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Nowadays, the global population is increasingly inclined towards apparel and fashion products that incorporated technology is helping to boost the appreciation and usage of smart shoes. The product providing personalized feedback regarding calories, steps, posture, fatigue, and others is assisting in gaining more traction among consumers. Besides, the launch of a unique and ground-breaking smart shoe such as a self-lacing shoe that is able to better penetrate the market acts as an opportunity for product growth. For instance, the data issued by Design Bloom in March 2020, Nike announced the release of its third self-lacing shoes, which adopt auto max.
Consumers all over the world willing to make high expenses on footwear products have resulted in paving a way in assisting to drive the market growth. As per the data released by the Footwear Distributor and Retailer of America, mentions that in 2020 the personal spending made on footwear in the United States was USD 76.9 billion. In addition to this, key players of the market willing to invest more in their research and development have played a significant role in the increasing production of a broader range of smart shoes with multiple features is thus acting as a positive factor in rising the demand. For instance, the data presented by the Adidas Group states that Adidas has made an investment of USD 170.21 million in its research and development in 2019.
Nevertheless, the requirement of consistent charging of the battery repelling some consumers to own the product is hampering the market growth.
Key Market Driver -
The high expenditure made on footwear products among consumers worldwide is acting as a driving factor for the market growth.
Key Market Restraint -
Most smart shoes often require regular charging of battery result to repel some consumers is acting as a restraining factor for the market growth
Under Armour Inc, Nike Inc, Puma SE, Adidas AG, Digitsole, Salted Venture, Xiaomi Corporation Limited, and others are the key companies operating in the global smart shoe market.
The smart shoe market is segmented into by product, end-user, sales channel, and geography.
On the basis of product, the market is fragmented into walking shoes, running shoes, and sports shoes. Running shoe is estimated to be the prominent market shareholder on account of many consumers choosing this shoe owing to the offerings of better breathability, stability, and motion control while taking exercise.
Based on end-user, the product is grouped into male, and female. Male segment is the larger market due to a large number of men being more conscious and aware of how the product is able to help monitor and improve their exercising routine. Moreover, a larger percentage of men involved in sports as compared to women has a significant contribution to the male dominance.
By sales channel, the market is segmented into retail stores and e-commerce stores. Retail stores are projected to be the leading segment due to a large number of consumers having the desire to see, touch, and feel the physical product before doing the actual purchasing increases the utilization of this channel.
Based on region, the smart shoe market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is estimated to embrace a dominant share and is anticipated to continue throughout the forecast period of 2021-2028. Many people in this region involved in physical activities have resulted in escalating the demand for the product. As per the data released by the Global Wellness Institute.Org, states that in 2018, 58.8% of the United States population was assessed to be participating in physical activity. Moreover, the low youth unemployment rate in the United States boosted the purchasing power of the youth population who are more inclined towards owning tech infuse footwear products is helping to spike the market growth. According to the data presented by the Trading Economics, declares that in the United States, the youth population unemployment in July 2021 has witnessed a decline to 9.20 percent from that of 9.30percent of June 2021.
Asia Pacific is assessed to display a significant presence in the smart shoe market, owing to the growing government participation to promote fitness by establishing outdoor gyms at public locations. As per the data released by the Business Standard in November 2019, the Himachal Pradesh state government in India has set up outdoor gyms to promote the Fit India Movement. Furthermore, the upsurging growth of online retail sales of countries of this region has strengthened the consumption rate of smart shoes. As per the data published by the UNCTAD.org, the 2019 online retail sales of China, South Korea, and Singapore were USD 5,957 billion, USD 406 billion, USD32 billion, respectively.
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