During the forecast period, the smart shoes market is poised to expand its roots at a robust CAGR of 22.7%. In 2023, the market is expected to hold a share of USD 269 million, while it is anticipated to surpass a value of USD 2.1 billion by 2033.
- Smart wearables, including smart shoes, are witnessing a significant surge driven by a growing interest in health and fitness among consumers.
- Smart shoes are becoming increasingly popular due to their ability to track essential data such as running routes, calories burned, and activity speed, making them highly desirable for health-conscious individuals.
- Expectations are high for smart shoes to become one of the most sought-after products in the market, as their functionality aligns with the evolving pursuit of well-being.
- Technologies like GPS navigation are expected to further enhance the applicability of smart shoes in today’s tech-savvy age.
- Navigation shoes are predicted to be the best-selling category in the smart shoe market, accounting for more than half of global smart shoe sales, according to FMI’s analysis.
- Step-counting smart shoes also remain popular among consumers of smart footwear.
- Leading smart shoe manufacturers are focusing on improving various aspects such as cushioning effect, stability, road-holding ability, breathability, shock absorption, and lightweight design to enhance the overall customer experience.
- Anticipate more innovation in the smart shoe industry as manufacturers invest efforts in developing innovative offerings to gain higher traction in the market.
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Key Manufacturers of Smart Shoes Preferring Technological Collaborations, Targeting New Product Launches
The market is dominated by global brands such as Under Armour, Nike, and Puma among others. However, the study highlights that Chinese players have been strategizing on strengthening their market footprint, recently, boosting the level of competition further.
Moreover, relatively smaller, private-label brands are securing their position in the global smart shoe market by offering competitively priced products, which is likely to emerge as a point of concern for industry giants in the long run.From Nike’s self-lacing sneakers launched a couple of years ago, followed by Li Ning’s smart shoes enabled with military-grade motion sensors, in partnership with Xiomi, product innovation has been the most preferred developmental strategy among leading players.
Over innovation, leading companies in smart shoe market are entering strategic partnerships with tech giants.
The strategic partnership between SR Max (SR Max Slip Resistant Shoes) and Sole Power, LLC to jointly develop self-charging smart work boots, and that between Genesis Rehab Services and Sensoria Fitness for the development of a smart footwear product for diabetes patients, mark some of the recent examples.
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Puma’s relaunch of the oldest RS-Computer Shoes (2022) initiated a trend wave of launching older products in the category, with technological and feature upgrade.
The report has a dedicated section for strategic profiles of some of the most prominent players actively competing in the global smart shoe market landscape. A few among them include
- Under Armour, Inc.
- Nike, Inc.
- Digitsole
- Adidas Group
- PUMA SE
- Salted Venture Inc.
- No new folk studio Inc.
- Sole Power, LLC
- Powerlace Technology Inc.
- Intellinium
- B-Shoe Ltd.
- Zhor-Tech.
- Li Ning Company Limited
- 361 Degrees International Limited
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Smart Shoe Market By Category
By Product Type:
- Step Counting Shoes
- Positioning Shoes
- Navigation Shoes
By End User:
- Adult
- Children
- Senior Citizen
By Consumer Orientation:
- Male
- Female
- Unisex
- Boys
- Girls
By Application:
- Healthcare Footwear
- Smart Safety Footwear
- Sports Footwear
- Comfort Footwear
By Sales Channel:
- Modern Trade
- Convenience Stores
- Specialty Stores
- Multi-Brand Stores
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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