Smart Shoes Market Scope
Smart shoes are the shoes that are embedded with the number of sensors and other electronic devices to track fitness and evaluating health metrics. Increasing Health awareness results in a growing number of physical practice such as running, jogging, and participation in sports activities have been rising the demand for smart shoes. Additionally, smart shoes are easily available due to the online channel and the increasing popularity of smart shoes due to increased promotional activities by the key players on the social media sites are the major key driver for the market. However, high cost of the smart shoes, lesser demand from many geographical regions such as the Middle East and Africa, lack of awareness and presence of alternative for health analytics such as smart watch are the factors that are limiting the market. Moreover, increasing innovation in smart shoes such as self-lacing technology, availability for wireless charging and increasing strategic partnerships between shoe manufacturers and smart technology providers can create a big opportunity for the market.
The market study is being classified by Type (Step counting shoes, Positioning shoes, Navigation shoes, Zero gravity Shoes and Others) and major geographies with country level break-up. According to AMA, the Global Smart Shoes market is expected to see growth rate of 15.23% and may see market size of USD269.91 Million by 2024.
The Vendors having a strong hold in the market are Boltt, DIGITSOLE, Nike, POWERLACE TECHNOLOGY, Under Armour. Research Analyst at AMA predicts that United States, European and Asian Vendors will contribute to the maximum growth of Global Smart Shoes market throughout the predicted period.
Boltt (India), Digitsole (France), Nike (United States), POWERLACE TECHNOLOGY (Canada), Adidas AG (Germany), Puma SE (Germany), Salted Venture (South Korea), TRAQshoe (United States), Under Armour Inc. (United States) and Vivobarefoot Limited (United Kingdom) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Xiaomi Corporation (China) and Zhor-Tech (France).
AdvanceMarketAnalytics has segmented the market of Global Smart Shoes market by Type, Application and Region.
On the basis of geography, the market of Smart Shoes has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel , the sub-segment i.e. Online Platform will boost the Smart Shoes market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology Type, the sub-segment i.e. Self-Lacing Technology will boost the Smart Shoes market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Male will boost the Smart Shoes market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On January 2018, Mobile textile company Sensoria Health and diabetic mobility garment maker Optima Molliter has planned collaboration for making smart footwear. The main aim of the partnership is to make footwear that can measure diabetes. Additionally, CEO of the Sensoria Health has stated “By combining the best innovations in diabetic footwear technology and Sensoria Core microelectronics, we can contribute to help clinicians and diabetic patients reduce risk of amputations,”
On January 2019, Nike has launched new smart shoes named as Nike Adapt BB that offers wireless charging. Key features of the product include advanced power-lacing system, increase blood flow, temperature settings, and others.
- An Emergence of Self-Lacing Technology in Smart Shoes that Allows an Automatic Lacing
- Increasing Strategic Partnerships between Shoe Manufacturers and Smart Technology Providers
- Increasing Demand for Health Analytical Smart Shoes due to Increasing Health Awareness among People across the Globe
- Increasing Demand as the Smart Shoes are Easily Available due to Online Channel
- Increasing Popularity for Sport and Changing LifeStyle will grow the market
- Increasing Disposal Income and Increasing Popularity for Connected Shoes
- Smart Shoes Promotional Activities by Key Players on Social Media Sites
- High Cost of Smart Shoes and lesser demand from many Geographical Regions such as the Middle East and Africa
- Lack of Awareness and Presence of Alternative for Health Analytics such as SmartWatch
Key Target AudienceSmart Shoes Manufacturers, Shoes Manufacturers, Technology Investors, Research Organizations, Raw Material Suppliers, Distributors and Suppliers and Others
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