The global Smart Shoes market is segmented based on product type, end use, distribution channel and regions. Based on product type, the global Smart Shoes market is further segmented into smart walking shoes, smart running shoes and smart sports shoes. Among these product types, smart running shoes segment accounts to higher value share owing to higher rate of demand incurring from various fitness enthusiast customers.
North America and Europe are known to be the dominant regions in the global Smart Shoes market. North America has witnessed higher rate of traction for different types of wearable devices since the product provide innovative feature that make their life easy in day-to-day busy life. Some of the key macroeconomic factors such as rise in internet penetration rate, surge in per-capita income also play an important role in contributing to the overall growth of the global smart shoes market.
Though North America and Europe accounts to higher value share in the global Smart Shoes market, Asia-Pacific is expected to exhibit faster growth in the future. Asia-Pacific has witnessed rise in demand for different types of wearable products such as smartphones, smart watches, and smart accessories. Smart shoes are newly launched products in the region. In 2018, the wearable products segment accounted to US$7.3 billion. 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.
Smart shoes are expensive when compared with other regular shoes owing to the technology adopted during the production of the shoe. Further, the maintenance cost for the product is also high. This makes smart shoes to be counted in the premium product range. This leads to decrease in affordability for the product among the common end user, which in turn restricts the market growth.
Millennials, population aged between 20 and 35 years, are tech-savvy, active, and broad minded. They always to tend to try products that are new in the market and determine whether the products cater to the requirements. Thus, they are also anticipated to exhibit interest in smart shoes that help them in their daily tasks. This factor is projected to fuel the growth of the market.
Some of the key companies 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 BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging market trends and opportunities in the global Smart Shoes market.
- The report provides detailed qualitative and quantitative analysis of current trends and future estimations that help evaluate the prevailing market opportunities.
- A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
- An extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The report provides extensive qualitative insights on the potential segments or regions exhibiting favorable growth.
KEY MARKET SEGMENTS
By Product Type
- Smart Walking Shoes
- Smart Running Shoes
- Smart Sports Shoes
By End Use
- Men
- Women
By Distribution Channel
- Supermarket/Hypermarket
- Specialty Store
- Online Store
By Region
- North America
o Canada
o Mexico
- Europe
o Germany
o France
o Italy
o Spain
o Russia
o Rest of Europe
- Asia-Pacific
o India
o Japan
o Australia and New Zealand
o Rest of Asia-Pacific
- LAMEA
o Middle East
o Africa
Table of Contents
Executive Summary
According to this report 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. 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
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.
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.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 245 |
Published | May 2019 |
Forecast Period | 2018 - 2026 |
Estimated Market Value ( USD | $ 115.3 million |
Forecasted Market Value ( USD | $ 223.4 million |
Compound Annual Growth Rate | 8.6% |
Regions Covered | Global |