April 22, 2020
According to the research report titled ‘Global Smart Shoes Market Size study, Type (Smart Walking Shoes, Smart Running Shoes and Smart Sports Shoes), End-Use (Men and Women), Distribution Channel (Supermarket/Hypermarket, Specialty Store and Online Store) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global smart shoes market was worth USD 115.3 million in 2018 and is expected to grow with a CAGR of 9.1% during 2019-2026.
For the record, smart shoe is a part of smart clothing inventions that use mobile app to monitor and support activities. These shoes use mobile display as well as vibrations to communicate with users about fitness data, destination, navigation, where & when to run etc. The smart shoe is an insole that connects with mobile via Bluetooth. The insole directs the user by vibration when the route is selected for navigation. It is capable of counting steps as well as measures the number of calories burned.
Growing trend of adopting smart wearables coupled with increasing health awareness are major factors driving the global smart shoes market growth. According to Statista, revenue from connected wearable devices across the globe is predicted to surpass USD 1.1 million by the year 2022. Rising inclination towards healthy lifestyle by engaging in sport activities, maintaining a healthy diet and visiting the gym is further aiding the market expansion.
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As per the regional analysis, North America currently holds a substantial share in the global smart shoes industry while Asia-Pacific is expected to register momentous growth through 2026. Growing millennial population and surging adoption of wearable devices are positively swaying the business dynamics in Asia-Pacific.
The prominent companies operating in worldwide smart shoes market are ShiftWear, Xiaomi Corp. Ltd., Vivobarefoot Ltd., TRAQshoe, Salted Venture, Puma SE, Digitsole, Under Armour Inc., Nike Inc. and Adidas AG among others.