LONDON--(BUSINESS WIRE)--The charm of back to school shopping is further accentuated by providing yet another opportunity to indulge our fetish for new shoes. Regardless of age or gender, most modern consumers are enamored by the plethora of choices available in the footwear industry. Online and retail distribution channels are flooded with footwear for women, men, and children. The array of choices is quite compelling and convinces even the most frugal individuals to invest in a few pairs of comfortable footwear to cater to different occasions in the formal or informal arena.
While we were still struggling to exercise some measures of control and reign in temptation amidst the wide variety of footwear choices in terms of style, color, and material, shoe manufacturers have realigned the footwear industry with innovative new products. The footwear market in 2018 introduces battery-powered smart shoes, which offers a plethora of features such as connectivity, tracking, and health-monitoring, in addition to providing style and comfort.
Market research analysts at Technavio forecast the global smart shoes market 2018-2022 to grow steadily over the next few years and post a CAGR of around 23%. This market research analysis highlights strategic partnerships as one of the key trends in the smart shoes market. Vendors in the smart shoes industries are partnering with tech giants to remain competitive and develop smart footwear with varied features.
According to a senior analyst at Technavio for retail goods and services research, “Vendors in the global smart shoes market have introduced smart shoes that are capable of coaching users on their physical activities. For instance, Runtopia Reach smart running shoes are equipped with smart sensors that monitor movements and provide customized training plans and other coaching functions via the Runtopia app. The increasing popularity of such products will lead to the growth of the market during the forecast period.”
The global smart shoes market is dominated by players such as DIGITSOLE, Nike, and Under Armour among others. The introduction of innovative and technically-advanced smart fitness products will motivate consumers to adopt them for their fitness activities, consequently accelerating market growth.
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Market research firm Technavio has identified the key trends and drivers which are likely to drive the bottom lines of the global smart shoes market. For instance, increased product innovation leading to premiumization is a key driver, which is expected to impact market growth. The global smart shoes market is dominated by a few players, therefore, to sustain in this market vendors must invest in product and technological innovation.
Technavio’s market research provides a competitive analysis of the market by end-user, (adults, senior citizens, users with disability, and kids), and by geography (the Americas, EMEA, and APAC). This research report presents a thorough understanding of the market augmented with actionable insights. The report is designed to help market players refine their strategies and secure a bigger share of the market during the period 2018-2022.
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