Global smart shoes market is anticipated to witness an exponential growth in the forecast period. Smart shoes are embedded with sensors that will notice your walking and could be controlled via smartphone. The factors that propel the growth of the market include growing acceptance of technology, increasing popularity towards smart wearable, fashionable look of the smart shoe, increasing health consciousness and growing demand.
On the other hand, there are factors that may hamper the growth of the market including continuous product innovation from different key players, and the high cost of the smart shoe. The market is anticipated to expand at a significant CAGR of 22.70% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The new trend in the market is increasing acceptance and rising competition in the smart shoes market have compelled vendors effective in this market to participate in innovation to survive in the market. These inventions result in the introduction of new features such as a way of improving physical activities, personalized coaching that advises the essential diet intake, monitoring the goal of physical activities, and additional development plans based on workout plans to the users.
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Smart shoes market could be explored by type, application, distribution channel, and geography. The market could be explored by type as Positioning shoes, Step counting shoes, Navigation shoes and Other. The key applications that could be explored in the market include Children, Adults, Old People and others. The “Adults” segment led the market in 2017 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of market includes the increased engagement in fitness and sports activities. The market could be explored by distribution channel as Online Channel, Departmental Stores, and Retail Stores. The “Retail Stores” segment led the market in 2017 and will continue to lead in the forecast period.
North America accounted for the major share of the smart shoes market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increasing demand from fitness-conscious consumers, increasing infrastructure and the application of the products, smart textiles or gadgets and growing demand for high-end technology solutions. North America is followed by Asia-Pacific region in the years to come
Some of the key players that fuel the growth of the smart shoes market comprise LiNing, Nike, AND, Adidas, Yunduo, Ducere Technologies, Under Armour, 361 sport, Serializer, Daphne, B-Shoe, Digit sole, Salted Venture, PUMA. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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