Report Description
A recent market
intelligence report that is published by Data Insights Partner on the
global Smart Shoes Market makes an
offering of in-depth analysis of segments and sub-segments in the regional and
international Smart Shoes Market. The research also emphasizes on the impact of restraints,
drivers, and macro indicators on the regional and global Smart
Shoes Market over the short as
well as long period of time. A detailed presentation of forecast, trends, and
dollar values of global Smart Shoes Market is offered. In accordance with the report, the global
Smart Shoes Market is projected to
expand by healthy CAGR over the period
of forecast.
Market Insight, Drivers, Restraints,
Opportunity & Trends of the Market:
Definition
Smart
Shoes are components of smart wearables. These shoes are embedded with digital
technology that provide larger than life facilities and specifications to the
users. GPS, self-lacing technology and Wi-Fi hotspot are some of the premium
features that are incorporated in smart shoes. Smart footwears are more than
just regular footwears. Smart shoes are generally connected with smart devices
like smartphones, tablets and laptops to facilitate tracking and other
functionalities.
Market Drivers
The
rapid evolution of technology and its widespread deployment in different
industries has led to its application in the wearable industries. The
implementation of advanced technology in the wearables market has made smart
footwears that are trendy, comfortable and convenient. These products provide
accurate information with regard to the number of steps, amounts of calories
burned, efficient navigation facilities and other features which is primarily
driving the smart shoes market.
The
increasing health awareness among the consumers and their rising participation
in the fitness activities are bolstering the growth of this market. The
millennials are getting involved in fitness activities like in gym which is
indulging them in keeping track of the health metrices. The rising participation
in physical activities like running and jogging are positively affecting this
market. For example, around 60 million people from the US population
participated in trail running, jogging and running while around 100 million of
the same population participated in walking fitness.
The
prosperous health and medical sector are increasing its demand for smart shoes
since physical activities is considered as a part of medication to various
chronic diseases. This in turn enables the patients to track their health and
need for further dosage of medicines in the form of physical activities which
is propelling the growth of this market.
Further,
as a part of fashion trends, smart shoes are gaining popularity. People are
increasingly demanding the use of smart wearables which is augmenting the
growth of the smart shoes market.
Market Restraints
Smart
shoes are of superior prices relative to regular shoes which is impeding the
growth of this market. The incorporation of technology namely smart sensors,
Wi-Fi, tracking devices upsurges the price of these goods.
The
paucity of knowledge with regard to the availability of smart shoes and lack of
visibility of these products especially in developing and less developed
regions are threatening the growth of this market.
The
rate at which smart shoes are adopted in stagnant and very slow in case of developing
and less developed regions which is hampering the growth of this market.
Opportunities
The
evolution of technology is reaching new heights. Now-a-days, technology is advancing
at a rapid pace relative to the advancement in the fashion industry which is
likely to provide for product innovation and diversification of product
portfolio. This is expected to offer lucrative opportunities to this market.
Rising
health awareness among the people and their increasing involvement in physical
activities coupled with the need of individual tracking of health to reduce
cost is expected to untap and open up new avenues for the smart shoes market.
Trends
At
present North America dominates the market for smart shoes and is expected to
continue its domination in the forecast period. Such growth is attributable to
various factors. Smart shoes are massively available that too of various brands
in this region. Consumers preference and involvement in various fitness-related
and physical activities, transitioning lifestyle and the participation in games
and competition like those competitions arranged by NHL, NFA, and NBA are some
are other key factors propelling growth in this region. The Asia Pacific region
is estimated to emerge as the fastest growing region owing to consumer
awareness with regard to fitness, rapid urbanization, increasing investment in
the products for exercising and body development and the availability of smart
sports wearables. Globally, the smart shoes market is projected to grow at a
CAGR of 9.1% in the forecast period.
Segment Covered:
This market
intelligence report on the global Smart Shoes Market encompasses market segments based on type, functionality,
end user and country.
By Type the
global Smart Shoes Market has been divided into:
q Athletic
o Smart
Sports Shoes
o Smart
Running Shoes
q Non-Athletic
o Smart
Walking Shoes
By Functionality the global Smart
Shoes Market has been divided into:
q Step
Counting
q Positioning
q Navigation
q Auto-Tightening
By End User the global Smart Shoes Market has been
divided into:
q Children (12-17 years)
q Young (18-32 years)
q Disabled Individuals
q Adults (33-50 years)
q Old People (above 50 years)
By country/region,
the global Smart Shoes Market has been divided into:
q North
America (the U.S., Canada),
q Latin
America (Brazil, Mexico, Argentina and other countries),
q Europe
(Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific
(India, Japan, China, Australia and New Zealand and other countries),
q Middle
East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market
Players:
This business
intelligence report offers profiling of reputed companies that are operating in
the market. Companies such as:
q Adidas
AG
q Nike
Inc
q Armour
Inc
q PUMA SE
q Digitsole
q Xiaomi
Mi Shoes
q Salted
Co
q Pepper
Gate Footwear Inc
q Vivobarefoot
q Zhor-Tech
others have been
profiled into detail so as to offer a glimpse of the market leaders. Moreover,
parameters such as Smart Shoes Market related investment & spending and developments by
major players of the market are tracked in this global report.
Report Highlights:
In-depth
analysis of the micro and macro indicators, market trends, and forecasts of
demand is offered by this business intelligence report. Furthermore, the report
offers a vivid picture of the factors that are steering and restraining the
growth of this market across all geographical segments. In addition to that, IGR-Growth
Matrix analysis is also provided in the report so as to share insight of the
investment areas that new or existing market players can take into consideration.
Various analytical tools such as DRO analysis, Porter's five forces analysis
has been used in this report to present a clear picture of the market. The
study focuses on the present market trends and provides market forecast from
the year 2020-2028. Emerging trends that would shape the market demand in the
years to come have been highlighted in this report. A competitive analysis in
each of the geographical segments gives an insight into market share of the
global players.
Few Recent Developments
Adidas AG
In March 2020,
an announcement with regard to the collaboration of Adidas AG with Google and
EA for the development of smart shoes offering connectivity with user’s smart
phone was made by Adidas Ag.
Nike Inc
In January 2019,
Nike Adapt BB, a smart shoe including lace-less technology that enables an
advanced power-lacing system (an app) was launched by Nike Inc as a Nike Adapt
Basketball Shoe.
Armour Inc
In February
2018, HOVR Sonic2, a latest smart shoe that can be connected with smartphones
was launched by Armour Inc.
Salient Features:
Ø
This study offers
comprehensive yet detailed analysis of the Smart Shoes
Market, size of the market (US$ Mn), and Compound
Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking
into account 2019 as the base year
Ø
It explains upcoming
revenue opportunities across various market segments and attractive matrix of
investment proposition for the said market
Ø
This market
intelligence report also offers pivotal insights about various market opportunities,
restraints, drivers, competitive market strategies of leading market players,
emerging market trends, and regional outlook
Ø
Profiling of
key market players in the world Smart Shoes Market is done by
taking into account various parameters such as company strategies, distribution
strategies, product portfolio, financial performance, key developments,
geographical presence, and company overview
Ø
The data of
this report would allow management authorities and marketers of companies alike
to take informed decision when it comes to launch of Type of models, government
initiatives, marketing tactics and expansion, and technical up gradation
Ø
The world
market for Smart Shoes caters to the needs of various stakeholders pertaining to this
industry, namely suppliers, manufacturers, investors, and distributors for Smart
Shoes Market. The research
also caters to the rising needs of consulting and research firms, financial
analysts, and new market entrants
Ø
Research
methodologies that have been adopted for the purpose of this study have been
clearly elaborated so as to facilitate better understanding of the reports
Ø
Reports have
been made based on the guidelines as mandated by General Data Protection
Regulation
Ø
Ample number
of examples and case studies have been taken into consideration before coming
to a conclusion
Reasons to buy:
v
Identify
opportunities and plan strategies by having a strong understanding of the investment
opportunities in the Smart Shoes Market
v
Identification
of key factors driving investment opportunities in the Smart Shoes
Market
v
Facilitate
decision-making based on strong historic and forecast data
v
Position
yourself to gain the maximum advantage of the industry’s growth potential
v
Develop
strategies based on the latest regulatory events
v
Identify key
partners and business development avenues
v
Respond to
your competitors’ business structure, strategy and prospects
v
Identify key
strengths and weaknesses of important market participants
