Smart Shoe – Remolding the Future of Footwear
From assessing health metrics to evaluating athletic performance, smart shoes are making inroads into the arena of intelligent footwear. The concept of ‘smart shoe’ is witnessing sheer proliferation as customers seek shoes engineered to meet convenience, health, and comfort needs. Smart shoe is emerging as one among the ‘must have’ accessories, as it consists of feature insoles that serve as a bluetooth-connected elements linking body activities to smartphone apps.
Smart Shoe Market - Key Research Findings
Global smart shoe market size in 2018 – Nearly US$ 100 Mn
The smart shoe market is expected to grow at a CAGR of approximately 22.4% over 2019-2027.
Developed regions will remain at the forefront of smart shoe sales.
Increasing health awareness and the ever-widening availability of smart shoes on the market has been fueling sales of smart shoes in North America and Europe.
Strong presence of established players and innovators in the smart shoe technology industry is another key factor driving revenue growth of smart shoe market in these regions.
Significant growth potential for the smart shoe market has been identified in Asia Pacific excluding Japan.
In addition to improving penetration of smart and connected technologies, emerging markets in APEJ are witnessing a thriving trend of health and fitness, particularly among mid-aged demographics.
Consistently increasing per capita spending of consumers on healthcare and lifestyle products is also offering a significant push to growing sales of smart shoes within the region.
Notable growth of the E-commerce industry across developing Asian economies will remain an important booster for smart shoe sales in the near future.
Among adults, children, aged people, and people with disabilities, adults are likely to remain a major consumer of smart shoes.
In line with remarkably growing demand for health and wellness related products from young and adult consumer demographics, the smart shoe market has a significantly large range available for them.
Looking at the rising rate of acceptance of next-generation technology enabled products among youngsters and working adults, it is most likely that this will be the target category for manufacturers, distributors, marketers, and other value chain participants in the smart shoe market.
Top 3 Factors Shaping the Smart Shoe Market
Increasing acceptance of health and fitness related technology products boosting sales of smart wearables, boosting adoption of smart shoes
The health benefits of smart shoes such as recording and analysis of foot movements encourage their adoption. The demand for smart wearable products is on the higher side and the global shipment of these devices has also grown significantly in the recent years.
The adoption of smart shoes is on the rise and is expected to continue to grow at a higher rate in the coming years. The higher adoption rate of smart wearable products is being driven by the health-conscious population that is directly influencing the smart shoe market, led by young consumers.
Strategic partnerships between smart shoe manufacturers and tech giants, driving innovation
The global smart shoe market landscape is dominated by a few top players, thus representing a fairly consolidated competition. To introduce innovative products in their product portfolio, leading footwear companies continue to enter strategic collaborations with technology providers.
For an instance, the strategic partnership between Genesis Rehab Services and Sensoria Fitness for the development of a smart footwear product for diabetes patients and the partnership between Sole Power, LLC and SR Max (SR Max Slip Resistant Shoes) to jointly develop self-charging smart work boots.
Technological glitches, expensive price point, and inadequate awareness constraining market growth
Soon after its launch, Nike’s brand-new Adapt BB smart sneakers stopped working due to Android update failure. Reportedly, either of the pair stopped connecting with the Nike app, hampering the customer experience and product reviews on Nike’s portal. This and more such technological complications, coupled with the high price point associated with smart shoes, are likely to hold a longstanding impact on smart shoe sales.
Moreover, smart shoes are still in the infancy as far as their market penetration is considered. Particularly in developing regional markets, inadequate awareness about health and wellness related products based on next-gen technologies will remain a major hindrance to sales.
Smart Shoe Market Structure Analysis
The global smart shoe market represents a consolidated competition landscape, wherein Tier 1 companies hold a revenue share of more than 42%.
Top companies in the smart shoe market include Puma, Adidas, Under Armour, and Nike.
A majority of key players maintain a strategic focus on North American and European market.
Technology assessment will be an important developmental strategy for companies.
Leading players in the smart shoe market are also concentrating on the rising smart technology trend, whereas cost-competitiveness will remain a strong differentiation strategy.
Smart Shoe Sales to See Unwavering Growth, Resistance to New Technologies Prevails as a Challenge
Smart shoe landscape will continue seeing steady growth, yet resistance to embrace new technologies would prevail as a key challenge. In addition, manufacturers of smart shoes would have to regularly invest in new designs, to make their products distinguishable and reliable. In addition, developing smart shoes requires in-depth technical know-how and trained resources, which might pose minor to major challenges for the market players.
Demand for Innovative & Interactive Wearable Technologies Pave Growth Avenues
North America is likely to behold its prominence in the global smart shoe landscape, as the regional demand for innovative and interactive wearable technologies continues to grow. Asia Pacific is also estimated to offer strong grounds for adoption of smart shoes, as the adoption of smart technologies in this region is here-to-stay.
The Broader PerspectiveManufacturers in the smart shoe market are emphasizing on integration of advanced technologies to facilitate impeccable data acquisition, transmission, storage, and analysis. Key brands are using a wide range of sensors and navigation systems, in a bid to boost the device-human interaction through constructive visualization, statistics and feedback.
Step counting shoes to remain the top-selling product type
Demand for navigation shoes to witness considerable leap
Adoption of smart shoe by adults to remain highest
Demand for smart shoe for children to see substantial growth
How Growth will Unfold
Sales of smart shoe varieties from multi-brand outlets would continue to be high, driven by increasing preference to shop from a variety of products available at a single store. Manufacturers in the smart shoe market are focusing on uninterrupted supply of products for sale in multi-brand stores, which would help them increase their profit margins.
Multi-Brand Stores | Exclusive Outlets | Online Retailers
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
Custom Market Research Services
FMI offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.
Smart Shoe Market: Global Industry Analysis 2013-2018 & Opportunity Assessment 2019-2027
A recent market study published by FMI “Smart Shoe Market: Global Industry Analysis 2013-2018 & Forecast 2019-2027” offers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historic as well as current growth parameters of the smart shoe market, the growth prospects of the market are obtained with maximum precision.
Smart Shoe Market Taxonomy
The global smart shoe market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- Step Counting Shoes
- Positioning shoes
- Navigation shoes
By End Use
- People with Disabilities
By Sales Channel
- Multi-Brand Stores
- Exclusive Outlets
- Online Retailers
- North America
- Latin America
The report commences with the executive summary of the smart shoe market, which includes a summary of the key findings and statistics. It also includes the market value (US$ million) estimates of the prominent segments of the smart shoe market.
Readers can find the detailed taxonomy and the definition of the smart shoe market in this chapter, which will help them understand the basic information about the smart shoe market. This section also highlights the inclusions and exclusions, which helps the reader understand the scope of the smart shoe Market report.
The report provides key market trends that are expected to impact the market growth significantly during the forecast period. Detailed industry trends are provided in this section, along with key market development or product innovations.
This section includes the key inclusions of the report. It includes product adoption & usage analysis, reimbursement scenario, pipeline assessment & opportunity analysis, and the strategies followed by manufacturers for market expansion.
This chapter includes the detailed analysis of the historical smart shoe market value, along with an opportunity analysis of the future. Readers can also find the absolute opportunity for the current year (2019 – 2020), and an incremental opportunity for the forecast period (2019 – 2027).
This chapter explains the key macro-economic factors that are expected to influence the growth of the smart shoe market over the forecast period. Along with macroeconomic factors, this section also highlights the opportunity analysis for the smart shoe market. This chapter also highlights the key market dynamics of the smart shoe market, which include the drivers, restraints, and trends. Moreover, it will enable readers to understand the key trends followed by the leading manufacturers in the smart shoe market.
Based on product type, the smart shoe market is segmented into Step Counting Shoes, Positioning shoes and Navigation shoes. In this chapter, readers can find information about the key trends and developments in the smart shoe market and market attractiveness analysis based on the product type.
This chapter provides details about the smart shoe market on the basis of end use, and has been classified into Adult, Children, Aged and People with Disabilities. In this chapter, readers can understand the market attractive analysis based on end user.
This chapter provides details about the smart shoe market on the basis of sales channel, and has been classified into Multi-Brand Stores, Exclusive Outlets and Online Retailers and market attractiveness analysis based on the sales channel
This chapter explains how the smart shoe market will grow across various geographic regions, such as North America, Latin America, Europe, Japan, APEJ, and MEA.
This chapter includes a detailed analysis of the growth of the North America smart shoe market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the regional trends, regulations, and market growth based on the end users and countries in North America.
Readers can find detailed information about several factors, such as the pricing analysis and the regional trends, which are impacting the growth of the Latin America smart shoe market. This chapter also includes the growth prospects of the smart shoe market in the leading LATAM countries such as Brazil, Mexico, Argentina, and the Rest of Latin America.
Important growth prospects of the smart shoe market based on its end users in several countries, such as Germany, the UK, France, Spain, Italy, Russia, and the Rest of Europe, are included in this chapter.
Japan has significant growth potential in the global market. In this chapter, readers can find detailed information about the growth parameters of the Japan smart shoe market for the period 2018–2027.
China and India are prominent regions in the Asia Pacific excluding Japan. Thus, they are the prime subjects of assessment to obtain the growth prospects of smart shoe market. In this chapter, readers can find detailed information about the growth parameters of the Asia Pacific excluding Japan smart shoe market for the period 2019–2027.
This chapter provides information about how the smart shoe market will grow in the major countries in the MEA region, such as GCC Countries, South Africa and the rest of MEA, during the forecast period 2019 - 2027.
In this chapter, readers can find a comprehensive list of all the leading stakeholders in the smart shoe market, along with detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Nike, Puma, Adidas, Li Ning (Xiaomi), Salted Venture, Under Armour, Digitsole, Powerlace Technology In., SolePower.
This chapter helps readers understand the research methodology followed to obtain the various conclusions as well as important qualitative and quantitative information about the Smart Shoe market.
How the research was conducted?
Primary research interviews with Key opinion leaders and other participants were conducted for data collection and validation of the below information:
- Prevalence of new product launches in smart shoes
- Most demanded product type
- Leading players in smart shoe market
- key strategies followed by companies
- Key developments
- Key trends and opportunities
- Region-wise dynamics
- Market share information
- Competition & Key Vendor Strategies
- CEGEA (Research Centre in Management and Applied Economics)
- World Footwear
- International Trade Administration
- Footwear Distributors & Retailers Of America
- American Apparel & Footwear Association
- National Shoe Retailers Association
- The International Silver Economy Portal
- British Footwear Association
- European Confederation of the Footwear Industry
Primary Interview Splits