Smart Shoes Market

Smart Shoes Market Outlook (2023 to 2033)

The global smart shoes market stands at US$ 270 million in 2023, according to the latest research report by Fact.MR. Worldwide demand for smart shoes is forecasted to rise at a high-value CAGR of 22.8% and reach a market value of US$ 2.11 billion by 2033-end.

Increasing penetration of innovative technology in the footwear sector is predicted to raise demand for smart shoes around the world. In addition, changing fashion and designs are also projected to influence the demand for smart shoes.

• Demand for smart shoes in the United States is projected to surge at 20.9% CAGR and reach a market size of US$ 597 million by 2033.
• Sales of step-counting shoes are forecasted to propel at a CAGR of 22.9% from 2023 to 2033.

Adoption of connected technology for better functioning of wearable fitness trackers is predicted to boost the demand for smart shoes. Youngsters’ inclination toward the latest technological trends is fueling the adoption of smart footwear to track distance as well as other parameters of respective users. Pressure sensors, altimeters, processors, GPS, accelerometers, gyroscopes, and sensory technology are incorporated into smart shoes to detect rotation and track the movement of feet while running or walking.

Pressure sensors work effectively to track body weight as well as impact distribution on users’ feet to measure potential injury spots. End users are looking for multiple footwear options to track their location and further deliver halt options during running. The processor also suggests new running styles to improve users’ workout experience.

Advanced connectivity options, including Bluetooth, help transmit data to users’ smartphones. This technology involves various options, including smart footwear for gamers, senior citizens, and runners.

Smart gaming shoe technology is being used to convert real-world athletic abilities into in-game scores. Several companies, such as EA Sports, Adidas, and Google, are joining forces through partnerships to offer these advanced shoe technologies.

Fact.MR, a market research and competitive intelligence provider, through its newly published research report, offers dynamics of the smart shoes space. Growth opportunities, key product ranges, a regional overview, key limitations, and new developments are vital factors that have been thoroughly studied in this research report.

Report Attributes	Details
Smart Shoes Market Size (2023)	US$ 270 Million
Projected Market Value (2033)	US$ 2.11 Billion
Global Market Growth Rate (2023 to 2033)	22.8% CAGR
Adults Segment Growth Rate (2023 to 2033)	20% CAGR
China Market Growth Rate (2023 to 2033)	35.8% CAGR
India Market Value (2033)	US$ 202 Million
Key Companies Profiled	Under Armour, Inc. Digitsole Nike, Inc. PUMA SE Adidas Group Salted Venture Inc. Sole Power, LLC No New Folk Studio Inc. Intellinium Powerlace Technology Inc. B-Shoe Ltd. Li Ning Company Limited Zhor-Tech. 361 Degrees International Limited

Why Have Smart Shoes Gained Immense Popularity in Recent Years?

“Consumers’ Preference for Wearables with Advanced Features Shifting Smart Shoe Manufacturers’ Focus towards Innovation”

Smart wearables, due to their attractive and user-friendly features, are significantly influencing the purchasing decisions of consumers. Prominent manufacturers of smart shoes are focusing on introducing new types of shoes, including trail running shoes. Design, comfort, speed, technology, versatility, and features are some common attributes that are being considered by consumers while purchasing footwear.

In recent years, consumers have been seeking value addition with the purchase of products. Therefore, market players are involved in R&D activities to introduce innovative products. Puma and Nike are popular market players who are investing in R&D activities to introduce smart shoes specially designed for golf, basketball, and other sports.

“Rising Demand for Smart Shoes among Health-conscious Consumers for Fitness Tracking and Activity Monitoring”

The growing population of health-conscious consumers who prioritize fitness and healthcare products is driving the surge in sales of smart shoes. A considerable number of individuals are eager to monitor their calorie expenditure using fitness trackers and smartwatches, and similarly, they seek to track their activities like running and walking. As a result, there is a noticeable increase in the demand for smart shoes.

What Concerns Associated with Smart Shoes are Restricting Their Sales?

“High Production & Maintenance Cost of Smart Shoes”

One of the prominent restraints of the industry is the cost of smart shoes. At present, the technology that is used in the production of smart shoes is comparatively costly. Smart shoes are generally expensive to maintain. There are a limited number of high-end brands that can invest in the manufacturing of smart shoes currently. Therefore, the high production cost of smart shoes is predicted to limit their adoption among the majority of consumers.

How are Start-ups Projected to Perform in This Market?

“Focus on Production of Smart Shoes with Gyroscopes for Running Enhancement and Motion Gaming”

The smart shoes industry is in its nascent stage at present. Therefore, various start-ups are inclined towards revolutionizing the smart shoes space while adding certain technological features to attract a large base of consumers. An effective combination of smart wearables with smart shoes is predicted to help new entrants increase their profit margins.

Integration of advanced technologies in smart shoes is anticipated to assist individuals with walking disabilities, presenting new opportunities for emerging players to capitalize on revenue growth by producing innovative smart shoes equipped with gyroscopes for enhanced running performance and motion gaming capabilities.

Country-wise Insights

Why are Sales of Smart Shoes Rising Rapidly in the United States?

“Rising Demand for Advanced Healthcare and Premium Wearables with Fitness Trackers”

The United States market is projected to advance at a CAGR of 20.9% and is set to reach a valuation of US$ 597 million by 2033-end. Many market players from the country are entering into collaborations with tech giants to offer more user-friendly products in the market.

Growing adoption of advanced healthcare facilities by Americans is estimated to create lucrative opportunities for industry players. Various consumers are willing to spend additional amounts on high-tech and premium smart sports fitness trackers that are further predicted to create lucrative opportunities for manufacturers.

How are Sales of Smart Shoes Faring in the United Kingdom?

“High Demand for Smart Healthcare Products for Physical Fitness”

Consumers’ shift towards a healthy lifestyle in the United Kingdom is predicted to boost demand for smart shoes. In addition, the majority of people from the United Kingdom are becoming conscious about their fitness, and are investing in smart products to track their activity levels.

What Makes India a Profitable Market for Manufacturers of Smart Shoes?

“Increased Production of Footwear to Meet Domestic and Global Demand”

Sales of smart shoes in India are predicted to expand at a 28.3% CAGR and are estimated to reach a value of US$ 202 million by the end of 2033. Significant traction for smart shoes in the Indian market is projected to generate lucrative opportunities for players in the coming 10 years.

India holds a significant share of the global footwear market. Therefore, the growing production of footwear in India to meet domestic as well as global demand is generating opportunities for players.

Category-wise Insights

Why are Step Counting Shoes Gaining Traction across the World?

“Rising Awareness about Sports and Healthcare Relation Boosting Sales of Step Counting Shoes”

Demand for step-counting shoes is predicted to accelerate at a CAGR of 22.9% from 2023 to 2033. Increasing consciousness regarding health and physical fitness is projected to drive the majority of consumers towards the adoption of smart shoes.

Many people are becoming aware of the benefits of different types of calculated physical activities for a happier and healthier life. This leads to several consumers opting for advanced shoes instead of conventional shoes. These smart footwear options allow consumers to keep track of their activities while evaluating their physical performance.

Which End User Accounts for High Sales of Smart Shoes?

“Increasing Involvement of Adults in Sports to Maintain Healthy Lifestyles Fueling Sales of Smart Shoes”

Based on end user, adults are inclined to opt for smart shoes in the coming decade. The increased spending capacity of many adults due to a significant increase in their disposable income is leading them to purchase smart products. They are inclined to buy smart products to track their routine activities due to rising health consciousness. This segment is predicted to advance at a CAGR of 20% through 2033.

Why Do Most People Prefer to Purchase Smart Shoes from Online Retail Channels?

“Extensive Adoption of Online Sales Channel for Efficient Distribution and Retailing of Smart Shoes”

Producers of smart shoes are actively involved in improving logistics and supply chain management of products. The trend of effective ways of product distribution and retailing is expanding significantly. The growing popularity of e-commerce channels is contributing to the rising sales of smart shoes.

Key Market Players

Maintaining product standards, strengthening supply chain management systems, quality control, and several other similar initiatives are taken by manufacturers of smart shoes to enrich their product portfolio to extend their reach globally.

For instance :

• Curry Brand, in 2021, launched Curry Flow 9 shoe, which is a collection of seven-part footwear.
• In 2020, Google teamed up with EA Sports and Adidas for the production of smart shoes under its project, named jacquard smart clothing technology.

Under Armour, Inc., Digitsole, Nike, Inc., PUMA SE, Adidas Group, Salted Venture Inc., Sole Power, LLC, No New Folk Studio Inc., Intellinium, Powerlace Technology Inc., B-Shoe Ltd., Li Ning Company Limited, Zhor-Tech., and 361 Degrees International Limited are prominent players in the smart shoes market.

Segmentation of Smart Shoes Industry Research

• By Type :

  • Step Counting
  • Positioning
  • Navigation

• By End User :

  • Adults
  • Children
  • Senior Citizens
  • People with Disabilities

• By Sales Channel :

  • Modern Trade
  • Convenience Stores
  • Specialty Stores
  • Multi-brand Stores
  • Online Retailers

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa