Smart Shoes Market to Garner $223.4 Mn, Globally, by 2026, at 9.1% CAGR, Says Allied Market Research

Rise in demand for wearable products, advent of smart shoes for elderly people, and increase in demand from the healthcare industry are expected to propel the growth of the global smart shoe market. The specialty store segment held the largest share in 2018, contributing more than two-fifths of the market share where as the Asia-Pacific region is expected to manifest the fastest CAGR of 10.6% during the forecast period

PORTLAND, Oregon, July 17, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Smart Shoes Market by Product Type (Smart Walking Shoes, Smart Running Shoes and Smart Sports Shoes), End User (Men and Women), and Distribution Channel (Supermarket/Hypermarket, Specialty Store and Online Store): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global smart shoe market was pegged at $115.3 million in 2018 and is anticipated to garner $223.4 million by 2026, registering a CAGR of 9.1% from 2019 to 2026.

Surge in demand for wearable products, advent of smart shoes for elderly people, emphasis on performance enhancement programs, and increase in demand from the healthcare industry have boosted the growth of the global smart shoe market. However, high marginal price of product and lower product penetration in untapped market hamper the market growth. On the contrary, surge in social media marketing and rise in the millennial population are expected to create lucrative opportunities in the near future.

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Smart running shoes held largest share the market

The smart running shoe segment held the largest share in 2018, accounting for more than two-fifths of the market, as they come with options that help the user track distance covered and number of calories burnt. However, the smart sports shoe segment is projected to register the fastest CAGR of 10.4% during the forecast period, as these shoes help optimize the performance while running, facilitate proper thrust, and gain momentum when engaged in any kind of sports.

Women segment to portray fastest growth by 2026

The women segment is expected to manifest the fastest CAGR of 9.2% from 2019 to 2026. However, the men segment held the largest share in 2018, contributing more than half of the market, and is expected to maintain its dominance throughout the forecast period.

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Specialty store segment held lion's share

The specialty store segment held the largest share in 2018, contributing more than two-fifths of the market period, as the stores facilitate a variety of smart shoes for sale that offers large set of options for its target customer. However, the supermarket/hypermarket segment is anticipated to manifest the fastest CAGR of 9.6% through 2026, as consumers can access niche products available in the market.

North America to remain dominant

The market across North America held the largest share in 2018, contributing more than two-fifths of the market, owing to inclination of people to opt for wearable devices in the region. However, the Asia-Pacific region is expected to manifest the fastest CAGR of 10.6% during the forecast period, owing to increased production of smart shoes and surge in demand for wearable products in the region.

Major market players

The global smart shoes market report provides an in-depth analysis of the major market players such as Digitsole, Adidas AG, Puma SE, Nike Inc., TRAQshoe, Salted Venture, Vivobarefoot Limited, Under Armour Inc., Xiaomi Corporation, and Zhor-Tech.

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