According to Fact.MR’s most recent research study, the worldwide smart shoes market will be worth US$ 270 million in 2023. Global demand for smart shoes is expected to grow at a high CAGR of 22.8%, reaching a market value of US$ 2.11 billion by 2033.
The increasing penetration of new technologies in the footwear market is expected to drive global demand for smart shoes. Furthermore, shifting fashion and design trends are expected to affect demand for smart shoes.
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Adoption of linked technologies for improved performance of wearable fitness trackers is expected to drive demand for smart shoes. Young people’s interest in the current technical developments is driving the adoption of smart footwear that tracks distance and other data of respective users. Smart shoes include pressure sensors, altimeters, processors, GPS, accelerometers, gyroscopes, and sensory technologies to detect rotation and monitor foot movement when running or walking.
Pressure sensors detect body weight as well as impact distribution on users’ feet to identify possible injury points. End users want numerous footwear selections that can track their position and provide stop options when jogging. In order to improve consumers’ training experiences, the processor also offers different jogging methods.
Smart wearables are increasingly impacting customer purchase decisions owing to their appealing and user-friendly features. Leading smart shoe makers are working on producing new types of shoes, such as trail running shoes. Some frequent aspects that people evaluate while choosing footwear are design, comfort, speed, technology, adaptability, and features.
In recent years, people have sought value addition while purchasing things. As a result, market participants are engaged in R&D operations to develop novel goods. Puma and Nike are well-known market players that are investing in R&D to develop smart shoes for golf, basketball, and other sports.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.
Competitive Landscape:
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.
Key Players:
- 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
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Regional Analysis:
The market in the United States is expected to grow at a CAGR of 20.9%, reaching a value of US$ 597 million by 2033. Many domestic market businesses are collaborating with tech titans to provide more user-friendly items in the industry.
Growing American adoption of sophisticated healthcare facilities is expected to provide profitable prospects for industry participants. Consumers are prepared to pay more for high-tech and premium smart sports fitness trackers, which are expected to provide profitable prospects for manufacturers.
In the United Kingdom, the trend toward a healthier lifestyle is expected to drive demand for smart shoes. Furthermore, the majority of individuals in the United Kingdom are growing more concerned with their health and are investing in smart goods that measure their activity levels.
Key Segments of Industry:
- 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
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