The Global Smart Shoes/Footwear market has got immense growth potential. It will likely offer a robust growth opportunity valued at around USD 2.89 billion during the analysis period, i.e., between 2022 and 2028. Coming out of the impact of the COVID 19 pandemic, the market valuation of the Smart Shoes/Footwear industry on a global level stood at around USD 204.08 million and is most likely to exhibit a CAGR of over 15.8% during the span of forecast years to reach over USD 608.66 million in 2028.
Interesting Facts about the Smart Shoes/Footwear Industry
Unlike regular shoes/footwear, Smart Shoes/Footwear can cost anywhere between USD 250 to USD 1,000
Smart Shoes/Footwear can be connected to smartphones via blue tooth or Wi-Fi
S. leads the Smart Shoes/Footwear market with over 35% share in 2021
China and most rapid growth market for Smart Shoes/Footwear
The high cost of Smart Shoes/Footwear and less market penetration are significant factors hindering the growth of this industry
Increasing Demand for Wearable Technology to Drive Demand for Smart Shoes/Footwear
Wearable technology is growing in demand owing to a surge in sports and fitness activities. As a result, wearable technology devices are increasing in demand, and the shipment will have crossed 275 million devices in 2021. Significant rise in sports and fitness activities around the world has remained a major factor behind the string growth of Smart Shoes/Footwear. Smart Shoes/Footwear offers highly personalized health matrices that help the individual to track down and analyze their performance and fitness. Embedded with chips and sensors, Smart Shoes/Footwear can assist the user in navigation, understanding pace, real-time data on steps, calories burned, distribution of bodyweight, etc. They are increasing health consciousness, and sports and fitness fuel Smart Shoes/Footwear demand.
Consistent Development and Innovation in Technology of Smart Shoes/Footwear
Smart shoes deliver individualized user feedback, from gauging athletic performance to tracking fitness and reviewing health data. Traditional shoes are engineered with integrated technology to improve comfort, convenience, and health. Smart sneakers have insoles that may be used as a Bluetooth attachment to connect activity and position to a smartphone app. They can function like high-tech brains. Major players consistently focus on developing and commercializing advanced Smart Shoes/Footwear. In line with it, key players such as Nike, Xiaomi, Digistole, etc., have recently launched innovative Smart Shoes/Footwear with the most advanced and innovative features. Some of the leading payers in the global smart shoes/footwear industry are Salted Venture, Adidas, Digitsole, Pepper Gate Footwear Inc., PUMA SE (KERING), Xiaomi Corporation Limited, Zhor-Tech, Nike, Inc., ShiftWear, TRAQshoes, Under Armour, Inc. and Vivobarefoot Limited.
Significant Challenges for the Growth of the Smart Shoes/Footwear Industry
To create intelligent shoes, shoe businesses must invest heavily and have extensive technological knowledge. It necessitates a high level of expertise, cutting-edge engineering, and a significant amount of funding. There are also certain societal stumbling blocks to overcome. Smart shoes are still unfamiliar to many customers. These problems can, however, be remedied as technology advances.
Moreover, the premium price of Smart Shoes/Footwear against regular shoes and less market penetration as compared to other wearable devices arrest the growth of this industry. Supermarket/Hypermarket, Specialty Store, Online Store, and Others are some major distribution channels used by these players to penetrate the Smart Shoes/Footwear market. Online distribution channel held over 20% share in 2021. It is also expected to increase its share of total revenue generated by the Smart Shoes/Footwear market over the forecast period. In contrast, Men and Women are significant end-users of Smart Shoes/Footwear. Men dominate the demand for Smart Shoes/Footwear with over 55% in 2021.
China Will be a Future Growth Market for Smart Shoes/Footwear
China is the fastest growing Smart Shoes/Footwear marketplace and likely exhibit a CAGR of over 17.5% during the forecast period. The presence of many manufacturers, increasing adoption rate, the growing purchasing power of end-users, etc., are some of the primary reasons for the strong growth of Smart Shoes/Footwear in the country. Apart from China, Japan, South Korea, Singapore, Taiwan, India, and Australia are the most promising markets for the future growth of the Smart Shoes/Footwear industry in the Asia Pacific. On the other hand, the North America Smart Shoes/Footwear industry is dominated by the U.S., While Germany, UK and France are leading the growth of the Smart Shoes/Footwear industry in Europe. However, lack of penetration, limited expenditure power in the hands of end-users and high cost are some of the major concerns to hold back the growth of Smart Shoes/Footwear market in Latin America, Middle East and Africa with exception of Brazil, Turkey, GCC Countries, and South Africa.
Frequently asked questions about global Smart Shoes/Footwear industry
COVID 19 had a little impact on growth of Smart Shoes/Footwear market and growth declined to 12.82% in 2020 as against 14.50% in 2019
U.S. is the largest regional market with highest share in the total revenue generation of Smart Shoes/Footwear consumed in 2021
Ever increasing health awareness and growing demand for wearable technology
Smart Running Shoes segment dominated the Smart Shoes/Footwear market in 2021 with over 40% share
Men segment was the largest end-user of Smart Shoes/Footwear in 2021 with over 55% share
