Smart Shoes Market

Global Smart Shoes Market Size (2024 to 2029)

The worth of the global smart shoes market was valued at USD 309.13 Million in 2023. The size of the global market is anticipated to grow at a CAGR of 15.21% from 2024 to 2029 and be worth USD 722.91 million by 2028 from USD 356.15 billion in 2024.

Walking in traditional shoes may be quite comfortable. When electronics are combined with conventional footwear, the customer experience may be elevated to new heights. One such application is smart shoes. Sensors, Bluetooth, navigation trackers, and self-lacing processes, among other things, are merged with traditional shoes here. When the individual is walking or running, it aids in the physical monitoring of the individual. It can display the net distance traveled, pulse rate, and calories burned, among other things. Obesity is something that many wish to get rid of. These smart technologies have the potential to be extremely beneficial in this area. Smart shoes may be divided into three categories. Walking shoes, running shoes, and sports shoes are the three types.

Global Smart Shoes Market Drivers:

The growing preference of the increasing global population for clothes and fashion goods that include technology is helping to promote smart shoe appreciation and usage and is one of the major factors driving the global market growth. Consumers are responding well to smart shoes as they provide tailored input on calories, steps, posture, weariness, and other factors. The introduction of unique and ground-breaking smart shoes, such as a self-lacing shoe can trigger the interest of people more effectively and such products can create more opportunities for the market participants. Consumers all around the world who are willing to spend a lot of money on footwear items have paved the way for the smart shoe market to flourish. Key market participants have been planning to invest funds to conduct R&D and putting increased emphasis on boosting the production of a larger range of smart shoes with different functions, which is functioning as a positive factor in promoting the demand for their products and such initiatives and moves by the companies is eventually contributing to the global market growth.

The growing popularity of smart shoes on the internet and technological advancements have prepared the way for a rise in the use of smart devices, which is supporting global market growth. The growing disposable income in several countries is aiding the global market growth. People desire a single gadget that can handle all their everyday activities. Smart sneakers can link to smartphones using the availability of Bluetooth. Therefore, it aids in the continuous monitoring of users' phones while walking or jogging. The expansion of this market is being driven by an increase in the demand for smart devices and a rise in the proclivity for a Healthy Lifestyle.

The integration possibility of smart shoes in fitness tracking and health monitoring, growing awareness regarding the innovative designs of smart shoes, an increasing number of collaborations between the manufacturers of smart shoes and fashion brands, and rising usage of smart IoT devices are contributing to the global market growth. The growing number of tech-savvy consumers worldwide, rising awareness among people regarding connected footwear, and increasing celebrity endorsements to promote the usage of smart shoes are further boosting the growth of the global market.

Global Smart Shoes Market Restraints:

The maintenance issues associated with the usage of smart shoes are one of the key factors restraining the global market growth. Most smart shoes require regular battery charging, which may deter some customers and act as a stumbling block to the market's growth. High costs associated with R&D and manufacturing of these shoes are another major factor impeding the global market growth. Companies must spend a lot of money on research and development for such shoes. However, the acceptance of these shoes by the public has yet to begin. Many customers are unaware of the existence of such footwear. The product's maintenance costs are likewise significant. As a result, smart shoes are considered a luxury product. As a result, the product becomes less affordable to the average consumer, limiting market expansion.

REPORT COVERAGE:

This research report on the global smart shoes market has been segmented and sub-segmented based on product type, end-user, distribution channel and region.

Global Smart Shoes Market - By Product Type:

• Smart Walking Shoes
• Smart Running Shoes
• Smart Sports Shoes

The smart running shoes segment accounted for the largest share of the global smart shoes market in 2022 and the segment is expected to register the highest CAGR among all the segments during the forecast period. Smart running shoes have features that allow the user to measure distance traveled and calories burned. Customers may get this information via a variety of linked applications on their smartphones or other devices. This allows the consumer to keep track of their progress and hence maintain their fitness. Manufacturers are also focused on inventing smart running shoes to assist these clients. The device is projected to acquire popularity among sports personnel and professional athletes, which is one of the major factors propelling the growth of the smart running shoes segment in the global market. The growing importance of personalized running analytics, the smart coaching features of smart running shoes, and growing efforts to bring innovation by notable manufacturers such as Nike, Adidas, and Under Armour are further fuelling the growth rate of the smart running shoes segment in the global market.

The smart walking shoes segment is another lucrative segment and will hold a substantial share of the worldwide market in 2022. The smart walking shoes segment is expected to grow exponentially during the forecast period owing to the emphasis on health and fitness by the aging population worldwide, the growing adoption of smart walking shoes, and an increasing number of collaborations between tech companies and footwear manufacturers.

Global Smart Shoes Market - By End User:

• Men
• Women

The men segment dominated the smart shoes market in 2022 and this domination will continue during the forecast period. Most males participate in sports to stay in shape. Some people are likewise devoted to their sport and want to make a living or acquire a reputation in it. In such instances, individuals must maintain track of their routine and, as a result, smart athletic shoes are preferred. These shoes keep track of their habit, keep track of the distance traveled when jogging or walking, and protect the foot. The adoption of smart shoes in sports and fitness is high among men compared to women, which is one of the major factors driving the growth of the men segment in the global market.

The women segment is expected to account for a moderate share of the worldwide market during the forecast period. Smart shoes for women have a smaller market for sales because there are fewer female exercise aficionados, which is projected to stifle the worldwide smart shoes market for the women's segment.

Global Smart Shoes Market - By Distribution Channel:

• Supermarkets/Hypermarkets
• Specialty Store
• Online Store

The online store segment captured the largest share of the global smart shoes market in 2022 and registered the fastest CAGR in the forecast period. Owing to COVID-19, there has been a huge difference in the distribution channel, as the market has shifted to the online store and since then most of the industry is running its show in the online store also it has many factors that are helping in the management of the online store. The accessibility of smart shoes has been greatly enhanced due to the online platforms, which is majorly propelling the growth of the online store segment in the worldwide market. The convenience and growing consumer preference for online shopping and technological advancements such as virtual try-on features and augmented reality experiences are further boosting the growth of the online store segment in the global market.

Global Smart Shoes Market – By Region:

• North America 
• Europe 
• Asia Pacific 
• Latin America
• The Middle East and Africa 

North America dominated the smart shoes market in 2022 and is predicted to grow at a healthy CAGR during the forecast period. The fact that many individuals in the North American region participate in physical activities has resulted in an increase in demand for smart shoes. The early adoption of smart wearables in North America and technological advancements are majorly propelling the growth of the smart shoes market in North America. The U.S. held 68% of the North American market share in 2022 and the U.S. market is also expected to account for the major share of the North American market during the forecast period owing to the growing tech-savvy population and the presence of affluent population in the U.S.

The smart shoes market in Asia-Pacific is predicted to grow at the fastest CAGR during the forecast period. Millennials are the leading consumers of different sorts of wearable goods in the Asia-Pacific region, which has seen a boom in the number of millennials. As a result, the growing millennial population opens attractive market growth potential. The growing trend towards fitness and the increasing aging population are primarily boosting the adoption of the Asia-Pacific region and driving the regional market growth. China held close to 50% of the APAC market share in 2022.

The smart shoes market in Europe is expected to be lucrative and account for a substantial share of the global smart shoes market during the forecast period due to the rapid increase in the usage of smart shoes. The growing demand for connected footwear in sports and leisure activities is contributing to the growth of the European smart shoes market. The United Kingdom, Europe, Russia and Germany occupied the major share of the European market in 2022.

KEY MARKET PLAYERS:

Companies playing a key role in the global smart shoes market include Adidas AG, Digitsole, Nike, Inc., Puma Se (Kering), Salted Venture, Traqshoes, Under Armour, Inc., Vivobarefoot Limited, Xiaomi Corporation, and Zhor-Tech.

RECENT HAPPENINGS IN THE MARKET:

• In March 2020, Google, Adidas, and Electronic Arts collaborated on a smart shoe insole that links to your phone and can transform your kicks and movements on the soccer field into FIFA Mobile incentives. Google's Jacquard wearable technology powers the smart insole, which was previously only accessible on two Levi's jackets and a Yves Saint Laurent bag.
• In January 2019, Nike released its second "smart" sneaker, which has no laces and tightens without you having to touch it. All you need is an app to get started. The new smart speaker, known as the 'Nike Adapt BB,' is the successor to the 'Nike HyperAdapt 1.0.' The goal of the shoe is to keep in shape in a variety of settings. It uses an 'advanced power-lacing mechanism,' as well as an app and firmware, to keep the wearer comfortable when running, walking, or playing basketball.