
- Latest Trends Summary
- Regional Trends
- Product Trends
- End-Use Trends
- Business Trends
- Industry Insights
- Industry Fragmentation
- Industry Landscape
- Vendor Matrix
- Technological and Innovative Landscape
- Market by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- Company Profiles
- Company Overview
- Financial Elements
- Product Landscape
- SWOT Analysis
- Systematic Outlook
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Key Questions Market Research and Analysis Report
- What is the current market size, both in terms of value and volume?
- What is the historical growth rate of the market, and what are the projected growth rates for the future?
- Who are the major players in the market, and what is their market share?
- What are the market trends and dynamics influencing the industry?
- What are the key drivers of market growth?
- What are the challenges and barriers faced by market participants?
- What are the emerging opportunities in the market?
- What is the competitive landscape of the market?
- What are the consumer preferences, behaviors, and buying patterns within the market?
- What is the market segmentation, and how are different market segments performing?
- What are the pricing trends and strategies in the market?
- What are the distribution channels and their effectiveness in reaching the target audience?
- What are the regulatory and legal factors impacting the market?
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