Smart Shoe Market Overview:
The global smart shoe market is rising at a CAGR of 32% in between the period 2017 to 2023. This substantial growth owes itself to multiple market faculties that directly impact the expansion of smart shoes also. In the last several years, the market for smart shoes has observed a steady high in consecutive years. People all around the world are getting inclined towards using smart devices. From their mobile phone, TV, AC, Refrigerator, and even home, are getting smart with time.
In that spirit, the innovation of smart shoes has been graciously welcomed by people all over the world. The smart shoes look exactly like normal shoes but they multiple smart features in sync with your smartphone. In the general form, smart shoes are insole devices with sensors that can receive a vibration, navigate roads, calculate steps, calorie burn, etc efficiently while people walk wearing them. The foot smart shoes get connected with the smartphone via Bluetooth.
The COVID-19 pandemic has struck the world all of a sudden when potential industries were on the verge of massive growth. Similarly, in the case of smart shoes, the market was thriving to reach great highs when the pandemic got in the way. Social distancing and lockdowns in several countries made people confined in their homes or apartments. Despite that, the pandemic could not make much impact on the smart shoe industry globally.
Since covid-19 has hit major countries in the world, the economy got stagnant for the period of lockdowns. In those times, many countries have observed a lowering of per capita expenditure. People were spending less on luxury items. So that factor made some instant hit on the world footwear market. But after the initial recovery, the market got back to the initial growth proportion again.
Smart Shoe Market Dynamics:
There is a huge population of consumers who don’t hesitate to invest in healthcare, fitness, and wellness products. That attitude of consumers has made smart shoes a success too. People loved smartwatches and fit-bits because they could track their calorie-burning metric in them. Smart shoe technology is dedicated to health-conscious customers. That is a mega driving force behind the growth of these shoes.
Also, there is tough competition between manufacturers to create engaging products for that market. That obligation of the corporations has led to innovations and advanced inputs in footwear products. This proposition keeps on pushing the companies to invest in smart shoes. Several smart shoe market trends suggest the future outlook for the product.
Also, advancements in the technology industry are a mega opportunity for market of the smart shoes to grow. Shoes with advanced features attract the tech-savvy and fitness-freak. So, the market will gain an advantage on that too.
One of the major restraints of the market is the price of the shoes. In the present situation, technology is costly for smart innovations. Also, to maintain premiumization, smart shoes need to be expensive. Only a handful of high-end brands are being able to invest in smart shoes as of now. So, the prices will be by the premium brands. This is a key factor that restricts the growth of smart shoes amongst the majority of consumers.
Unless the affordability of the shoe increases, it is going to be tough to achieve the smart shoe market scope in the global market.
But whenever new solutions will hit the market, the brands will have to renovate. That is a glaring challenge in front of shoe manufacturers worldwide. Be it smart shoes for women, or men, or athletes, nobody wants to pay for outdated gadgets.
Cumulative Growth Analysis:
As of now, the market for smart shoes is showing excellent growth records over the last couple of years. According to the latest projections, the market is rising at a CAGR of 32% for the forecast period of 2017 to 2023. The growth statistics show a massive sweep given the age of smart-shoes in the market. By the end of 2023, the smart shoe market forecast suggests that the net worth of the global industry will reach USD 6.51 billion. In the last 5 years, the market has expanded in a steady margin from the previous one.
Value Chain Analysis:
The chain of marketing for smart shoes is highly valuable. The distribution channels of high-end shoe manufacturer brands are sophisticated, fast, and efficient. There are more retail shops opening every year in developing countries such as India, Brazil, etc. The huge consumer base in these countries benefits the smart shoe market trends greatly.
The presence of top brands in the smart shoe sector increases the value of marketing chains a lot. There is an increase in catalog shopping in both high-income and developing countries, which gives an enhanced shopping experience to customers.
Smart Shoe Market Segment Overview:
In the fashion industry, there are innumerable sections to follow. The tech industry doesn’t make it easy either to track down most of the potential market propositions. In the case of smart shoes, the segments get varied and specified based on some practical parameters. Since smart shoes have a fixed target audience, it is easier to divide the product into different segments. The global smart shoe market size can be divided into various segments and subsegments based on product type, end-user, distribution channel, region, etc.
Segments based on product type:
Segments based on End-user:
Segments based on Distribution channel:
Segments based on region:
Smart Shoe Market Regional Analysis:
The premium smart shoes are a luxury commodity that has a specific audience in the market. So, it is obvious that the North American market which consists of the wealthy countries the US, Canada, and Mexico, are dominating the global smart shoe market share also. The North American countries enjoy technological updates faster than the rest of the world. Although, in the coming years the APAC countries are expected to show a tremendous rise in the market share as well. The emerging markets of the Asia Pacific region are India, China, Japan, etc.
Smart Shoe Market Competitive Landscape:
The footwear market was prevalently riddled with huge competition. The global smart shoe market is divided into many regional players rather than world-famous big brands. But in the international scenario, it is also notable that the high-end sports and fashion footwear manufacturers are the major early adopter of the new technology as well.
The big shoe brands focus on the customer experience map more. They analyze the various facets of customer satisfaction and incorporate the ideas into the products. That way they manage to stay on top of things in the market.
The major key players in the global market are:
Smart Shoe Market Recent Developments:
Smart Shoe Market Report Overview:
The smart shoe market report covers a wide array of variables and important factors. The report is intended to give insights to wearable manufacturers, OS providers, software engineers, fitness institutes, etc.
Frequently Asked Questions (FAQ) :
The companies such as Nike, Stridalyzer, Li Ning (Xiaomi), Under Armour, Solepower, Digitsole, Boltt, Adidas, Salted Venture, Orphe, and 361 sport are dictating the growth trends in the global market.
The market is anticipated to create revenues worth USD 6.51 billion by the end of 2023 with the support of a 32 % CAGR by 2023.
The North American region is estimated to progress at an accelerated pace in the forecast period as compared to the other regions.
The amplified awareness of fitness and health-related consciousness is expected to spur the advancement of the market in the coming years.
The retail and online channels are expected to show equal potential in sales generation over the course of the forecast period.