Smart Shoe Market Highlights:
The global market for smart shoe is all set to reach an approximate valuation of USD 6.51 billion by the end of the forecast period, which is from 2017 to 2023, says Market Research Future (MRFR). During the given timeframe, the market can also expect to achieve a substantial growth rate of 32% owing to a myriad of growth inducing factors.
The smart shoe landscape can expect to expand quite steadily in the coming years, with the high will to embrace the latest technologies boosting the market growth. On that note, manufacturers in the smart shoe market are making considerable investments in new designs, with the aim to make their products more reliable and distinguishable. The manufacturers are concentrating on the integration of advanced technologies to expedite impeccable data acquisition, storage, analysis as well as transmission. Renowned brands are making use of a broad range of sensors as well as navigation systems, in an attempt to facilitate the device-human interaction backed by constructive visualization, feedback and statistics.
Skyrocketing sales of smart shoes from multi-brand outlets is the result of the rising preference for shopping for different products at a single store. Sensing the opportunity, manufacturers are striving to maintain an uninterrupted supply of products at multi-brand stores, which could help them elevate their profit margins.
Surging adoption of athleisure along with fitness as a way of life has stimulated the demand for smart textiles and wearables. Smart Shoe Market come with sensors as well as Bluetooth controlled insoles that help track the calories burned, distance traveled, and various other health-related biometric data. These appealing product features help accelerated their demand and also induce market growth to a great extent. Soaring demand for sneakers has prompted manufacturers to deploy smart technology that can give further push to the demand in the following years.
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Smart Shoe Market Top Key Vendors:
The global market for smart shoe is extremely competitive with the presence of top vendors such as Nike, Adidas, Digitsole, Boltt, Stridalyzer, Solepower, Orphe, Li Ning (Xiaomi), Salted Venture, 361 sport Under Armour, to name a few.
These vendors are actively focused on product innovation and advancements in a bid to maintain their position and also cater to the constantly changing consumer demands. Case in point, in 2019, Nike Inc. developed its second in line smart shoe known as Nike Adapt BB, featuring lace-less component that enables advance power-lacing system, which is an app. These shoes also come with a constantly updated firmware called Nike Adapt Basketball shoe. The main objective is to facilitate fitness as well as comfort to the user.
Smart Shoe Market Segmentation:
The worldwide market for smart shoe has been categorized with respect to product type and distribution channel.
- Pertaining to the product type, the smart shoe market consists of positioning shoes, navigation shoe and step counting shoes.
- Depending on the distribution channel, the smart shoe market has been considered for retail stores, departmental stores and online channel.
Smart Shoe Market Regional Insight:
The worldwide market for smart shoe has been regionally dissected into North America, Asia Pacific (APAC), Europe, and the Rest-of-the-World (RoW).
North America has been singled out as the most lucrative market for smart shoe in the MRFR report, thanks to the rising product availability with mass brands. This has boosted the demand for smart shoes in both online and offline channels. Surging consumer inclination towards fitness along with a healthy lifestyle and the high concentration of professional competitions like National Football Association (NFA), National Hockey League (NHL) and National Basketball Association (NBA) can also raise the demand for smart shoes in the near future. The United States (U.S.) is the leading market for smart shoe in the region, given the high consumer willingness to spend on fitness products like smart shoes.
Europe exhibits somewhat similar traits in the global smart shoe market and can achieve further success in the years to come. A large pool of renowned vendors is based in the region, which includes Adidas and Puma, giving the regional market major traction. Few significant key macroeconomic factors that favor the regional market include the surge in internet penetration rate combined with high per-capita income.
APAC can surge at the fastest growth rate during the appraisal period, with reasons being the expanding urban population and the rising adoption of fitness activities. Vigorous expansion of the fitness industry and increasing investment in body enhancing products can stimulate the growth of the smart shoes market in the region. Emergence of advanced and creative products paired with mounting awareness about a variety of sports is also likely to take the market to greater heights in the ensuing years.
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