By Product Type (Step Counting Socks, Speed Tracking Socks, Distance Tracking Socks); By End User (Men, Women, Kids); By Distribution Channel (Online Stores, Offline Stores) - Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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Our in-depth analysis has segmented global smart socks market into the following segments:
By Product Type
By End User
By Distribution Channel
By Region
Global smart socks market is further classified on the basis of region as follows:
Global smart socks market is expected to experience a remarkable growth during the forecast period i.e. 2017-2024. High adoption rate of smart wearable among people and increasing cases of venous disorders are major factors which are anticipated to be the dynamic factors behind the growth of global smart socks market during the forecast period.
Regionally, North America is anticipated to account for a significant portion of market share in the overall market of smart socks during the forecast period. Factors such as, increasing geriatric population in the region is anticipated to fuel the growth of the global smart socks market. Moreover, growing adoption of technology enabled smart socks advancement is opening a gateway of opportunities for the domestic and foreign vendors over the forecast period.
Europe smart socks market is expected to witness substantial growth over the forecast period. Factor such as, rising innovative and interdisciplinary technologies and products are envisioned to strengthen the growth of smart socks market in Europe. Moreover, Asia Pacific is poised to record fastest growth rate during the forecast period. Countries such as China, Japan and India are anticipated to exhibit faster growth rate as compared to other countries in the region. Moreover, the advancement of technology in smart socks is anticipated to fuel the growth of the Asia Pacific smart socks market.
Further, global smart socks market is further segment by product type into step counting socks, speed tracking socks and distance tracing socks. Further, step counting socks segment is envisioned to grow at a significant pace over the forecast period due to increasing adoption of fitness wearable across the globe over the forecast period.
Growing incidences of venous diseases is poised to drive the growth of global smart socks market. Moreover, increasing diabetic population across the globe is expected to impel the expansion of global smart socks during the forecast period. Additionally, the potential to prevent foot ulceration and reducing the number of amputations based on early recognition of pre-ulcerative areas is anticipated to foster the growth of the global smart socks market in the upcoming years.
Furthermore, growing geriatric population across the globe is anticipated to increase the growth of the global smart socks market. Further, increasing advancement in smart apps regarding smart socks is anticipated to foster the growth of the global smart socks market. Further, innovations in smart socks products such as detection of inflammation and injury of feet & product improvisation to ensure diabetic patient comfort are expected to drive the growth of the smart socks market. Moreover, an antimicrobial fabric, have moisture evaporation properties in the smart socks. This factor is anticipated to foster the growth of the smart socks market during the forecast period.
However, high cost of smart socks and lack of awareness about smart socks is some of the key factors which are expected to limit the growth of global smart socks market over the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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