Global Smart Shoe Market-Industry Analysis and forecast 2027: By Product Type, Distribution Channel, End User and Region
Global Smart Shoe market size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at 19% through 2020 to 2027, reaching US$ XX Mn.
Global Smart Shoe Market
The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Smart shoes are smart technology footwear in which the shoe insoles are digitally connected that facilitates its user to track the calories burned, distance traveled, and other health-specific biometric data. Also, growing demand for sneakers are projected to motivate manufacturers to integrate smart technology in the shoe to provide to the growing demand. For Instance, Armour, Inc. presented its modern smart shoe HOVR Sonic2, which can be connected with smartphones and displays features like distance tracking, step, and instant health statistics. The global Smart Shoe market is driven by the rising popularity of smart wearables of increased participation in sports and increasing health awareness. However, the high cost of the product and continuous product invention from various competitors are hindering the market growth at the global level. Technological developments in traditional shoes to increase comfort, convenience, and health are expected to create beneficial opportunities for the key player in the market during the forecast period.
Based on the Distribution Channel, the retail stores segment has led the Smart Shoe market in 2019 and is estimated to generate more than US$ XX Mn market revenue by 2027, with a CAGR of XX%. The growing number of footwear retail stores in countries such as India, China, and Brazil, are expected to fuel the segment growth. The online channel segment is expected to witness a growth rate of XX% during the forecast period owing to the increasing influence of digital media and social media marketing. Rise in internet penetration in several countries such as India, China, Canada, and Brazil among others is projected to driving the segment growth in the coming years. Also, increasing social media promotion and advertisements has positively inclined buyer decisions. Online retail channels are extensively used in urbanized countries such as U.S., Germany, and the U.K., for buying sports accessories.
Geographically, the Smart Shoe market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the prominent market share of 38.8% in 2019 and is expected to reach US$ Mn by the end of 2027, with a CAGR of XX%. Thanks to the growing demand for high-end technology solutions and smart gadgets or textiles. Mass product availability of various brands has augmented the demand for smart shoes online as well as offline channels in this region. High consumer focus toward healthy lifestyle and fitness along with the existence of the prominent professional competitions such as National Football Association (NFA), National Hockey League (NHL), and National Basketball Association (NBA) are anticipated to impel the regional demand for smart shoes. Developed countries like the U.S., Canada, and Mexico are major contributors to the regional market. Among these, the U.S. dominates the overall market in terms of product demand with more consumer willingness to spend on fitness and body recovery products.
The market in Asia Pacific is expected to grow at a high CAGR of XX% during the forecast period thanks to the rising urban population and adoption of fitness activities. The rapid growth of the fitness industry involving increased investment in body exercising and body improving products are likely to propel the regional demand for smart shoes. The availability of innovative and advanced products along with growing awareness about different sports are expected to impel the demand for smart wearable products and sports accessories.
A report covers the recent development in market for the global smart shoe market e.g., in 2019, Nike Inc. introduced its second smart shoe named Nike Adapt BB that contains lace-less feature allowing advance power-lacing system, an app, and constantly updated firmware featured as the new Nike Adapt Basketball shoe.
The objective of the report is to present a comprehensive analysis of the Global Smart Shoe Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Smart Shoe Market dynamics, structure by analyzing the market segments and project the Global Smart Shoe Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Smart Shoe Market make the report investor’s guide.
Scope of the Global Smart Shoe Market:
Global Smart Shoe Market, by Product Type:
• Step counting shoes
• Positioning shoes
• Navigation shoes
Global Smart Shoe Market, by End User:
Global Smart Shoe Market, by Distribution Channel:
• Online Channel
• Retail Stores
• Departmental Stores
Global Smart Shoe Market, by Region:
• Asia Pacific
• North America
• Latin America
• Middle East Africa
Global Smart Shoe Market, Major Players:
• Nike Inc
• Salted Venture
• Under Armour Inc.
• Adidas AG
• Xiaomi Corporation
• Puma SE
• Vivobarefoot Limited
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