Pune, India, Nov. 01, 2022 (GLOBE NEWSWIRE) -- According to Brandessence Market Research, The Global Smart Shoes Market stood at USD 291.6 million in 2021. It is poised to register a CAGR of 9.5% over 2022-2028, thereby accumulating a revenue of USD 555.3 billion by end of the assessment timeframe. The increasing health and wellness trends across the globe, rapid smart shoe adopting across the sports industry, along with technological advancements in the field are primarily augmenting the outlook of this business vertical.
Global Smart Shoes Market Outlook (2022-2028)
Smart shoes are referred to as a type of shoes with insoles integrated with advanced technologies that can be connected to other smart devices. These shoes are equipped with sensors that can track our activity and detect anything present in our surroundings. Smart shoes can be integrated with sensors such as GPS, altimeter, pressure sensor, and accelerometer, among others. Users can identify and monitor their running style and measure strain levels with the help of advanced features incorporated in these shoes. This enables them to make informed decisions and improve their personal training strategies. The information collected for smart shoes can further help runners to prevent injuries and boost their overall performance.
Also, escalating demand for smart wearables, rising disposable income of the masses, along with growing R&D activities in this vertical are adding traction to the development of this marketplace.
Moreover, rising focus of players to develop and launch highly advanced products in the field, changing lifestyle trends of people, along with the growing prevalence of chronic disorders are creating lucrative opportunities for the industry to prosper.
On the contrary, high costs pertaining to these shoes and lack of product awareness in various regions are hindering the remuneration scope of this market.
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Market growth comparison pertaining to the historical years and forecast timeline of 2022-2028
The expansion of the global smart shoes market is being accelerated by a wide array of beneficial factors.
There has been a prompt surge in the number of fitness enthusiasts across the globe. Such individuals are keen on adopting a healthy lifestyle and tend to engage in physical fitness activities on a regular basis. This has elevated the demand for smart shoes due to the capability of monitoring the user’s running style, measure running style, and present running induced injuries.
Due to the growing adoption of sedentary lifestyle along with unhealthy dietary patterns the world is witnessing a steep rise in the prevalence of lifestyle and chronic disorders. People suffering from obesity or diabetes are recommended to exercise regularly to control their body weight and sugar levels. Many of them prefer to engage in running based exercises of jogging as it is quite effective in nature. This in turn is stimulating the overall dynamics of this market.
The booming sports industry is another factor propelling the growth of this business vertical. Sports professional are shifting their inclination toward the use of smart wearables wearables like smart shoes for accurate performance tracking. This enables them to determine their fitness levels, running styles, and other aspects, thereby helping them to enhance their fitness training strategies.
Competitive Hierarchy
The noteworthy players influencing the ongoing trends of this business sphere are Adidas AG, Digitsole, Nike Inc., Puma SE, TRAQshoe, Under Armour Inc., Vivobarefoot Limited, Xiaomi Corporation., Zhor-Tech., Boltt Sports Technologies, Orphe, Intellinium, CODOON, Powerlace, Kickstarter, Droplabs, and Others.
These players are adopting strategies such as mergers & acquisitions, partnerships, collaborations, R&D activities, and new product launches to emerge as global players and generate significant returns.
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Smart Shoes Market: Segmentation Analysis
By Product
- Smart Shoes
- Smart Insole
- Smart Socks
By Application
- Sports
- Medical
- Industrial
- Others
Region-wise Insights
Which region is dominating the market in terms of revenue share?
North America presently accounts for a substantial revenue share and is reckoned to showcase similar growth trends in the ensuing years. This is attributable to increasing health cognizance of the masses, presence of prominent players, rapidly evolving sports industry, and growing R&D activities in the field.
Also, rise in the number of fitness enthusiasts, growing pervasiveness of lifestyle based and chronic ailments along with increasing per capita income of the masses are adding momentum to the development of North America smart shoes market
What is Europe’s position in the industry?
Europe is one of the fastest growing region in this business vertical. This is ascribed to the rising focus of associated brands to develop innovate ideas to enhance healthcare tracking activities.
Besides, escalating demand for smart wearables, widespread internet proliferation, along with technological advancements in the field are bolstering the market expansion in this region.
Category-wise Outlook
Which is the leading product segment in the global smart shoes market?
The smart shoes segment presently dominates the industry in terms of volume share owing to their growing adoption among sports professionals and fitness enthusiasts. These shoes are equipped with features that can track the distance covered by a runner and also displays the amount of calories burnt as a result.
Which is the fastest growing application segment in the industry?
The sports application segment has been generating significant returns over the estimated timeframe. This is credited to the number of advanced features integrated into smart shoes that can help sports professionals keep a track of their performance level and enhance it accordingly.
Region Covered in Smart Shoes Market Report:
North America
- U.S, Canada
Europe
- Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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