The smart shoes market is likely to expand its roots at a robust CAGR of 22.7% during the forecast period. The market is expected to hold a share of USD 269 million in 2023 while it is anticipated to cross a value of USD 2.1 billion by 2033.
The smart shoes market outlook states that the changing design and fashion along with the higher penetration of the latest technology into the footwear industry is anticipated to raise market demand. Furthermore, connected technology for a better run with wearable fitness trackers and smart clothing is driving the market.
The current young generation adopting the latest technological trends along with smart footwear, advanced smart shoes not only track the activity and the distance covered by the end users, but also involve sensory technology, gyroscope, accelerometer, pressure sensors, GPS, altimeter, and processor, and the gyroscope functions in detecting the shoe’s tilt and rotation as the foot moves while walking or running, are aspects fueling the market growth. Although, the pressure sensors track the weight and impact distribution on the foot that further measuring the potential injury spots.
The end user looks for a footwear solution that also tracks their location and delivers halt options between the running stoppages. To improve the running style, the processor suggests new running styles in order to enhance the running experience. Advanced connectivity options such as Bluetooth helps in transmitting data to your smartphone.
This smart shoe technology involves different options like smart shoes for runners, gamers, and senior citizens. While these shoes are beneficial in enhancing the overall running experience through data tracking and running suggestions, gaming shoe technology turns real-life athletic performance into in-game scores.
For instance, Google, Adidas, and EA Sports have partnered to deliver smart-tech shoes that perform similarly. The technology also helps senior citizens if used diagnostically while tracking data can aid rehabilitation and regeneration after an accident or injury.
| Attributes | Details |
|---|---|
| Smart Shoe Market CAGR (2023 to 2033) | 22.7% |
| Smart Shoe Market Size (2023) | USD 269.0 million |
| Smart Shoe Market Size (2033) | USD 2.1 billion |
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Short-term Growth: From 2017 to 2022, the global smart shoe market registered a CAGR of 21.5%. The footwear market across the globe had witnessed substantial growth in the past few decades.
The increasing adoption of smart footwear in sports as well as the inclination of the population towards luxury and comfort footwear has given rise to the smart shoe market. The market for smart shoes in sports is expected to gain traction with the betterment in shoe material quality and other characteristics such as water-resistant, and self-lacing shoes.
Mid-term Growth: The increasing awareness regarding the use of synthetic leather in smart shoes has attracted a substantial population in recent years, alternatively boosting the market for the smart shoe. The increasing fad of sustainable footwear towards the growing significance of environment preservation and opposition to animal cruelty has fueled the market for footwear that is made using synthetic products.
Long-term Growth: The global market is projected to expand at a significant CAGR during the forecast period. Owing to the fast-pacing trend of smart wearables and increased frequency in the innovation of such products the manufacturers are highly investing in the creation of their products to cater to the increasing needs and demands in the market.
Considering these factors, the market is projected to witness a CAGR of 22.7% to reach USD 2.1 billion by 2033. The craze for technological innovations is likely to increase the average growth rate by the end of the forecast period.
Smart wearables have become the key aspects that influence the purchase decision of customers. The smart wearable is expected to be the prominent market of front-line organizations.
The smart shoe market is continuously growing and improving, and market players are focused on introducing new types of footwear in the market. Customers choose their preferred footwear based on attributes such as comfort, technology, features, versatility, style, speed, and design.
Consumers seek value addition in products that they chose to purchase, due to which products such as smart shoes are gaining traction in the footwear market. Organizations are intensively involved in research and development to introduce new & innovative products, which is expected to help boost their customer base.
In the race to be ahead of brands such as Nike and Puma, market players are focusing on introducing smart shoes that are specially designed for various purposes such as basketball, golf, and other sports.
The market for smart shoes is still at a nascent stage. Thus, manufacturers of smart shoes are investing in research and development and studying consumer behavior to understand the requirement. In addition, start-up players have shown a keen inclination in revolutionizing the smart shoe market and are adding technological features to attract a larger consumer base.
The combination of smart wearables along with the integration of smart shoes is shaping the landscape of the smart shoe market. in the upcoming years, smart shoes are expected to help disabled people to walk. This is expected to be a key change and companies and users are expected to benefit from same.
| Region | Absolute Market Growth |
|---|---|
| United States | USD 505.4 million |
| United Kingdom | USD 75.4 million |
| China | USD 663.3 million |
| Japan | USD 49.1 million |
| India | USD 184.8 million |
Fresh Technology, Manufacturing Techniques, and the Presence of Smart Technology Giants make the Chinese Market a Prominent One
| China Market CAGR (2023 to 2033) | 35.7% |
|---|---|
| China Market Absolute Doller Growth (USD million/billion) | USD 663.3 million |
China leads the smart shoes market in terms of market share as well as the CAGR. The region is expected to cross a value of USD 696.2 million by 2033, while it thrives on a very strong CAGR of 35.7% during the forecast period. Smart shoe sales in East Asia are expected to register a CAGR of 15.1% from 2023 to 2033. China is one of the most prominent regions in the footwear industry that is contributing towards market growth on the back of key brands present in the region. These brands are implementing different strategies such as the launch of a USD 30 shoe in the regional market by Xiaomi.
Footwear Brands Integrating with Technological Giants are likely to Transform the Regional Market
| Region | Attributes |
|---|---|
| United States Market CAGR (2023 to 2033) | 20.8% |
| United States Market Absolute Doller Growth (USD million/billion) | USD 505.4 million |
North America is expected to remain one of the key markets. Accounting for most of the market share, the United States is likely to lead in terms of market share in 2023 in North America. The United States thrived on a comparatively higher CAGR of 23% between 2017 and 2022. However, the market has slightly slowed its pace with a CAGR of 20.8% between 2023 and 2033. It is expected to cross a value of USD 595.4 million by 2033.
The United States is a significant market for smart shoes, which can be attributed to the high rate of adoption of healthcare and sports footwear by the residing population in recent years. Moreover, consumers’ willingness to pay more for premium and high-tech products is creating opportunities for the players in the region.
| Region | Attributes |
|---|---|
| Indian Market CAGR (2023 to 2033) | 28.2% |
| Indian Market Absolute Doller Growth (USD million/billion) | USD 184.8 million |
The Indian market is expected to rise at an impressive growth rate of 28.2% during the forecast period while it reaches a value of USD 201.5 million by 2033. The market is driven by the high appeal of smart shoes among the regional population.
The production of footwear is increasing rapidly in developing countries such as India. India is the second-leading producer of footwear, accounting for 11.63% of global footwear production of 17.7 billion pairs. The adoption of footwear in India is also increasing and in a fact, 95% of the footwear production in India goes on to meet its domestic demand.
| Segment | Top Product Type |
|---|---|
| Top Sub-segment | Step counting Shoes |
| CAGR (2017 to 2022) | 24.8% |
| CAGR (2023 to 2033) | 22.8% |
| Segment | Top End User |
|---|---|
| Top Sub-segment | Adult |
| CAGR (2017 to 2022) | 18.7% |
| CAGR (2023 to 2033) | 20.1% |
Rising Awareness around Healthcare and Sports Trends puts Step Counting Shoes on the Top
Step-counting shoes lead the product type category with a CAGR of 22.8% between 2023 and 2033. The preference of a higher population for health awareness is the primary reason for the growth.
The increasing awareness regarding the benefits of calculated physical activities for a healthier and happier life has led to a change in preference of customers from conventional shoes to advanced shoes that allows them to keep count of their activities alongside evaluating their physical performance.
Adults are more Active in Healthy Lifestyles and Sports which propels the Segment’s Growth
In terms of end users, adults held a significant market share in 2021. The higher spending power of adults on smart products might be a significant factor in this growth. Moreover, the increasing preference of adults for smart products to keep track of their daily activities has fueled the demand for smart shoes. The segment flourishes at a CAGR of 20.1 % during the forecast period.
Successful Online Campaigns and the Ease of Shopping make the Online Retail Channel Prominent
Manufacturers are principally involved in improving supply chain management and logistics of products. Moreover, the trend of the smart way for retailing and product distribution is increasing rapidly including the e-commerce sales channels. There have been opportunities in the footwear industry due to the increasing popularity of e-commerce channels to purchase smart shoes.
Companies operating in the market are aiming at unique and focused differentiating strategies to expand their business landscape and address the demand of an expanding pool of consumers. There are various noticeable techniques that vendors adopt in order to enhance the user experience as well as the manufacturing approach.
Footwear-Technology Amalgam: Companies focus on providing advanced technology to their end users hence it collaborates or partner with the brands that are the ace in innovation. The smart shoe gets its strength and durability from the footwear while it gets the best of technology from the technological giants. For example, Google teamed up with Adidas and EA sports in 2020 to produce smart shoes under its project jacquard smart clothing technology.
Fitness Promotion is the Key: The brands target the end users that are looking for ease in documenting and tracking their workout vitals such as steps, speed, and distance. Thus, leading brands cover this minimum criterion in order to produce smart shoes. For example, a Smart Indian startup named Boltt gas offered smart shoes with an added layer of AI. This shoe tracks the vitals, and running style and suggests a better running approach with the help of artificial intelligence.
Footwear brands teaming with tech giants reshape the market.
The market is estimated to secure a valuation of USD 269 million in 2023.
The market is forecast to register a CAGR of 22.7% through 2033.
Smart shoes with gyroscopes for gaming and running are trending.
Innovation in footwear, fashion, and fitness spurs smart shoe sales.
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Smart Shoes Market
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