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Emergence of Smart Shoes to Boost Growth

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LONDON--(BUSINESS WIRE)--#ConsumerDiscretionary--The global footwear market is expected to post a CAGR of over 2% during the period 2019-2023, according to the latest market research report by Technavio.


Emergence of Smart Shoes to Boost Growth


Emergence of Smart Shoes to Boost Growth

A key factor driving the growth of the market is the rising demand for exclusive designer collections. Footwear products, such as leather shoes, moccasins, and stilettos for women, that are launched under exclusive designer labels attract consumers across the world. The increasing number of fashion shows, trade exhibitions, and trade fairs motivate manufacturers of designer collections to launch new products or collections. For instance, vendors such as Jimmy Choo, a brand of Capri Holdings, offers a wide range of sandals for women for different purposes such as parties as well as daily and office needs. This collection of footwear is made of strong materials, which can sustain wear and tear. Thus, the launch of exclusive designer collections will positively influence the purchasing behavior of consumers during the forecast period.

As per Technavio, the emergence of smart shoes will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global footwear market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global Footwear Market: Emergence of Smart Shoes

The global footwear market has been witnessing the introduction of smart shoes over the past five years. This is mostly due to rising demand because of factors such as health consciousness, increasing participation in sports; and engagement in fitness activities. The smart shoes that are available assist users with their workouts and help them plan their work schedule to ensure that the activity is executed without injuries. Furthermore, the adoption of smart shoes with features for navigation and positioning is high among the physically-challenged and the geriatric population. These shoes assist by providing alerts about obstacles on the way and by tracking them. Hence, the rising use of smart shoes in sports analytics and for medical purposes will increase the demand for such shoes.

“Apart from the emergence of smart shoes, the rising demand for footwear made of eco-friendly raw materials and the advances in manufacturing technology are some other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.

Global Footwear Market: Segmentation Analysis

This market research report segments the global footwear market by product (non-athletic footwear and athletic footwear), by end-user (women, men, children), by distribution channel (offline and online) and geographical regions (APAC, North America, Europe, South America, and MEA).

The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to factors such as the rising disposable income of people, increasing preference for premium footwear, and growing trend of health and fitness.

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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem

Market characteristics

Market segmentation analysis

Market Sizing

Market definition

Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison

Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered

Vendor classification

Market positioning of vendors

Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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