The global smart shoes market size is expected to reach USD 1,103.2 million by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 15.3% from 2024 to 2030. Rising focus on adopting a fit and healthy lifestyle is anticipated to drive the growth. Factors such as rising consumer awareness regarding availability of various fitness tracking gadgets and rapid technological advancements are expected to further fuel the product demand.
Smart shoes offer support in the form of individual disease monitoring, and monitoring of mobility and gait. Rising preference for real-time fitness tracking process has paved the market for technology-integrated footwear over traditional shoes which has resulted in increasing traction for the smart shoes market. These smart shoes can provide real-time biometric data and calculate the distance travelled and burned calories with the help of embedded sensors and Bluetooth operated insoles, which help consumers track their achievements.
Access the Smart Shoes Market Size, Share & Trends Analysis Report By Type (Athletic Shoes, Non-Athletic Shoes), By End Use (Men, Women), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2024 - 2030
Increasing number of users are opting for walking and running as a part of their fitness regime. In 2017, about 60 million people in U.S. participated in running, jogging, and trail running, while around 100 million people opted for walking as a form of exercise. Rising adoption of athleisure and fitness as a way of life is expected to drive the demand for smart textiles and wearables including smart shoes. Rising inclination toward sneakers in footwear industry owing to the popularity of the sporty look is anticipated to fuel the adoption of smart sneakers. Manufacturers focus on new product development to introduce smart technology in traditional shoes. For example, Under Armour, Inc. introduced its latest smart shoe HOVR Sonic2, display features such as step tracking, distance covered and instant health stats and smartphone connectivity.
Female end user segment of the market is expected to witness the fastest CAGR of 20.5% from 2019 to 2025 owing to the rising sports culture and consumer awareness coupled with increased female participation in various sporting events. For instance, Olympic Games, International Women’s Cricket, and Grand Slam Tournaments are witnessing increased female participation, which is expected to positively influence the demand for smart shoes.
Based on distribution channel, specialty stores held the largest market share of 64.1% in 2018, owing to easy availability and wide distribution network of these stores. Rising number of footwear stores in developing countries owing to increasing preference for new and smart wearables has added to the demand for these stores in countries such as Brazil, India, and China. Mass brands such as Nike Inc.; Under Armour, Inc.; Adidas AG; and Xiaomi among others have multiple outlets featuring shoes and other sports accessories across different parts of the world.
Asia Pacific is expected to expand at the fastest CAGR of 21.3% from 2019 to 2025. Rising number of sports tournaments in the region is projected to drive the consumer awareness regarding different sports as well as the importance of fitness, which in turn is anticipated to fuel the regional product demand in the forthcoming years.
Smart Shoes Market Report Highlights
· In terms of revenue, North America held the largest market share of around 39% in 2018
· Male end user segment held the largest market share of over 50% in 2018 and is anticipated to continue leading over the forecast period
· Online distribution channel segment is projected to expand at a CAGR of 20.6% during the forecast period
· The smart shoes market is highly competitive in nature with the presence of key players including Nike Inc.; Adidas AG; Under Armour Inc.; Digitsole; Puma SE; Salted Venture; TRAQshoe; Vivobarefoot; Xiaomi Corporation Limited; and ShiftWear
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Key Smart Shoes Company Insights
Some of the companies in the smart shoes market include Nike, Inc.; Adidas AG; Under Armour, Inc.; Puma SE; Xiaomi.; Altra Running; ASICS Corporation. Vendors in the market are focusing on increasing their customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, partnerships, and collaboration with other major companies. For instance, in January 2024, Hyperice and Nike, Inc. entered into a footwear & apparel collaboration and created the Nike x Hyperice boots and vest, wearable technology that is expected to help athletes in recovery during training and competition.
Key Smart Shoes Companies:
The following are the leading companies in the smart shoes market. These companies collectively hold the largest market share and dictate industry trends.
· Nike, Inc.
· Adidas AG
· Under Armour, Inc.
· Puma SE
· Xiaomi.
· Altra Running
· ASICS Corporation
· Digitsole Pro
· Li-Ning Company Limited
About Grand View Research:
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit www.grandviewresearch.com
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Sherry James
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Grand View Research, Inc.
Phone: 1-415-349-0058
Email: [email protected]
