(MENAFN - GetNews) According to the report published by Grand View Research, Inc., factors such as increasing indulgence of people in sports and outdoor activities, rising awareness regarding benefits of healthy living, and launch of novel products with advanced technology are causing better accessibility and growing popularity of smart wearables leading to higher growth for the market.
The global smart shoes market size is expected to reach USD 548.93 million by 2025 , according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 20.2% during the forecast period. Rising focus on adopting a fit and healthy lifestyle is anticipated to drive the growth. Factors such as rising consumer awareness regarding availability of various fitness tracking gadgets and rapid technological advancements are expected to further fuel the product demand. These shoes are increasingly sought after because they offer support in the form of individual disease monitoring, and monitoring of mobility and gait. Also, the rising preference for real-time fitness tracking process has paved the market for technology-integrated footwear over traditional shoes which has resulted in increasing traction for the smart shoes market. These smart shoes can provide real-time biometric data and calculate the distance travelled and burned calories with the help of embedded sensors and Bluetooth operated insoles, which help consumers track their achievements.
As the COVID-19 pandemic is being brought under control and several countries are now focusing on economic resurrection, several changes are seen in the normal behavior and mindset of the people. Now, the importance of health has been reinforced in the minds of people and many of them are taking to sports and other physical activities to improve their immunity and health parameters. These changes are beneficial for the smart shoes market as it has gained high demands and is expected to keep on gaining these demands in the coming years. In addition to this, rising inclination toward sneakers in the footwear industry owing to the popularity of the sporty look is anticipated to fuel the adoption of smart sneakers. Furthermore, with new advanced technologies making their debut in the market, it is expected to be flooded with demands from all over the world, heralding a greater growth for the market in the coming years.
Smart Shoes Market Report Highlights
• Collaboration between the major companies helps the market with the launch of better products and increasing growth . For instance, in March 2020, Google, Adidas, and EA teamed up on a new smart insole that tracks soccer kicks for FIFA Mobile rewards. This collaboration brought in much hype to the market leading to better growth
• New product launches are extremely beneficial for the key players in maintaining their hold on the market . For example, in January 2019, Nike launched self-lacing trainers, which fit themselves to the shape of the foot and are controlled via a smartphone.
• In terms of revenue , North America held the largest market share of around 39% in 2018
• In terms of end user , Male end user segment held the largest market share of over 50% in 2018 and is anticipated to continue leading over the forecast period
• In terms of distribution channels , Online distribution channel segment is projected to expand at a CAGR of 20.6% during the forecast period
• The smart shoes market is highly competitive in nature with the presence of key players including Nike Inc.; Adidas AG; Under Armour Inc.; Digitsole; Puma SE; Salted Venture; TRAQshoe; Vivobarefoot; Xiaomi Corporation Limited; and ShiftWear
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Smart Shoes Market Segmentation
Grand View Research has segmented the global smart shoes market on the basis of end user, distribution channel, and region:
Smart Shoes End User Outlook (Revenue, USD Million, 2015 - 2025)
Smart Shoes Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Specialty Stores
Smart Shoes Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central & South America
• Middle East & Africa
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About Grand View Research
Grand View Research is an India & U.S. based market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company's rich database includes in-depth analysis across a range of industries including chemicals, materials, energy, healthcare, and technology, among others.
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