PORTLAND, OREGON, UNITED STATES, May 23, 2023 /EINPresswire.com/ — According to the report published by Allied Market Research, the global smart shoes market accounted for $115.3 million in 2018 and is projected to garner $223.4 million by 2026, growing at a CAGR of 9.1% from 2019 to 2026.
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Rise in demand for wearable products, advent of smart shoes for elderly people, emphasis on performance enhancement programs, and rise in demand from the healthcare sector are the major drivers for the growth of the global smart shoes market. However, lower product penetration in untapped markets and high marginal price of the products hamper the market growth. On the contrary, rise in social media marketing and surge in the millennial populations are expected to create lucrative opportunities in the near future.
According to the insights of the CXOs of leading companies, innovation is the key for the growth of the global smart shoes market in terms of value sales. The rise in demand for various wearable devices among the target customer makes way for the manufacturers to come up with smart shoes comprising of features such as performance analysis, navigation systems, and distance covered tracker that cater to the requirements of its target customers. This is anticipated to boost the growth of the smart shoes market
The manufacturers focus on the sports industry where sports personnel usually indulges in performance enhancement programs and seek for products such as the smart shoe that help them improve and optimize their performance in their respective game. Millennials are tech savvy and always ready to adapt themselves to the new trends introduced in the consumer goods as well as smart products sector. This in turn boosts the growth of the global smart shoe market.
The rise in rate of internet penetration around the major parts of the world makes way for manufacturers to initiate several key online marketing programs as online platforms are one of the easiest ways to create awareness about the specifications and features of the smart shoes among the target customers.
Global Smart Shoes Market Outlook – 2026
The global smart shoes market was valued at $ 115.3 Mn in 2018
Smart walking shoes segment accounted for around 40.3% smart shoes market share, growing at a CAGR of 9.8% from 2019 to 2026.
North America accounted for a prominent market share and is anticipated to grow at a CAGR of 8.7% throughout the forecast period.
Surge in demand for wearable products, advent of smart shoes for elderly people, emphasis on performance enhancement programs, and increase in demand from the healthcare industry have boosted the growth of the global smart shoe market. However, high marginal price of product and lower product penetration in untapped market hamper the market growth. On the contrary, surge in social media marketing and rise in the millennial population are expected to create lucrative opportunities in the near future.
The smart running shoe segment held the largest share in 2018, accounting for more than two-fifths of the market, as they come with options that help the user track distance covered and number of calories burnt. However, the smart sports shoe segment is projected to register the fastest CAGR of 10.4% during the forecast period, as these shoes help optimize the performance while running, facilitate proper thrust, and gain momentum when engaged in any kind of sports.
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Women segment to portray fastest growth by 2026
The women segment is expected to manifest the fastest CAGR of 9.2% from 2019 to 2026. However, the men segment held the largest share in 2018, contributing more than half of the market, and is expected to maintain its dominance throughout the forecast period.
Specialty store segment held lion’s share
The specialty store segment held the largest share in 2018, contributing more than two-fifths of the market period, as the stores facilitate a variety of smart shoes for sale that offers large set of options for its target customer. However, the supermarket /hypermarket segment is anticipated to manifest the fastest CAGR of 9.6% through 2026, as consumers can access niche products available in the market.
North America to remain dominant
The market across North America held the largest share in 2018, contributing more than two-fifths of the market, owing to inclination of people to opt for wearable devices in the region. However, the Asia-Pacific region is expected to manifest the fastest CAGR of 10.6% during the forecast period, owing to increased production of smart shoes and surge in demand for wearable products in the region.
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Major market players
The global smart shoes market report provides an in-depth analysis of the major market players such as Digitsole, Adidas AG, Puma SE, Nike Inc., TRAQshoe, Salted Venture, Vivobarefoot Limited, Under Armour Inc., Xiaomi Corporation, and Zhor-Tech.
Key Developments in Global Smart Shoes Market
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.
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.