Global Smart Shoes Market Outlook – 2026
- The global smart shoes Market was valued at $ 115.3 Mn in 2018
- It is estimated to grow at a CAGR of 9.1% from 2019 to 2026
- The global smart shoes market is expected to reach $ 223.5 Mn by the end of 2026
- 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.
Analysts’ Perspective on the Global Market for Smart Shoes Market
Innovation is essential for the expansion of the worldwide smart shoe industry in terms of value sales, say the CXOs of top corporations. Due to the increasing popularity of wearable technology among the target market, manufacturers have developed smart shoes that include features like performance analysis, navigational aids, and distance trackers to meet the needs of their target market. This is projected to accelerate the market for smart shoes.
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The producers concentrate on the sporting goods market where athletes frequently participate in programs for performance enhancement and look for products like the smart shoe to assist them enhance and maximize their performance in their particular sport. 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.
Global Smart Shoes Market Introduction
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.