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:
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.
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.
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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.
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.
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.
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.
This market intelligence report on the global Smart Shoes Market encompasses market segments based on type, functionality, end user and country.
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By Type the global Smart Shoes Market has been divided into:
o Smart Sports Shoes
o Smart Running Shoes
o Smart Walking Shoes
By Functionality the global Smart Shoes Market has been divided into:
q Step Counting
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 Xiaomi Mi Shoes
q Salted Co
q Pepper Gate Footwear Inc
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.
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
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.
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.
In February 2018, HOVR Sonic2, a latest smart shoe that can be connected with smartphones was launched by Armour Inc.
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
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