Global Smart Shoes Market By End-User (Male and Female), By Distribution Channel (Specialty Stores, Hypermarket/Supermarket, and Online), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032
- Published date: Mar 2022
- Report ID: 32322
- Number of Pages: 344
Smart Shoes Market Overview:
The global smart shoe market was worth USD 201.8 million in 2021. It is expected to grow at a 19.2% CAGR during the forecast period.
The market is expected to grow due to the rising popularity of smart wearables that allow for increased participation in fitness and sports. The market is expected to grow due to the rising demand for technology-integrated fitness products such as smart speakers, which are used to track and evaluate health metrics.
Smart shoes are expected to grow in the smart wearables market due to technological advancements in traditional footwear that improve comfort, convenience, health, and overall health. Smart textiles and wearables will be in demand due to the growing acceptance of fitness and athleisure. Smart shoes are equipped with Bluetooth-controlled insoles and sensors that track distance, calories burned, and other biometric information. Manufacturers will be encouraged to include smart technology in their products to meet the growing demand.
Global Smart Shoes Market Scope:
With a 56.7% share of smart shoe revenue in 2021, the male segment held the largest market share. The growing trend of athleisure has led to a greater number of male customers in the footwear market.
The segment’s growth is expected to be boosted by the dominance of men in gym and sports activities. This will encourage product development. Xiaomi, for example, announced in 2019 the launch of Mijia Smart Shoes that are water-resistant and have an Intel Curie chip processor. The Mi Fit App can show the number of calories burned and distinguish between walking, running, and climbing.
From 2023 to 2032, the female segment will experience the highest CAGR at 22.1%. The segment growth is expected to be driven by increased awareness about health and fitness, as well as an increase in spending capacity. Smart products are in high demand due to the rising popularity and participation of many female sports stars at international championships and games such as the International Women’s Cricket, Olympic Games, and Grand Slam Tournaments.
Distribution Channel Analysis
In 2021, specialty stores held the largest market share at 62.1%. The segment’s growth is expected to be influenced by the increasing number of specialty stores in countries like Brazil, India, and China. Many outlets stock footwear and accessories from mass brands like Nike Inc., Under Armour, Inc., and Xiaomi. The rising trend toward catalog shopping in developed countries provides a pleasant shopping experience for consumers. This will also increase the importance of specialty store outlets.
Due to the growing influence of social media marketing and digital media, online distribution channels are expected to grow at a 22.8% annual rate from 2023 to 2032. The segment will continue to grow due to the increasing penetration of the internet in countries like India, China, and Canada. Buyer decision has been positively affected by the rise in social media advertising and promotion.
The segment is expected to grow further due to increased consumer awareness about technologically advanced products, smart wearables, and celebrity endorsements. For sports accessories, online retail channels are popular in developed countries like the U.S., Germany, and the U.K.
By Distribution Channel
- Specialty Stores
Running shoes will be in demand as more people realize the benefits of running and walking for their health and fitness. Manufacturers are focusing on smart running shoes that track stride and cadence to improve form. About 90 million Americans participated in running, running, and trail running in 2021.
Around 100 million took up walking as a form of exercise in 2021. Every year, there are more than 70,000 events for runners in the United States, including half-marathons, marathons, 5k, and 8K/5 mile races, 10k races, half-marathons, and marathons. Smart wearables, including smart shoes, will be in demand as a result of the rising participation in fitness and other sporting activities.
To meet the growing demand, manufacturers focus on product innovation and incorp
orate advanced fitness technology. In 2019, Nike Inc. released its second smart shoe, the Nike Adapt BB. It features a laceless feature that allows for advanced power-lacing systems, an app, and continuously updated firmware. Its goal is to offer comfort and fitness through power lacing via an app. Under Armour, Inc. has introduced the newest smart shoe, HOVR Sonic2, that can be paired to a smartphone and displays features like step and distance tracking and health statistics.
In 2021, North America accounted for 40% of the total market revenue. The availability of mass-brand smart shoes has led to a rise in demand online and offline for these products. The high consumer interest in fitness and healthy living, combined with the presence of leading professional competitions like the National Basketball Association, National Football Association, or National Hockey League.
Asia Pacific is expected to experience the fastest CAGR during the forecast period due to rising urban populations and increased use of fitness. The region’s demand for smart shoes will be driven by the rapid growth of the fitness industry, which means that more money is being invested in body exercise and products to enhance body performance. Smart wearables and accessories will be in high demand due to the availability of innovative and advanced products as well as increased awareness about different sports.
Кеу Regions and Countries covered іn thе rероrt:
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- South Africa
- Rest of MEA
Market Share & Key Players Analysis:
The global market is fiercely competitive with top players like Nike Inc., Adidas AG, Under Armour Inc., Digitsole, and Puma SE, Salted Venture. To maintain their market, share, and meet changing consumer demands, the top players are constantly innovating and developing new products.
Digitsole, for example, launched smart shoes in 2021 that provided personalized feedback to analyze health, posture, calories, and fatigue. These shoes can be connected via Bluetooth to provide personalized coaching and precise data for monitoring and tracking health. This product features temperature regulation and auto-lacing. The following are some of the most prominent players in global Smart Shoes Markets:
Маrkеt Кеу Рlауеrѕ:
- Duсеrе Тесhnоlоgіеѕ
- 361 Sport
- Under Armour
- Other Key Players
For the Smart Shoes Market research study, the following years have been considered to estimate the market size:
Attribute Report Details
Short Term Projection Year
Long Term Projection Year
Competitive Landscape, Revenue analysis, Company Share Analysis, Manufacturers Analysis, Volume by Manufacturers, Key Segments, Key company analysis, Market Trends, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis, strategy for existing players to grab maximum market share, and more.
North America, Europe, Asia-Pacific, South America, Middle East & Africa
United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Frequently Asked Questions (FAQ)
Q: What is the Smart Shoes Market size in 2021?
A: The Smart Shoes Market size is US$ 201.8 million in 2021.
Q: What is the CAGR for the Smart Shoes Market?
A: The Smart Shoes Market is expected to grow at a CAGR of 19.2% during 2023-2032.
Q: What are the segments covered in the Smart Shoes Market report?
A: Market.US has segmented the Global Smart Shoes Market Value (US$ Mn) Analysis by Region, 2022 market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By End-User, market has been segmented into Male and female. By Distribution Channel, market has been further divided into Supermarket/Hypermarket, Specialty Stores, and online.
Q: Who are the key players in the Smart Shoes Market?
A: Nike, PUMA, LіNіng, Adidas, АNDL, Duсеrе Тесhnоlоgіеѕ, Yunduо, 361 Sport, and Other Key Players are the key vendors in the Smart Shoes Market
Q: Which region is more attractive for vendors in the Smart Shoes Market?
A: North America accounted for highest revenue share of 40% among the other regions. Therefore, the Smart Shoes Market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
Q: What are the key markets for advanced ceramics?
A: Key markets for Smart Shoes are the U.S., Germany, U.K., China, India, Brazil.
Q: Which segment has the largest share in the Smart Shoes Market?
A: In the Smart Shoes Market, vendors should focus on grabbing business opportunities from the specialty store segment as it accounted for the largest market share in the base year.
Smart Shoes MarketPublished date: Mar 2022 • Formats:add_shopping_cartBuy Now get_appDownload Sample
- NIKE, Inc. Company Profile
- Duсеrе Тесhnоlоgіеѕ
- 361 Sport
- Under Armour, Inc. Company Profile
- Other Key Players
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