Smart Shoe Market – Global Industry Analysis And Forecast (2023-2029)

Smart Shoe Market was valued at US$ 225.38 Mn. in 2022 and is expected to reach US$ 417.34 Mn. by 2029, at a CAGR of 9.2 % during a forecast period.
Smart Shoe Market Overview:
The smart shoe industry is expected to rise due to the growing popularity of smart wearables as a result of increased participation in sports and fitness activities. Walking in traditional shoes can be very comfortable. When electronics are combined with traditional footwear, the consumer experience can be elevated to new heights and one such application is Smart Shoes. Sensors, Bluetooth, Navigation Trackers, and self-lacing processes, among other things, are integrated with traditional shoes here. It assists in the physical monitoring of the individual when they are walking or running. Among other things, it can show the net distance traveled, pulse rate, and calories burned.To know about the Research Methodology :- Request Free Sample Report
Company Outlook:
Adidas and Salomon are researching footwear that can be personalized based on foot biomechanics. MIT Design Lab, in conjunction with Puma, is developing biologically active smart shoes that can sense how to feel and adjust to the wearer. Apple is developing smart shoes that could help consumers avoid injuries by preventing foot damage. Sensoria, Garmin, Vivo barefoot, E-Traces, E-vone, and other firms are using their discoveries to shape the future of athletic clothing. The smart shoe era has only just begun to increase the company’s business.
Smart Shoe Market Dynamics:
Obesity is a condition in which the body accumulates an excessive quantity of fat. In 2019, approximately 2.1 billion individuals were overweight, with 650 million of them being obese. Obesity kills more people than being overweight. It causes an increase in cholesterol levels, which contributes to Heart Disease. The cost of shoes is one of the market's primary constraints. Technology is currently too expensive for clever ideas. Smart shoes must also be pricey to sustain premiumization. Currently, only a few high-end brands can invest in smart shoes. As a result, luxury brands will set the prices. This is a major factor limiting the adoption of smart shoes among the general public. It will be difficult to attain the smart shoe market scope in the worldwide market unless the shoe's affordability improves.

Obesity, however, is preventable, according to the WHO. As a result, people are becoming increasingly concerned about reducing weight. The global market for smart shoes is rapidly growth. In 2022, the US weight loss market was worth billions of dollars. In the following years, net business in the United States rose. This desire to live a healthy lifestyle is also driving important sales of smart shoes. People desire these devices so that they can track their progress. They may see how many calories they have burned by walking or running.

The development of smart shoes requires much research. For these shoes, companies must invest considerably in research and development. However, broad acceptance of these shoes has yet to begin. Many consumers are unaware that such shoes exist. On the other hand, as the number of internet-savvy individuals in emerging economies grows, manufacturers will have a stronger opportunity to gain more market share. The growing use of the internet, combined with improved technology advancements, has prepared the path for a rise in smart device use. A catalyst was also the rise in disposable earnings. People desire a single gadget to manage all of their daily activities. Because Bluetooth is available, smart sneakers can connect to smartphones. As a result, it aids in the continuous monitoring of users' phones while walking or running.
Smart Shoe Market Segment Analysis:
Based on end-user, the men held the largest market share in 2022 because the men are more likely to participate in sports and gym activities is expected to boost segment growth and promote product development. Furthermore, the growing trend of athleisure in the footwear sector has resulted in increased from, which is supporting the male segment's market growth and is expected to continue during the forecast period 2023-2029.

Based on the distribution channel, the specialty stores segment held largest the market share of xx% in 2022, owing to the growth of footwear retail locations in nations like Brazil, India, and China is expected to boost the segment's growth. Nike Inc., Under Armour Inc., and Xiaomi, among others, have several locations across the globe selling footwear and other sports gear. Furthermore, the growing popular catalog shopping in developed countries provides consumers with a pleasurable shopping experience, which is expected to boost the importance of specialty store outlets.
Smart Shoe Market Regional Insights:
The North American region held the largest market share of xx% in 2022. Increased product availability from mass brands has increased demand for smart sneakers in both online and offline channels in this region. High consumer interest in fitness and a healthy lifestyle, as well as the presence of major professional sports leagues such as the National Basketball Association (NBA), National Football Association (NFA), and National Hockey League (is), is projected to boost regional demand for smart shoes. In terms of product demand, the United States leads the world, with consumers willing to spend more on fitness and body healing products.

The Asia Pacific is the second dominant region and it held xx% of the share in 2022, because of the growing urban population and the popularity of fitness activities the market in the region is growing due to the rapid growth of the fitness industry, which means higher investment in body exercising and body improving products. The availability of advanced and innovative products, combined with growing awareness of various sports, is fueling demand for smart wearable items and sports accessories, which in turn is propelling the smart shoe market forward. Aside from that, the Asia-Pacific area has seen an increase in the number of millennials, who are the primary users of various sorts of wearable products. As a result of the growing millennial population, the smart shoe market in the region is expected to increase.

The objective of the report is to present a comprehensive analysis of the Smart Shoe market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Smart Shoe market dynamics, and structure by analyzing the market segments and projects the Smart Shoe market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Shoe market make the report investor’s guide.
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Global Smart Shoe Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 225.38 Mn.


Forecast Period 2023 to 2029 CAGR:
9.2%
Market Size in 2029:
US $ 417.34 Mn.


 Segments Covered:
by Product Type
Smart Walking Shoes
Smart Running Shoes
Smart Sports Shoes


by Technology
Electronic Smart Shoes
Mechanical Smart Shoes
Electro-mechanical Smart Shoes


by End User
Men
Women


by Distribution Channel
Supermarket/Hypermarket
Specialty Store
Online Store



Smart Shoe Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Smart Shoe Market, Key Players are
1. Nike Inc
2. Salted Venture
3. Stridalyzer
4. Under Armour Inc.
5. Digitsole
6. Boltt
7. Adidas AG
8. Solepower
9. Orphe
10. Xiaomi Corporation
11. Puma SE
12. TRAQshoe
13. Vivobarefoot Limited
14. ShiftWear
15. Zhor-Tech
16. Li Ning (China) Sports Goods Co., Ltd.
17. Ducere
18. ReTiSense Inc
19. Saltedventure inc.
20. Lechal

Frequently Asked Questions:

1. Which region has the largest share in the Smart Shoe Market?
Ans: North American region held the highest share in 2022.

2. What is the growth rate of the Smart Shoe Market?
Ans: The Smart Shoe Market is growing at a CAGR of 9.2 % during the forecasting period 2023-2029.

3. What segments are covered in the Smart Shoe market?
Ans: Smart Shoe Market is segmented into product type, technology, end-user, distribution channel, and region.

4. Who are the key players in the Smart Shoe market?
Ans: The important key players in the Smart Shoe Market are – Nike Inc, Salted Venture, Stridalyzer, Under Armour Inc., Digitsole, Boltt, Adidas AG, Solepower, Orphe, Xiaomi Corporation, Puma SE, TRAQshoe, Vivobarefoot Limited, ShiftWear, Zhor-Tech, Li Ning (China) Sports Goods Co., Ltd., Ducere, ReTiSense Inc.

5. What is the study period of this market?
Ans: The Smart Shoe Market is studied from 2022 to 2029.