PORTLAND, OREGON, USA, Sept. 4, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global smart footwear market was worth $115.3 million in 2018 and is expected to bring in $223.4 million dollars by 2026, growing at a CAGR of 9.1% from 2019 to 2026.
Rising demand for wearable products, advent of smart footwear for the elderly, emphasis on performance enhancement programs, and increasing demand from the healthcare sector are the major drivers of the growth of the global smart footwear market. However, low product penetration in untapped markets and high marginal product price are hampering market growth. On the contrary, the increase in social media marketing and the increase in the millennial population are expected to create lucrative opportunities in the near future.
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According to the insights of the CXOs of major companies, innovation is the key to the growth of the global smart shoes market in terms of sales value. Rising demand for various wearable devices among the target customer enables manufacturers to come up with smart shoes including features like performance analysis, navigation systems and distance tracker that meet the demands of its users. target customers. This is expected to boost the growth of the smart shoes market
The manufacturers focus on the sports industry where sports personnel usually indulge in performance enhancement programs and look for the products like the smart shoe that helps them improve and optimize their performance in their respective game. Millennials are tech-savvy and always ready to adapt to new trends introduced in the consumer goods sector as well as smart products. This, in turn, is driving the growth of the global smart shoes market.
Rising internet penetration in major regions of the world is enabling manufacturers to launch several key online marketing programs as online platforms are one of the easiest ways to spread awareness of specifications and characteristics of smart shoes among target customers. .
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The global smart footwear market size is segmented on the basis of type, end-user, distribution channel, and geography. Based on type, the market is divided into smart walking shoes, smart running shoes, and smart sports shoes. The smart running shoes segment dominated the market in 2018, contributing more than two-fifths of the market. However, the smart sports shoes segment is expected to show the fastest CAGR of 10.4% during the forecast period.
Based on the distribution channel, the market is divided into supermarket/hypermarket, specialty store and online store. The supermarket/hypermarket segment is expected to show the fastest CAGR of 9.6% during the study period. However, the specialty store segment took the lion’s share in 2018, accounting for more than two-fifths of the market. However, the supermarket/hypermarket segment is expected to show the fastest CAGR of 9.6% through 2026 as consumers can access niche products available in the market.
The global smart footwear market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market share across North America in 2018, accounting for more than two-fifths of the market, owing to the propensity of people to opt for wearable devices in the region. However, the Asia Pacific market is expected to register the fastest CAGR of 10.6% through 2026.
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The report provides an in-depth analysis of major market players such as Adidas AG, Digitsole, Nike Inc., Puma SE, Salted Venture, TRAQshoe, Under Armor Inc., Xiaomi Corporation, Vivobarefoot Limited, and Zhor-Tech.
Allied Analytics LLP
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