As per newly released data by Future Market Insights (FMI), the smart shoe market is estimated at US$ 231.4 Mn in 2022 and is projected to reach US$ 608.2 Mn by 2032. The market grew at a CAGR of 7.6% from 2016 to 2021. The smart shoe market holds a minor amount of share of ~0.5% in the overall footwear market, but it is anticipated to alter over the next decade.Close to half a million pairs of smart shoes were sold in 2022, as indicated by a recent study of Future Market Insights (FMI). An average 22% Y-o-Y growth is envisaged for the revenue of smart shoe market, over the coming years. More than 1/3rd of the global sales of smart shoes is accounted by North America, followed by Europe. FMI’s report prompts at significantly high potential for smart shoe market in APEJ.
|Estimated Smart Shoe Market Size 2022||US$ 231.4 Mn|
|Projected Smart Shoe (2032) Market Size||US$ 608.2 Mn|
|Value CAGR (2022-2032)||10.0%|
|Smart Shoe Market Top Players Share in 2021||25%-30%|
Functionality & Feature Upgrade – Key to Succeed in Smart Shoe Industry
As increasing consumer proclivity for health and fitness related products has been elevating the prospects of smart wearables landscape, it is highly likely that smart shoes will also establish a firmer base in coming years. Functional capabilities of smart shoes tracking the data of running or walking, running routes, calories burned, and activity speed will continue to place smart shoes in today’s desirable products category.
Other important technologies such as GPS navigation are also likely to uplift applicability of smart shoes in the tech savvy age. According to FMI’s analysis, navigation shoes will remain bestselling in the smart shoe market, accounting for more than half of the global smart shoe sales. Step counting smart shoes are also cited as a popular category among consumers of smart shoes.
With leading manufacturers of smart shoes concentrating on enhancing overall customer experience by investing more efforts in improving the cushioning effect, stability, road-holding ability, breathability, shock absorption, and light weight, the report is anticipating more innovation in the smart shoe industry, translating into higher traction for innovative offerings in the smart shoe category.
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Key Manufacturers of Smart Shoes Preferring Technological Collaborations, Targeting New Product Launches
The market is dominated by global brands such as Under Armour, Nike, and Puma among others. However, the study highlights that Chinese players have been strategizing on strengthening their market footprint, recently, boosting the level of competition further.
Moreover, relatively smaller, private-label brands are securing their position in the global smart shoe market by offering competitively priced products, which is likely to emerge as a point of concern for industry giants in the long run.
From Nike’s self-lacing sneakers launched a couple of years ago, followed by Li Ning’s smart shoes enabled with military-grade motion sensors, in partnership with Xiomi, product innovation has been the most preferred developmental strategy among leading players.
Over innovation, leading companies in smart shoe market are entering strategic partnerships with tech giants.
The strategic partnership between SR Max (SR Max Slip Resistant Shoes) and Sole Power, LLC to jointly develop self-charging smart work boots, and that between Genesis Rehab Services and Sensoria Fitness for the development of a smart footwear product for diabetes patients, mark some of the recent examples.
Puma’s relaunch of the oldest RS-Computer Shoes (2022) initiated a trend wave of launching older products in the category, with technological and feature upgrade.
The report has a dedicated section for strategic profiles of some of the most prominent players actively competing in the global smart shoe market landscape. A few among them include Puma, Under Armour, Adidas, Li Ning (Xiaomi), Nike, Salted Venture, Digitsole, Orphe, Powerlace, Intellinium, GTX Corp, Lechal Company, EasyJet, and E-Vone.
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Smart Shoe Market By Category
By Product Type:
- Step Counting Shoes
- Positioning Shoes
- Navigation Shoes
By End User:
- Senior Citizen
By Consumer Orientation:
- Healthcare Footwear
- Smart Safety Footwear
- Sports Footwear
- Comfort Footwear
By Sales Channel:
- Modern Trade
- Convenience Stores
- Specialty Stores
- Multi-Brand Stores
- Online Retailers
- Other Sales Channel
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.