Smart shoes market size was valued at USD 161.0 Million in 2021 and is projected to reach USD 320.7 Million by 2030 growing at a CAGR of 7.6% from 2022 to 2030. Smart shoes are digitally connected shoes equipped with unique features such as traction control and ease of use. landing which makes them more useful than a normal shoe. It comes with insoles that have different types of sensors such as accelerometer and gyroscope which are used to track various activities including speed and location. In addition, these shoes consist of other components such as light sensors, GPS, ultra-thin sensors and transmitters to provide data to each foot individually, as well as adaptive and self-lacing technology.
Market Segmentation and Scope of the Study:
The global smart footwear market share is analyzed based on product type, end-user, feature, distribution channel, and geography. Based on product type, the market is segmented into sports and non-sports. Based on the end user, the market is fragmented into children (12-17 years old), youth (18-32 years old), disabled, adults (33-50 years old) and elderly (over 50 years old). The children’s market is again subdivided into men’s and women’s. The youth market is again sub-categorized into men and women. The disability market is sub-categorized into male and female. The adult market is subdivided into men and women. The old age market is again subdivided into men and women. Based on features, the market is categorized into step counting, navigation, positioning, and automatic clamping. Based on the distribution channel, the market is divided into supermarket, hypermarket, specialty store and online store. The geographic breakdown and analysis of each of the aforementioned segments includes regions including North America, Europe, Asia-Pacific and ROW.
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Geographical analysis
North America holds the lion’s share of the smart shoes market and is expected to continue dominating the market over the forecast period. This is attributed to factors such as the increased availability of products from popular brands such as TRAQshoe, Salted Venture and Shiftwear in this region. Moreover, the region leads the global market in terms of product demand as people in this region spend heavily on fitness and body recovery products. Moreover, the demand for these shoes is increasing due to the high trend of fashionable consumers.
However, the Asia-Pacific region is expected to show a steady increase in the smart shoes market owing to the rapid adoption of smart shoes in its fitness and medical industry. Additionally, increasing attention to the development of high-end products, increasing health concerns, increasing need for constant activity monitoring, and consumer electronic wearables are expected to drive the growth of the smart shoes market in this region.
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Competitive landscape
The smart shoes market is made up of various market players such as Nike Inc, Adidas AG, Under Armor Inc, Digitsole, Puma SE, Plantiga, Salted Venture, TRAQshoe, Vivobarefoot, and Xiaomi Corporation Limited. These market players are continuously launching new products and planning to expand their business in various regions to maintain their dominance in the smart shoes market. For example, in December 2020, Plantiga Technologies partnered with Original Footwear to create AI-powered smart shoes with high resistance and better body-weight ratio that can be used for military expeditions. Moreover, in August 2021, Xiaomi Corporation Limited had launched a new line of smart running shoes with advanced features such as Microban technology and PU healing stabilizer.
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Next Move Strategy Consulting is a trusted, independent third-platform market intelligence provider committed to delivering high-quality market research reports that help multinational companies triumph over their competitors and grow their footprint in the industry by capturing a larger market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analysis. We carefully analyze historical data, augment it by constantly keeping an eye on the latest industry trends and estimate future events to arrive at accurate market forecasts.
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