According to Market Statsville Group (MSG), the global smart footwear market size is expected to grow from USD 148.9 million in 2021 to USD 320.7 million by 2030, at a CAGR of 8.9% from 2022 to 2030 Smart shoes are a type of footwear that uses smart technology in which the insoles of the shoes are digitally connected to provide the wearer with larger-than-life features and specifications, making it more than just a conventional shoe. . Portable or digitally linked items provide services that facilitate the daily tasks of the end user. As a result, these items have gained popularity among customers, especially in North America and Europe. These smart sneakers also feature a navigation tracker and automatic lacing technology. They also help to track the physical performance of the end user, thus improving their acceptance in the sports sector.
Over the past few decades, the global footwear market has grown tremendously. The growing use of smart shoes in sports and the people’s preference for luxury and comfort footwear has given rise to the smart shoe business. The market for smart shoes in sports is expected to grow as the quality of shoe materials and other features such as water resistance and self-lacing shoes improve.
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Health and wellness are increasingly popular in both developed and developing countries. Customers enjoy leading a healthy lifestyle by going to the gym, adhering to a strict diet and engaging in other healthy activities. A subset of these health-conscious customers have taken their health improvement journey to the next level. To measure development, this group should keep a daily diary of activities. Stylish sneakers keep track of distance traveled/walked/cycled and calories burned after a workout. As a result, these end users are contributing to the growth of the global smart shoes market.
Impact of COVID-19 on the Global Smart Shoes Market
The global market has faced many growth challenges due to store closures in many places during the covid-19 outbreak. The transformation of consumers from brick and mortar to buying online has opened up new sales opportunities for online retail platforms. Additionally, the market was hampered by the lack of labor in the industry, declining demand, high manufacturing costs, and scarcity of raw materials, among others.
Covid-19 has harmed the global economy, especially industrial facilities. However, the migration of consumers to online retail platforms, followed by a large number of market players opening stores on these online platforms, is expected to further increase the number of smart shoe sales.
Global Smart Footwear Market Dynamics
Drivers: Raising Health Awareness
All over the world, people are becoming more health conscious. As a result, many people have adopted harsh workout and fitness regimes. This led to an increase in shoe sales all over the world. Naturally, such a trend is contributing to the expansion of the global smart shoes market.
Constraints: high cost and availability of substitutes
Some of the significant issues likely to hinder the growth of the global smart shoes market in the coming years are technical immaturity, high cost, alternatives, and continuous product innovation from various competitors.
Opportunities: technological advances
People are more likely to follow their fitness activities and workout routines. This trend, coupled with continuous technical improvements, has contributed to the growing popularity of smart shoes among the general public. Users can now use smart sneakers to measure their location, calorie burn, and steps.
Also, the combination of smart technology with health tracking devices has improved the global adoption rate of wearable fitness devices. Also, technological advancements in smart shoes to improve their performance are expected to boost the future expansion of the market.
Scope of the global smart shoes market
The study categorizes the smart footwear market on the basis of product type, end-user, and distribution channel regionally and globally.
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Outlook by Product Type (Sales, USD Million, 2017-2030)
Smart walking shoes
Smart running shoes
Smart sports shoes
By End-User Insights (Sales, USD Million, 2017-2030)
Men
Women
By Distribution Channel Outlook (Sales, USD Million, 2017-2030)
Supermarket/Hypermarket
Specialized shop
Online Store
Outlook by Region (Sales, USD Million, 2017-2030)
North America
WE
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
The Netherlands
Norway
Czech Republic
The rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Singapore
Australia and New Zealand
Rest of Asia-Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East and Africa
Saudi Arabia
United Arab Emirates
South Africa
North Africa
Rest of MEA
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The smart running shoes segment is expected to account for the largest market share by product type
Based on product type, the market is divided into smart walking shoes, smart running shoes, and smart sports shoes. The smart running shoes segment accounts for a higher market share. Smart running shoes have features that allow the user to measure distance traveled and calories burned. Customers can obtain this information through various linked applications on their smartphones or other devices. This allows the consumer to track their progress and stay in shape. Manufacturers are also focusing on inventing smart running shoes to help these customers. The product is expected to gain popularity among sports employees and professional athletes, thus adding to the projection of the global smart shoes market.
Asia-Pacific is expected to account for the highest CAGR during the forecast period
Based on regions, the global smart footwear market has been segmented into North America, Asia-Pacific, Europe, South America, and Middle East & Africa. During the forecast period, Asia-Pacific is expected to grow at the fastest CAGR. The Asia-Pacific region has seen an increase in millennials, who are the primary users of wearables. As a result, the growing millennial population creates significant growth potential for the business.
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Key Market Players in Global Smart Footwear Market
The global smart footwear market is highly competitive with major industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most of the companies in the market are focused on expanding operations across regions, increasing their capabilities, and building strong relationships with partners.
Key Players of Global Smart Shoes Market are:
Adidas AG (Adidas)
Digital sole
Nike, Inc. (Nike)
Puma Se (Kering)
Salty business
Traqshoes
Under Armour, Inc.
Vivobarefoot Limited
Xiaomi Corporation
Zhor Tech
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