In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Smart shoes are equipped with various sensors and are connected to mobile devices. These smart shoes can provide data such as real time positioning, step counting and much more.
Global smart shoes market is expected to experience a remarkable growth during the forecast period i.e. 2017-2024. Rising integration of smart technologies in health tracking devices and high adoption rate of smart wearable among people are major factors which are anticipated to be the dynamic factors behind the growth of global smart shoes market during the forecast period.
Regionally, the global smart shoes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa Region. Among these regions, North America region is likely to dominate the global smart shoes market during the forecast period. Swelled disposable income of population and increased spending on smart wearable are some major factors which have led the North America smart shoes market to leading position and is expected to behold this position over the forecast period.
Additionally, Asia Pacific smart shoes market is envisioned to thrive at a considerable CAGR over the forecast period. Factors such as, rising disposable income and thriving consumer electronics market in Asian countries are key factors which are expected to drive the growth of smart shoes market in Asia Pacific region.
Further, global smart shoes market is further segment by type into step counting shoes, positioning shoes, navigation shoes and others. Further, step counting shoes segment is envisioned to grow at a significant pace over the forecast period due to increasing adoption of fitness wearable across the globe.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis has segmented global smart shoes market into the following segments:
Global smart shoes market is further classified on the basis of region as follows:
Smart shoes are smart wearable which are equipped with various features such as health tracking, positioning and navigation. Further, the market of smart shoes is predicted to grow on the back of increasing adoption of smart wearable amongst the population.
Furthermore, integration of smart technologies with health tracking devices has increased the adoption rate of fitness wearable globally. Additionally, Technological advancements in smart shoes to enhance their performances are projected fuel the growth of market in future.
Further, rising popularity of fashionable smart wearable devices that are able to fulfill both fashion and function needs is expected to foster the growth of smart shoes market globally. Additionally, increasing disposable income of the consumers and rising affordability are also expected to bolster the growth of market in future.
Smart shoes are equipped with various sensors such as stride sensor to analyzed including cadence, speed, steps, velocity, acceleration, distance, power output, and calories burned. Furthermore, compatibility of smart shoes with smartphone apps is also a key factor which is attracting consumers towards smart shoes. Manufacturers of smart shoes are taking various initiatives such as development of artificial intelligence (AI) health coach to increase the sales of smart shoes.
However, lack of technological maturity, high cost and presence of alternatives are some of the key factors which are expected to limit the growth of global smart shoes market in upcoming years.