Rockville, July 20, 2023 (GLOBE NEWSWIRE) -- As per a new research report by Fact.MR, a provider of market research and competitive intelligence, the Smart Shoes Market stands at US$ 270 million in 2023. Worldwide demand for smart shoes is projected to rise at an exceptionally high CAGR of 22.8% through 2033. Surging sales of smart shoes are attributed to their rapidly growing use in sports and fitness activities.
- Nike, in September 2021, launched smart shoes with a theme of Oklahoma Sooners. These shoes feature better body balancing and lightweight capabilities.
The smart shoes sector is expected to grow due to the development of footwear that caters to the needs of older individuals and those focused on maintaining their health. Furthermore, the rising research and development efforts aimed at technological enhancements, such as incorporating sensors with alert capabilities for speed regulation and obstacle detection, are anticipated to drive the demand for smart shoes.
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Smart shoes, although resembling regular footwear, have special features that work in conjunction with users' smartphones. They are insole devices equipped with sensors that enable various functionalities such as navigation, receiving vibrations, calculating calorie burn and steps, and more. By connecting smart shoes to their smartphones via Bluetooth, users can access information about their engagement in different physical activities.
Key Takeaways from Market Study
- The global smart shoes market is valued at US$ 270 million in 2023.
- Worldwide demand for smart shoes is predicted to increase at a CAGR of 22.8% from 2023 to 2033.
- The market is set to reach a valuation of US$ 2.11 billion by the end of 2033.
- The adults segment is projected to expand at a CAGR of 20% through 2033.
- Sales of smart shoes in the United States are forecasted to reach US$ 597 million by 2033-end.
- Demand for step-counting shoes is set to accelerate at 22.9% CAGR through 2033.
- The Indian market is forecasted to expand at a CAGR of 28.3% and reach US$ 202 million by 2033.
- The smart shoes market in China is estimated to reach US$ 697 million by the end of 2033.
“Increasing popularity of fitness tracking and growing emphasis on monitoring health metrics are set to drive the adoption of technology integrated into fitness products, including smart shoes,” says a Fact.MR analyst.
Competitive Landscape
Maintaining product standards, strengthening supply chain management systems, quality control, and several other similar initiatives are taken by manufacturers of smart shoes to enrich their product portfolio to extend their reach globally.
For instance:
- Curry Brand, in 2021, launched Curry Flow 9 shoe, which is a collection of seven-part footwear.
- In 2020, Google teamed up with EA Sports and Adidas for the production of smart shoes under its project, named jacquard smart clothing technology.
Key Companies Profiled
- Under Armour, Inc.
- Digitsole
- Nike, Inc.
- PUMA SE
- Adidas Group
- Salted Venture Inc.
- Sole Power, LLC
- No New Folk Studio Inc.
- Intellinium
- Powerlace Technology Inc.
- B-Shoe Ltd.
- Li Ning Company Limited
- Zhor-Tech.
- 361 Degrees International Limited
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Propensity Towards Healthy Lifestyle and Rising Demand for Smart Gadgets
In recent years, there has been a significant increase in demand for smart gadgets around the world. Increased disposable income is leading to heightened spending capacities and therefore propelling sales of smart gadgets. The willingness of consumers to invest in fitness and healthcare products without hesitation is playing a significant role in the success of the smart shoes industry.
The growing inclination of individuals towards adopting a healthy lifestyle has led to increased engagement in physical activities. As a result, there is a demand for tracking and monitoring their physical participation, which has contributed to the sales of smart shoes. These shoes also help improve participants' walking posture and technique.
Segmentation of Smart Shoes Industry Research
- By Type:
- Step Counting
- Positioning
- Navigation
- By End User:
- Adults
- Children
- Senior Citizens
- People with Disabilities
- By Sales Channel:
- Modern Trade
- Convenience Stores
- Specialty Stores
- Multi-brand Stores
- Online Retailers
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the smart shoes market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on type (step counting, positioning, navigation), end user (adults, children, senior citizens, people with disabilities), and sales channel (modern trade, convenience stores, specialty stores, multi-brand stores, online retailers), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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