Global Smart Shoes/Footwear Market: Growth, Future Prospects, and Competitive Analysis, 2016 - 2028

What it takes to call Shoes/Footwear as Smart Shoes/Footwear is their interactive capability and their digital connectivity. Smart Shoes/Footwear are basically wearable devices that facilitate recording of biometric data and review it via smart phone apps. Using Smart Shoes/Footwear one can regularly track and monitor physical activities such as walking, hiking, training, running, etc. It can provide information such as distance covered, calories burned, location, route, time, pace, etc. It takes a lot of sensors to be installed in smart shoes for tracking various activities. Smart Walking Shoes, Smart Running Shoes and Smart Sports Shoes are major types of Smart Shoes/Footwear.

Global Smart Shoes/Footwear market has got huge growth potential and likely to offer robust growth opportunity which is valued at around USD 2.89 billion during the analysis period i.e. between 2022 and 2028. Coming out of impact of COVID 19 pandemic, the market valuation of Smart Shoes/Footwear industry on global level stood at around USD 204.08 million and most likely to exhibit CAGR of over 15.8% during the span of forecast years to reach over USD 608.66 million in 2028.

Interesting Facts about Smart Shoes/Footwear Industry

• Unlike normal 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 rapidly growth market for Smart Shoes/Footwear
• High cost of Smart Shoes/Footwear and less market penetration are major 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 surge in sports and fitness activities. Wearable technology devices are growing demand and shipment has crossed 275 million devices in 2021. Significant rise in sports and fitness activities around the world has been remained major factors behind string growth of Smart Shoes/Footwear. Smart Shoes/Footwear offers highly personalized health matrices that helps individual to track down and analyze their own performance and fitness. Embedded with chips and sensors, Smart Shoes/Footwear can provide assistance to the used in navigation, to understand pace, real-time data on steps, calories burned, distribution of bodyweight, etc. Increasing health consciousness along with sports and fitness is fueling the demand for Smart Shoes/Footwear.

Consistent Development and Innovation in Technology of Smart Shoes/Footwear

Smart shoes are coming to deliver individualised feedback to users, from gauging athletic performance to tracking fitness and reviewing health data. Traditional shoes are being 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 have the ability to function like a high-tech brain. Major players are consistently focused on development and commercialization of advanced Smart Shoes/Footwear. In line with it, key players such as Nike, Xiaomi, Digistole, etc. have recently launched innovative Smart Shoes/Footwear with most advanced and innovative features. Some of rge leading payers in 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.  

Major Challenges for the Growth of Smart Shoes/Footwear Industry

To create smart shoes, shoe businesses must invest heavily and have extensive technological knowledge. It necessitates a high level of knowledge, 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, premium price of Smart Shoes/Footwear as against regular shoes and less market penetration as compared to other wearable devices arresting the growth of this industry. Supermarket/Hypermarket, Specialty Store, Online Store and Others are some of the 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 in its share of total revenue generated by the Smart Shoes/Footwear market over the forecast period. While, Men and Women are major end-users of Smart Shoes/Footwear. Men’s dominate the demand for Smart Shoes/Footwear with over 55% share in 2021.

China Will be Future Growth Market for Smart Shoes/Footwear     

China is fastest growing market place for Smart Shoes/Footwear and likely exhibit CAGR of over 17.5% during the forecast period. Presence of large number of manufacturers, increasing adoption rate, 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 most promising markets for the future growth of Smart Shoes/Footwear industry in Asia Pacific. On the other hand, North America Smart Shoes/Footwear industry is clearly dominated by U.S. While, Germany, UK and France are leading the growth of 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