New York, US, March 21, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Shoe Market Research Report: Product Type, Distribution Channel, End-Users- Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 345.5 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 13.60% during the assessment timeframe.
Smart Shoe Market Key Players
Eminent industry players profiled in the global smart shoe market report include
- Adidas Ad,
- Digitsole ,
- Nike Inc,
- Puma SE,
- Salted Venture,
- TRAQshoe,
- Under Armour Inc,
- Vivobarefoot Limited ,
- Xiaomi Corporation Ltd,
- Boltt,
- Stridalyzer ,
- Solepower,
- Orphe ,
- Zhor Tech,
- SwiftWear, and
- Powerlace Technology Inc.
Key players have incorporated several strategies to stay at the forefront such as mergers, acquisitions, new product launches, geographic expansions, and more.
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 345.5 Billion |
| Growth Rate | CAGR of 13.60% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Advancements in the technology industry are a mega opportunity for market of the smart shoes to grow |
| Key Market Drivers | Growing adoption of technology, Rising popularity towards smart wearable |
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Smart Shoe Market Drivers
Rising Participation in Sports Activities to Boost Market Growth
Consumers increasingly prefer designer smart shoes with athletic design elements, as per the athleisure trend. Also, the global demand for smart shoes for cycling & running footwear is rising as a result of the continued consumer move towards more active lifestyles. There is a lot of opportunity for the market participant in the athletic footwear sector worldwide as more and more people take up sports and fitness activities including yoga, aerobics, swimming, and running.
Opportunities
Growing Awareness about the Health Benefits of Running and Walking to offer Robust Opportunities
The need for running shoes is predicted to increase due to growing awareness of the benefits of walking and running for health and fitness. As a result, the producers concentrate on developing smart running shoes having attributes that monitor stride and cadence and aid in helping customers develop better form.
Restraints and Challenges
High Price to act as Market Restraint
The high smart shoe prices, lack of awareness, and the accessibility of counterfeit products may act as market restraints over the forecast period.
Smart Shoe Market Segmentation
The smart shoe market is bifurcated based on product type, end user, and distribution channel.
By Product Type, running shoes will lead the market over the forecast period.
By End User, men smart shoes will domineer the market over the forecast period.
By Distribution Channel, specialty store will spearhead the market over the forecast period.
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COVID-19 Analysis
The COVID-19 pandemic unexpectedly hit the world at a time when promising industries were poised for rapid expansion. Similarly the smart shoes market was booming and poised to reach new heights until the pandemic intervened. People were confined to their apartments or homes in various nations due to social isolation and lockdowns. Despite this, the pandemic had no effect on the global market for smart shoes. The economy stagnated during the lockdowns because COVID-19 affected major nations worldwide. Many nations have seen a decline in per capita spending throughout that time. Luxury purchases were becoming less popular. As a result, some footwear became an immediate hit on the global market. However, the market returned to its initial growth proportion following the initial rebound.
Smart Shoe Market Regional Analysis
North America to Head Smart Shoe Market
With significant revenue creation, the market in this region is leading the global industry. The area has invested considerably in the industry and is constantly developing new technology to support ongoing study on the topic of smart shoes. The region has a remarkable infrastructure scale, and its residents swiftly accept the newest technology, which may help the market for smart shoes grow even more rapidly. Due to the growing demand for smart shoes through offline & online channels within this region, North America now controls the majority of the global market for smart shoes. Also, the increasing consumer preference for a fit and healthy lifestyle will spur future market expansion in this area. The demand for smart sneakers in this region has increased in both online and offline channels due to increasing product availability from the mass brands. The presence of important professional sports leagues like the National Football Association (NFA), National Basketball Association (NBA), and National Hockey League (NHL), as well as the high consumer interest in fitness and a healthy lifestyle, are predicted to increase regional demand for smart shoes. The United States leads the rest of the globe with regards to product demand, with customers preferring to spend more on products for body healing and fitness.
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APAC to Have Admirable Growth in Smart Shoe Market
The APAC region's market is anticipated to grow at the highest CAGR. This region is home to many new market entrants, which gives the market for smart shoes an added benefit. Additionally, consumers' decisions to purchase smart shoes are being aided by rising disposable income levels, which is profitable news for the local smart shoe business. Due to the region's expanding urban population and the growing popularity of fitness activities, the Asia Pacific region is the second most important geographical region. As a result, there is a higher investment in products for bodybuilding and other physical improvement due to the region's expanding market. The availability of cutting-edge and novel products, coupled with rising interest in different sports, is boosting consumer demand for smart wearables and sports accessories that is in turn driving the growth of the smart shoe market. In addition, the total number of millennials that are the main consumers of various types of wearable products, has increased throughout the Asia-Pacific region. The region's smart shoe market is anticipated to expand as a result of the rising millennial population.
Industry Updates
January 2023- Impakto smart shoes are introduced by Ajanta Shoes. It anticipates receiving a strong demand from both domestic and foreign markets. Shoes for sports & athleisure are Impakto's main product categories.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
