LONDON–(BUSINESS WIRE)–The global smart shoes market is expected to grow at a CAGR of nearly 23%
during the period 2018-2022, according to a new market study carried out by Technavio.
The report presents an in-depth research of the global smart shoes market by end user, which includes adults, seniors, disabled users and children. The report also determines the geographical spread of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, Americas, and EMEA.
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Market driver: increased product innovation leading to increased premiumization
The Global smart shoes market is dominated by a few players. Thus, these vendors must invest in continuous product and technology innovation to stay in the market. The introduction of innovative and technically advanced smart fitness products attracts and motivates consumers to adopt them for their fitness activities, thereby accelerating the market growth and increasing the market value in terms of revenue. Smart shoes such as step counting shoes are very common among consumers engaged in sports and fitness activities to monitor their daily workouts.
According to a senior Technavio analyst for retail goods and services to research, “Branding is very important in attracting and retaining customers in the global smart shoe market. Product premiumization is vital in the market as most of the existing players offer similar products with relatively similar functionality. Product differentiation through effective branding helps competitors retain their existing customer base in such situations. Customers usually own the brand, not the product. Global recognition of a brand logo implies global acceptance of the brand, which goes a long way in maintaining brand position in the market. »
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Market trend: provision of personalized fitness coaching
Growing adoption and increasing competition in the global smart footwear market has forced vendors operating in this market to invest in continuous innovation to sustain themselves in the market. These innovations result in the introduction of new features such as personalized coaching that suggests the required food intake, a way to improve physical activities, monitoring the goal of physical activities and other improvement plans based on training plans for users.
Market Challenge: Proliferation of Wearable Fitness Equipment
Global demand and innovation smart shoes market are growing rapidly. This is mainly due to the features that these shoes offer, especially for athletes and fitness conscious consumers. The main features offered by these smart shoes are the number of steps, the calculation of the number of physical activities performed, the suggestion of an appropriate diet according to the physical activity performed, and many others.
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