The smart shoe market is projected 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.
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.
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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.
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.
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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 (2018) 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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