Press release
Smart Shoes Market Share Growing Rapidly with Recent Trends, Development, Revenue, Demand and Forecast to 2030
COVID-19 Impact:
Manufacturing Restrictions to Impede Industry Progress
This market is expected to be negatively affected due to the restrictions on manufacturing. Rapidly increasing COVID patients led to the imposition of stringent regulations against production. However, the rising focus on digitization and rapid smart technology adoption is expected to enhance this industry's progress. Furthermore, the adoption of online retail is expected to enhance the demand for the product. These factors are likely to influence growth during the pandemic.
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Fortune Business Insights™ lists out all the smart shoes market companies that are presently striving to reduce the impact of the Covid-19 pandemic on the market:
Under Armour Inc. (Maryland, U.S.)
Nike Inc. (Oregon, U.S.)
Puma SE (Herzogenaurach, Germany)
Adidas AG (Herzogenaurach, Germany)
Digitsole (Nancy, Lorraine, France)
Salted Venture (Seoul)
Xiaomi Corporation Limited (Beijing, China)
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Driving Factors
Rising Expenditure on Footwear Products Among Consumers to Propel Market Progress
Smart shoes are equipped with advanced technologies, sensors, and features that enhance the users' walking and running experience. Rising expenditure on footwear products is expected to enhance the industry's growth. Furthermore, evolving consumer lifestyles in developing countries are expected to elevate the shoes' adoption. Moreover, the launch of innovative products by manufacturers is expected to enhance the adoption of smart shoes. Also, the rising investments in the development of smart technologies by manufacturers are expected to bolster demand. For example, Adidas Group declared an investment of USD 170.21 million in research and development activities in 2019. These factors may drive the smart shoes market growth.
However, the higher costs associated with the shoes and lack of awareness of the product's benefits are expected to restrict the market growth.
Regional Insights
Rising Focus on Fitness to Propel Market Growth in North America
North America is expected to dominate the smart shoes market share because of the rising focus on fitness. For example, according to the Global Wellness Institute.Org's information, in 2018, nearly 58.8% of the U.S. population participated in fitness activities. Furthermore, rising employment rates in the U.S. may enhance the adoption of smart shoes.
In Asia Pacific, rising government participation in promoting fitness is likely to enhance the adoption of smart shoes. Further, rising online retail sales may strengthen smart shoes' adoption.
In Europe, evolving lifestyles and rising focus on health may enhance the adoption of the shoes. Furthermore, developed digital infrastructure and adoption of high speed 5G internet services may enhance the industry's growth.
Segmentation
By product, the market is segmented into walking shoes, running shoes, and sports shoes. As per end-user, it is bifurcated into male and female. Based on sales channel, it is classified into retail stores and e-commerce stores. Geographically, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Smart Shoes Market Size Highlights of the Report:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Smart Shoes market.
Product Development/Innovation: Detailed insights on the upcoming technologies, RandD activities, and product launches in the market
Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Smart Shoes market
The Global Smart Shoes Market Research/Analysis Report Contains Answers to your following questions:
Which Manufacturing Technology is used for Smart Shoes ? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Smart Shoes Market? What are Their Company Profile, Their Product Information, and Contact Information?
What Was Global Market Status of Smart Shoes Market? What Was Capacity, Production Value, Cost and PROFIT of Smart Shoes Market?
What Is Current Market Status of Smart Shoes Industry? What's Market Competition in This Industry, Both Company, and Country Wise? What's Market Analysis of Smart Shoes Market Trends by Taking Applications and Types in Consideration?
What Are Projections of Global Smart Shoes Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
What Is Smart Shoes Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is Economic Impact On Smart Shoes Industry? What are Global Smart Shoes Analysis Results? What Are Global Smart Shoes Development Trends?
What Are Market Dynamics of Smart Shoes Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Smart Shoes Industry?
Competitive Landscape
Players Announce Innovative Products to Enhance Sales
The prominent companies operating in the market announce innovative products to enhance sales. For example, Puma announced a self-lacing shoe in February 2019. This launch was aimed to compete with Nike. This strategy may allow the company to enhance the product's sales and boost its brand image. Furthermore, manufacturers adopt online sales to provide products to a huge consumer base, while strengthening its sales. Moreover, companies adopt automated production techniques to reduce time consumption, boost productivity, enhance sales, boost production capacity, reduce labor costs, increase production, and achieve organizational goals. In addition, key players devise research and development, expansions, mergers, and acquisitions to bolster their market position.
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