Smart Shoes Market to surpass USD 250.4 million by 2030 from USD 114.7 million in 2019 in terms of value growing at a CAGR of 8.9% throughout the forecast period, i.e., 2020-30. The rise is expected to be powered by the increased popularity of smart wearables linked to increased participation in sports and fitness activities. Increasing demand for health analytics monitoring and assessment is projected to drive the adoption of integrated fitness technology products, such as smart shoes, which in turn is expected to drive the industry. In the smart wearables market, technical developments in traditional shoes to improve comfort, convenience, and health are expected to generate growth opportunities for smart shoes. The market for smart textiles and wearables is expected to drive increased acceptance of athleisure and fitness as a way of life. To monitor the distance travelled, calories burned, and other health-specific biometric data, smart shoes have embedded sensors and Bluetooth controlled insoles. Furthermore, growing demand for sneakers is expected to enable manufacturers to introduce smart technology into the category to meet rising demand.
Smart shoes are a smart technology shoe in which the shoe insoles are digitally connected, making it more than just a normal shoe, making it simpler for its users with larger than life features and specifications. Wearable devices or digitally related products feature services that ease the end user’s day-to-day operations. Such products are thus gaining traction among consumers, especially in North America and Europe. Besides, these smart shoes come with a navigation tracker and technology for self-lacing. They also help track the end user’s physical output, thus increasing their adoption in the sports industry.
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Smart Shoes Market: Key Players
- Nike Inc.
- Li-Ning Company Limited
- Adidas AG
- PUMA SE
- Under Armour, Inc.
- 361 Degrees International Limited
- Daphne International Holdings limited
- SOLE POWER LLC
- Ducere Technologies PVT. LTD
Smart Shoes Market: Segments
Smart Walking Shoes segment to grow with the highest CAGR during 2020-30
Smart Shoes Market is segmented by product type as smart walking shoe, smart running shoe and smart sports shoe. The smart running shoes segment is estimated to lead the market with a share in 2019. Smart running shoes have options that allow the end-user to monitor both the distance travelled and the calories burned. This information can be accessed by customers via various linked applications on smartphones or other devices. This allows the client to keep a record of the same and thus to maintain fitness. Manufacturers are now working on innovating smart running shoes to support these clients. The product is expected to gain greater traction among sports workers and professional athletes contributing to the forecast for the worldwide smart shoes market.
Female Segment to be the fastest-growing segment with a CAGR of 20.2% during 2020-30
Smart Shoes Market is segmented by Gender into Male and Female and children. The Male segment accounted for the largest revenue share of 50.2% in 2019. To keep fit, the majority of men prefer sports. Some are also passionate about their sport and try to build a career in it or gain popularity. They need to keep track of their routine in such situations, and therefore choose smart sports shoes. Such shoes monitor their routine, keep track of the distance travelled by running or walking and protect the foot. Smart shoes for the female population, however, contribute to less scope for generating sales, since there are fewer women fitness enthusiasts. This is expected to hamper the growth of the women’s worldwide smart shoe market. Growing health and fitness consciousness, combined with increased spending capacity, is expected to drive the growth of the segment. The demand for smart goods has increased through growing popularity and interest in different female sports stars through various international games and competitions such as Olympic Games, International Women’s Cricket and Grand Slam Tournaments.
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Smart Shoes Market: Market Dynamics
Rising popularity towards smart wearable
Growing technology acceptance and increasing popularity for smart wearables are the variables that lead to the proliferation of the smart shoe industry. Besides, the growth of the smart shoe market over the forecast period is expected to be fueled by factors such as the fashionable look of smart shoes and growing health awareness. In both developed and most developing countries, there is an increase in the trend in health and wellness. By going to the gym, adopting a strict diet, and engaging in other healthy events, customers choose to pursue a healthy lifestyle. There is a set of customers among these health-conscious customers who have brought their method of health enhancement to the next level. To monitor progress, this group needs to maintain a regular record of activities. Smart shoes help to keep a record of the running/walking/cycling distance travelled as well as the calories expended during a workout session. These end-users thus contribute to the growth of the global market for smart shoes.
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Rising availability of counterfeit products
Improving the availability of counterfeit shoes on the market, volatile economic conditions in developed and developing countries around the world, and currency deflation are some of the main factors that restrict the growth of the global market. The recent economic crisis had a detrimental effect on global sales of smart shoes. Currency fluctuations and less brand outlets in emerging regions could be demand limiting variables. Raw materials also play a crucial role in the smart shoe sector and their prices have risen sharply in the last few years.
Smart Shoes Market: Regions
Smart Shoes Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and Middle East and Africa.
Smart Shoes Market in North America led the market with a lion share of more than 39.2% in 2019 and is projected to maintain its lead over the forecast period. The demand for smart shoes on both online and offline platforms has increased by-product accessibility with mass brands in this area. Coupled with the involvement of some of the leading professional competitions, strong customer inclination for fitness and a safe lifestyle. In terms of product demand, the U.S. leads the global market with greater customer willingness to spend on health and body recovery goods. Due to the growing urban population and acceptance of fitness activities, Asia Pacific is projected to register the fastest CAGR over the forecast period. The regional market for smart shoes is expected to be powered by rapid growth in the fitness industry, involving increased investment in body exercise and body enhancement products. The availability of advanced and creative technologies and growing knowledge of various sports are likely to fuel the market for smart wearable products and sports accessories.
Smart Shoes Market report also contains analysis on:
Smart Shoes Market Segments:
- By Product Type:
- Smart Walking Shoes
- Smart Running Shoes
- Smart Sports Shoes
- By Gender:
- By Mode of Sale:
- Specialty Store
- Online Store
- Smart Shoes Market Dynamics
- Smart Shoes Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
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