Smart shoes are smart clothing inventions. This adopts mobile apps to support activities that cannot be carried out with normal footwear. It also uses display mobile vibration to tell users when and where to turn, to get to their destination through Google Maps or self-location. Moreover, the smart shoe is an insole. The insole connects via Bluetooth with mobile. When the route is chosen for navigation, the insole guides the user by ringing the feet. The insole is capable of counting the steps taken and measuring the calories burned. There is a rise in the health and wellness trend in the developed as well as most of the developing countries. Consumers tend to follow a healthy lifestyle by visiting the gym, keeping a strict diet, and engaging in other healthy sports. Thus, the surge in demand for wearable products followed by rising in demand from the healthcare industry is expected to boost the market growth in the forecast period. As per Statista, the number of connected wearable devices worldwide is expected to increase to more than 1.1 Million by 2022. Similarly, the rise of the wearables industry in North America is illustrated by estimates that predict 25 per cent of the adult population in the United States to use wearables by 2022. The ownership of wearables in the Asia-Pacific regions is already strong among peoples living in China, Thailand, and Vietnam.
The global Smart Shoes market is valued approximately at USD 115.3 Million in 2018 and is anticipated to grow with a growth rate of more than 9.1% over the forecast period 2019-2026 and is estimated to reach USD 231.4 Million by 2026.
The regional analysis of the global Smart shoe market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominates the global smart shoes market. Asia-Pacific is expected to see the fastest growth over the forecast period. Asia-Pacific regions have seen an increase in the number of millennials, and millennials consumers of various forms of wearable devices. As a result, the increase in the number of millennials makes room for attractive business growth opportunities in this region.
Market players included in this report are Adidas AG, Nike Inc, Under Armour Inc, Digitsole, Puma SE, Salted Venture, TRAQshoe, Vivobarefoot Limited, Xiaomi Corporation Limited, and ShiftWear
The detailed segments and sub-segment of the market are explained below:
By Type: Smart Walking Shoes, Smart Running Shoes, Smart Sports Shoes
By End-User: Men, Women
By Distribution Channel: Supermarket/Hypermarket, Specialty Store, Online Store
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Bizwit Research & Consulting LLP