Dublin, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The "Global Smart Shoes Market Size, Share, Growth Analysis, By Product Type, By Distribution channel - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global smart shoes market, valued at USD 162.38 billion in 2021, is set to achieve significant growth, with a projected increase to USD 341.16 billion by 2030, at a remarkable CAGR of 8.70% during the forecast period (2023-2030).
This growth is driven by several key factors, including advancements in technology, increased awareness of health and fitness, and the seamless integration of electronic components into traditional footwear.
Smart shoes represent a revolutionary evolution in personal monitoring during physical activities, providing real-time data on parameters such as distance covered, heart rate, and calories burned. This makes them particularly valuable for individuals looking to manage their weight effectively. With the rising popularity of the internet and continuous technological advancements, there is a growing acceptance of smart devices, further accelerated by increasing disposable incomes.
Global Smart Shoes Market Segmental Analysis
The global smart shoes market is segmented based on product type, distribution channel, end user, and region:
By Product Type:
- Smart Walking Shoes
- Smart Running Shoes
- Smart Sports Shoes
By Distribution Channel:
- Supermarket/Hypermarket
- Specialty Store
- Online Store
By End User:
- Male
- Female
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Analysis Based on Product Categories
- Smart Running Shoes: Leading category in the smart shoes market, popular among running enthusiasts and fitness-conscious individuals, offering real-time performance feedback and comprehensive running statistics.
- Smart Sports Shoes: Poised for rapid growth, catering to various sports activities, offering specialized features and performance enhancements tailored to each sport.
Analysis Based on Distribution Channels
- Online Stores: Dominant segment, driven by the convenience of online shopping, extensive product options, and easy price and feature comparisons.
- Specialty Stores: Fastest-growing sector, offering a personalized shopping experience and expert guidance, particularly for technology-driven products like smart shoes.
Global Smart Shoes Market Regional Insights
- North America: Frontrunner and dominant force due to advanced technological infrastructure, an affluent consumer base, and growing interest in fitness and wellness.
- Asia Pacific (with a focus on China and India): Experiencing rapid growth, driven by urbanization, health awareness, and the adoption of smart technologies, capitalizing on the vast population and expanding middle class.
Global Smart Shoes Market Dynamics
Drivers:
- Advancements in Technology: Continuous progress in sensor technology, connectivity, and miniaturization enhances the functionality and user experience of smart shoes.
- Rising Awareness of Health and Fitness: Increased global awareness of health and fitness drives the demand for wearable fitness devices, including smart shoes.
Restraints:
- High Manufacturing Costs: Incorporating advanced technologies into footwear results in elevated production expenses, leading to higher retail prices.
- Privacy and Security Concerns: Collection of personal data in smart shoes raises privacy and security concerns among consumers.
Global Smart Shoes Market Competitive Landscape
The smart shoes market is highly competitive, with companies actively incorporating cutting-edge technologies into their products. Prominent players in the market include:
- Nike, Inc. (U.S.)
- Puma SE (Germany)
- Adidas AG (Germany)
- Bata Brand (India)
- Honeywell International Inc. (U.S.)
- New Balance (U.K.)
- ELTEN GmbH (Germany)
- Uvex group (Germany)
- Xiaomi (China)
- Oftenrich Holdings Co. Ltd. (U.S.)
- Wolverine World Wide Inc. (U.S.)
- Hewat's Edinburgh (U.K.)
- W. L. Gore & Associates, Inc. (U.S.)
- Sunflower Industrial Group Co., Ltd (China)
- HILLSON FOOTWEAR PVT. LTD (India)
These companies are actively investing in research and development to create more intelligent and user-friendly smart shoes, enhancing the consumer experience within the fitness and technology sectors.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 157 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $175.03 Billion |
| Forecasted Market Value (USD) by 2030 | $341.16 Billion |
| Compound Annual Growth Rate | 8.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/khz896
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