Smart shoes have been reshaping the future of footwear by aggressively incorporating technology into product design and development. The smart shoes provide consumers access to varied health monitoring capabilities including monitoring physical health parameters and analyzing health benefits. Several smart shoes market manufacturers in the Europe region have been using technology to promote comfort, convenience, and overall health in order to improve the shoe-wearing experience. For Instance, Under Armour, Inc. launched three new pairs of connected shoes in February 2021. The HOVR Machina, HOVR Infinite 3, and HOVR Sonic 4 have all been announced to work with MapMyRun. Once connected, they are designed to track cadence, stride length, foot strike angle, and ground contact time, as well as distance, pace, and time, even when not connected to a tracked smart watch. The smart shoes market in Europe has been boosted even further by the growing demand for tracking and evaluating health metrics, which is expected to promote the adoption of innovative fitness products.
In terms of revenue, Europe smart shoes market was valued at US$ 36.51 Mn in 2020 growing at a CAGR of 13.5% over the forecast period (2021 – 2029). The study analyses the market in terms of revenue across all the Europe regions, which have been bifurcated into countries.
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Growing Health and Wellness Trends to Boost the Market Growth
New smart technologies and the internet of things are playing an increasingly important role in healthcare and wellness, contributing towards the development of novel healthcare models. These technologies provide a full perspective of an individual's movement and mobility, potentially promoting healthy living and supplementing medical diagnostics. With a comprehensive measurement of gait and mobility, smart shoes can help with prevention, diagnostic work-up, therapeutic decisions, and individual disease monitoring. The prominent trends in the health and wellness sector in 2020 are virtual fitness training and others, which are likely to drive the segment's growth over the forecast period. It has been observed that consumers have increasingly shifted towards spending more money on products, which improve their fitness, health, and overall appearance. Some of the major players in the smart shoes market are investing towards integrating advanced technologies in their product. For instance, Puma announced the re-launch of their RS-computer sneaker. It is the original smart running shoe with a computer chip embedded into the bulky heel module. It is a type of modern fitness tracking technology.
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Increasing Trends of Online Purchasing Contribute to the Market Growth
Online shopping or internet shopping, is the distribution, buying, selling, marketing, promoting, and servicing of products via the internet and other computer networks. The growth of e-commerce has brought about a drastic change in the way customers shop and their demands. Moreover, it has also revolutionised the way how brands approach customer service, personalize communications, and provide customers with options. With the COVID-19 restrictions and changes in habits and preferences affecting high street shopping in Europe, e-commerce is expected to grow much more. According to the data published by the European Union, in 2020, about 89 percent of people aged 16 to 74 in the EU had used the internet, with 72 percent purchasing or ordering goods or services for personal use. Online shopping increased by four percentage points in 2019 (68 percent of internet users), while it increased by only 10 percentage points in 2015 (62 percent of internet users). The most common online purchases in the three months were clothes (including sport clothing), shoes, and accessories (ordered by 64 percent of online shoppers). These trends showcase positive growth prospects for the segment’s growth in the Europe smart shoes market over the forecast period.
Impact of Covid-19 on the Europe Smart Shoes Market
The novel coronavirus was declared as a global pandemic in March, 2020. The short-term effects of the COVID-19 pandemic included changes in demand, regulatory revisions, and changes in the preferences of consumers. People are becoming more reliant on technology as it advances and becomes more integrated into daily lives of individuals. People currently wear a variety of wearable devices, ranging from fitness trackers to smart glasses, smart rings, smart shoes, smart contact lenses, and so on. Amidst the pandemic, an increased demand of smart shoes in the region to track the fitness peripheral insights including steps, calorie burn and others was observed across varied age groups and genders. This growing awareness along with increased willingness amongst consumers to spend towards technologically advanced products and smart footwear for health benefits indicates prospective growth opportunities for industry participants in the Europe smart shoes market.
Some of the players operating in the Europe Smart Shoes Market are:
- adidas Group
- ERAM GROUP
- Mizuno
- Nike, Inc.
- PUMA
- Umbro
- Under Armour, Inc.
- Xiaomi
- Other Market Participants
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Europe Smart Shoes Market:
- By Gender
- Men
- Women
- Unisex
- By Application
- Sports
- Health and Wellness
- Others
- By Distribution Channel
- Online
- Offline
- By Country
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
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