Portland,OR, Nov. 15, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart shoes market accounted for $115.3 million in 2018 and is projected to garner $223.4 million by 2026, growing at a CAGR of 9.1% from 2019 to 2026.
Rise in demand for wearable products, advent of smart shoes for elderly people, emphasis on performance enhancement programs, and rise in demand from the healthcare sector are the major drivers for the growth of the global smart shoes market. However, lower product penetration in untapped markets and high marginal price of the products hamper the market growth. On the contrary, rise in social media marketing and surge in the millennial populations are expected to create lucrative opportunities in the near future.
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The global smart shoes market is segmented on the basis of type, end user, distribution channel, and geography. Based on type, the market is divided into smart walking shoes, smart running shoes, and smart sports shoes. The smart running shoe segment dominated the market in 2018, contributing more than two-fifths of the market. However, the smart sports shoe segment is expected to manifest the fastest CAGR of 10.4% during the forecast period.
On the basis of distributing channel, the market is bifurcated into supermarket/hypermarket, specialty store, and online store. The supermarket/hypermarket segment is expected to portray the fastest CAGR of 9.6% during the study period. However, the specialty store segment held the lion’s share in 2018, accounting for more than two-fifths of the market. 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.
The global smart shoes market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America share in 2018, accounting for more than two-fifths of the market, due to inclination of people to opt for wearable devices in the region. However, the market across the Asia-Pacific region is projected to register the fastest CAGR of 10.6% through 2026.
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The report provides an in-depth analysis of the major market players such as Adidas AG, Digitsole, Nike Inc., Puma SE, Salted Venture, TRAQshoe, Under Armour Inc., Xiaomi Corporation, Vivobarefoot Limited, and Zhor-Tech.
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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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