According to the Market Statsville Group (MSG), the global Smart Shoes Market size is expected to grow from USD 148.9 million in 2021 to USD 320.7 million by 2030, at a CAGR of 8.9% from 2022 to 2030. Smart shoes are a type of footwear that uses smart technology in which the shoe insoles are digitally connected to provide the wearer with larger-than-life features and specs, making it more than just a conventional shoe. Wearable or digitally linked items provide services that make the end user's daily tasks easier. As a result, these items have acquired popularity among customers, particularly in North America and Europe. These smart sneakers also have a navigation tracker and self-lacing technology. They also aid in tracking the end user's physical performance, enhancing their acceptance in the sports business.
Over the last few decades, the global footwear market has grown significantly. The growing use of smart footwear in sports and the population's preference for luxury and comfort footwear have given rise to the smart shoe business. The market for smart shoes in sports is predicted to grow as shoe material quality and other features such as water resistance and self-lacing shoes improve.
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Health and wellness are becoming more popular in both developed and developing countries. Customers like to live a healthy lifestyle by going to the gym, adhering to a strict diet, and engaging in other healthy activities. A subset of these health-conscious clients has pushed their health-improvement journey to the next level. To measure development, this group must keep a daily diary of activities. Stylish sneakers keep track of the distance run/walked/cycled and the calories burned after a training session. As a result, these end users contribute to the growth of the worldwide smart shoes market.
COVID-19 Impact on the Global Smart Shoes Market
The worldwide market faced numerous growth challenges due to shop closures in numerous places during the covid-19 epidemic. Transforming consumers from brick-and-mortar to online buying has opened new sales opportunities for online retail platforms. Furthermore, the market has been impeded by, among other things, a lack of workers in the industry, decreasing demand, high manufacturing costs, and a scarcity of raw materials.
Covid-19 has harmed the global economy, particularly industrial facilities. However, the consumer migration to online retail platforms, followed by a large number of market participants opening up shops on such online platforms, is expected to increase the number of smart shoe sales even more.
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Global Smart Shoes Market Dynamics
Drivers: Raising health awareness
People throughout the world are becoming increasingly health-conscious. As a result, many people have adopted severe training regimens and fitness regimens. This has resulted in increased shoe sales throughout the world. Naturally, such a tendency contributes to the expansion of the worldwide smart shoes market.
Restraints: high cost and availability of substitutes
Some of the significant issues that are likely to hamper the growth of the global smart shoes market in the coming years are a lack of technical maturity, high cost, alternatives, and continuous product innovation from various competitors.
Opportunities: Technological Advancements
People are more likely to maintain track of their fitness activities and training routines. This tendency, along with continual technical improvements, has contributed to the growing popularity of smart shoes among the general public. Users may now use smart sneakers to measure their location, calorie consumption, and steps.
In addition, the combination of smart technology with health tracking devices has enhanced the global adoption rate of fitness wearables. Furthermore, technological advances in smart shoes to improve their performance are expected to boost future market expansion.
Scope of the Global Smart Shoes Market
The study categorizes the smart shoes market based on product type, end-user, and distribution channel at the regional and global levels.
By Product Type Outlook (Sales, USD Million, 2017-2030)
- Smart Walking Shoes
- Smart Running Shoes
- Smart Sports Shoes
By End User Outlook (Sales, USD Million, 2017-2030)
By Distribution Channel Outlook (Sales, USD Million, 2017-2030)
- Specialty Store
- Online Store
By Region Outlook (Sales, USD Million, 2017-2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
Smart running shoes segment is projected to account for the largest market share by product type
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Based on product type , the market is divided into smart walking shoe, smart running shoe and smart sports shoe. Smart running shoes segment accounts for higher market share. Smart running shoes have features that allow the user to measure distance traveled and calories burned. Customers can get this information via various linked applications on their smartphones or other devices. This allows the consumer to keep track of their progress and maintain fitness. Manufacturers are also focused on inventing smart running shoes to assist these clients. The product is predicted to acquire popularity among sports employees and professional athletes, adding to the global smart shoes market projection.
The Asia Pacific is expected to account for the highest CAGR during the forecast period
Based on the regions, the global smart shoes market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East Africa. During the forecast period, Asia Pacific is expected to grow at the fastest CAGR. The Asia-Pacific area has seen an increase in millennials, who are the primary users of wearable goods. As a result, the growing millennial population creates significant growth potential in the business.
Key Market Players in the Global Smart Shoes Market
The global smart shoes market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Major players in the global smart shoes market are:
- Adidas Ag (Adidas)
- Nike, Inc. (Nike)
- Puma Se (Kering)
- Salted Venture
- Under Armour, Inc.
- Vivobarefoot Limited
- Xiaomi Corporation
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Key Issues Addressed
- What is the market size by various segmentation of the smart shoes by region and its respective countries?
- What are the customer buying behavior, key takeaways, and Porter's 5 forces of the smart shoes market ?
- What are the key opportunities and trends for manufacturers involved in the smart shoes supply chain?
- What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
- What and how regulations, schemes, patents, and policies are impacting the growth of the market?
- What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
- The market player positioning, top winning strategies by years, company product developments, and launches will be?
- How has COVID-19 impacted the demand and sales of smart shoes in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
- Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.