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Smart Shoe Market by Product Type (Step Counting Shoes, Positioning Shoes, and Navigation Shoes), End User (Adult, Children, and Senior Citizen), Application (Healthcare Footwear, Smart Safety Footwear, Sports Footwear, Comfort Footwear) and Sales Channel, Consumer Orientation & Region - Forecast to 2016 - 2032

Smart Shoe Market by Product Type (Step Counting Shoes, Positioning Shoes, and Navigation Shoes), End User (Adult, Children, and Senior Citizen), Application (Healthcare Footwear, Smart Safety Footwear, Sports Footwear, Comfort Footwear) and Sales Channel, Consumer Orientation & Region - Forecast to 2016 - 2032

Smart Shoe Market - Analysis, Outlook, Growth, Trends, Forecasts

Smart Shoe Market Overview

[300 pages Report]  As per newly released data by Future Market Insights (FMI), the smart shoe market is estimated at US$ 231.4 Mn in 2022 and is projected to reach US$ 608.2 Mn by 2032. The market grew at a CAGR of 7.6% from 2016 to 2021. The smart shoe market holds a minor amount of share of ~0.5% in the overall footwear market, but it is anticipated to alter over the next decade.

Attribute

Details

Estimated Smart Shoe Market Size 2022

US$ 231.4 Mn

Projected Smart Shoe (2032) Market Size

US$ 608.2 Mn

Value CAGR (2022-2032)

10.0%

Smart Shoe Market Top Players Share in 2021

25%-30%

Key Points Covered In The Smart Shoe Market Report

  • Market estimates and forecast 2016-2032
  • Key drivers and restraints impacting market growth
  • Segment-wise, country-wise, and region-wise analysis
  • Competition mapping and benchmarking
  • Brand share and market share analysis
  • Key product innovations and regulatory climate
  • COVID-19 impact on smart shoe market and how to navigate
  • Recommendation on key winning strategies

2022-2032 Smart Shoe Market Outlook In Comparison To Sales Registered In 2016-2021

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 the smart shoe 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.

The increasing awareness regarding the use of synthetic leather in the smart shoe 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.

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 creating of their products to cater to the increasing needs and demands in the market.

How Is The Increasing Adoption Of Smart Wearables Helping The Market Growth?

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 the 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.

What Is The Impact Of The COVID-19 Crisis On The Smart Shoe Market?

Due to retail closures in many locations during the covid-19 outbreak, the global market encountered various growth obstacles. Consumers' migration from brick-and-mortar to online shopping has created new sales prospects for online retail platforms. Furthermore, the market has been hampered by a lack of labor in the sector, lower consumption, high production costs, and a scarcity of raw materials, among other things.

Covid-19 has had a negative impact on the world economy, particularly manufacturing plants. However, the consumers’ shift towards the online retail platforms followed by the high number of players in the market setting up their shops on such online retail platforms is anticipated to boost the volume of sales of the smart shoe even further.

Country-Wise Insights

How is the Smart Shoe Market Faring in China?

Smart shoe sales in East Asia is expected to register a significant CAGR of 15.1% from 2022 to 2032. China is one of the most prominent regions in the footwear industry that is contributing towards the market growth on the back of a high number of key brands present in the region. These brands are implementing different strategies such as the launch of a US$ 30 shoe in the regional market by Xiaomi.

Why is the Demand for Smart Shoes High in the U.S.?

North America is expected to remain one of the key markets. Accounting for a majority of market share, the U.S. held the largest market share in 2021 in North America.

The U.S. 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 on premium and high-tech products is creating opportunities for the players in the region.

How is Smart Shoe Market in India Contributing towards the growth of the Global Market?

The Indian market is expected to rise at an impressive growth rate. 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-largest global 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 for a fact, 95% of the footwear production in India goes to meet its domestic demand.

Category-Wise Insights

Why is the Demand for Step Counting Shoe Greater than Other Segments?

Step-counting shoes account for a significant share in the market. 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 an advanced shoe that allows them to keep count of the activities alongside evaluating their physical performance.

How are Adults Contributing more to the Smart Shoe Demand?

In terms of end-users, adults held the largest 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 the smart shoe.

How is Girls Segment the Most Prominent Segment in Consumer Orientation?

The players in the market are strategically targeting certain populations based on their needs. Similarly, increased participation in sports activities, as well as growth in demand for luxury footwear from girls, has led players to offer unique designs in a variety of colors. The aesthetic appeal of the smart shoes is attracting a high number of girls’ population and is anticipated to boost the market further.

What is the Contribution of Healthcare Smart Shoe in the Market?

Rising health consciousness among people, increased awareness about new orthopedic products, an increase in body balance-related complications among generation Z, and millennials are leading to the adoption of the smart shoe. An increase in physical ailments, sports injuries, and stress-related activities, and an increase in the use of smart products for physical and mental analysis are all contributing towards the demand growth of smart shoes.

How is Online Retail Channel Gaining prominence in the Market?

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 the smart shoe.

Competitive Landscape

Companies operating in the market are aiming at unique and focused differentiating strategies to expand their business landscape and to address the demand of an expanding pool of consumers.

  • In 2021, Curry Brand, powered by Under Armour, launched a seven-part footwear collection named Curry Flow 9 shoe.

Scope Of Report

Attribute

Details

Forecast Period

2022-2032

Historical Data Available for

2016-2021

Market Analysis

USD Million for Value

Key Regions Covered

North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa

Key Countries Covered

US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa

Key Segments Covered

Product Type, Consumer Orientation, End-User, Application, , Sales Channel, and Region

Key Companies Profiled

  • Under Armour, Inc.
  • Nike, Inc.
  • Digitsole
  • Adidas Group
  • PUMA SE
  • Salted Venture Inc.
  • No new folk studio Inc.
  • Sole Power, LLC
  • Powerlace Technology Inc.
  • Intellinium
  • B-Shoe Ltd.
  • Zhor-Tech.
  • Li Ning Company Limited
  • 361 Degrees International Limited
  • Others (on request)

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

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Market By Category

By Product Type :

  • Step Counting Shoes
  • Positioning Shoes
  • Navigation Shoes

By End User :

  • Adult
  • Children
  • Senior Citizen

By Consumer Orientation :

  • Male
  • Female
  • Unisex
  • Boys
  • Girls

By Application :

  • Healthcare Footwear
  • Smart Safety Footwear
  • Sports Footwear
  • Comfort Footwear

By Sales Channel :

  • Modern Trade
  • Convenience Stores
  • Specialty Stores
  • Multi-Brand Stores
  • Online Retailers
  • Other Sales Channel

By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa (MEA)

Key Questions Answered in the Report

What is the current estimated market value of smart shoe in the year 2022?

The global smart shoe market is anticipated to reach a valuation of US$ 231.4 Mn in 2022.
The global smart shoe market grew at a CAGR of 7.6% between 2016 and 2021.
Leading players operating in the global smart shoe market are Under Armour Inc., Nike Inc., Digitsole, Adidas Group, and PUMA SE.
The North America smart shoe market is projected to grow at a CAGR of ~6.7% over the forecast period.
The Europe market is anticipated to expand at ~7.5% CAGR over the forecast period.

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