China leads the smart shoes market in terms of market share as well as the CAGR. The region is expected to cross a value of US$ 696.2 million by 2033, while it thrives on a very strong CAGR of 35.7% during the forecast period. Smart shoe sales in East Asia are expected to register a CAGR of 15.1% from 2023 to 2033. China is one of the most prominent regions in the footwear industry that is contributing towards market growth on the back of key brands present in the region. These brands are implementing different strategies such as the launch of a US$ 30 shoe in the regional market by Xiaomi.
Smart Shoes Market Outlook (2023 to 2033)
The smart shoes market is likely to expand its roots at a robust CAGR of 22.7% during the forecast period. The market is expected to hold a share of US$ 269 million in 2023 while it is anticipated to cross a value of US$ 2.1 billion by 2033.
The smart shoes market outlook states that the changing design and fashion along with the higher penetration of the latest technology into the footwear industry is anticipated to raise market demand. Furthermore, connected technology for a better run with wearable fitness trackers and smart clothing is driving the market. The current young generation adopting the latest technological trends along with smart footwear, advanced smart shoes not only track the activity and the distance covered by the end users, but also involve sensory technology, gyroscope, accelerometer, pressure sensors, GPS, altimeter, and processor, and the gyroscope functions in detecting the shoe’s tilt and rotation as the foot moves while walking or running, are aspects fueling the market growth. Although, the pressure sensors track the weight and impact distribution on the foot that further measuring the potential injury spots.
The end user looks for a footwear solution that also tracks their location and delivers halt options between the running stoppages. To improve the running style, the processor suggests new running styles in order to enhance the running experience. Advanced connectivity options such as Bluetooth helps in transmitting data to your smartphone. This smart shoe technology involves different options like smart shoes for runners, gamers, and senior citizens. While these shoes are beneficial in enhancing the overall running experience through data tracking and running suggestions, gaming shoe technology turns real-life athletic performance into in-game scores. For instance, Google, Adidas, and EA Sports have partnered to deliver smart-tech shoes that perform similarly. The technology also helps senior citizens if used diagnostically while tracking data can aid rehabilitation and regeneration after an accident or injury.
How
is the Future Outlook for Smart Shoes Market in Comparison to the Historical Pattern?
Short-term Growth: From 2017 to 2022, the global smart shoe market registered a CAGR of 21.5%. The footwear market across the globe had witnessed substantial growth in the past few decades. The increasing adoption of smart footwear in sports as well as the inclination of the population towards luxury and comfort footwear has given rise to the smart shoe market. The market for smart shoes in sports is expected to gain traction with the betterment in shoe material quality and other characteristics such as water-resistant, and self-lacing shoes.
Mid-term Growth: The increasing awareness regarding the use of synthetic leather in smart shoes has attracted a substantial population in recent years, alternatively boosting the market for the smart shoe. The increasing fad of sustainable footwear towards the growing significance of environment preservation and opposition to animal cruelty has fueled the market for footwear that is made using synthetic products.
Long-term Growth: The global market is projected to expand at a significant CAGR during the forecast period. Owing to the fast-pacing trend of smart wearables and increased frequency in the innovation of such products the manufacturers are highly investing in the creation of their products to cater to the increasing needs and demands in the market. Considering these factors, the market is projected to witness a CAGR of 22.7% to reach US$ 2.1 billion by 2033. The craze for technological innovations is likely to increase the average growth rate by the end of the forecast period.
How is the Increasing Adoption of Smart Wearables Helping the Market Growth?
Smart wearables have become the key aspects that influence the purchase decision of customers. The smart wearable is expected to be the prominent market of front-line organizations. The smart shoe market is continuously growing and improving, and market players are focused on introducing new types of footwear in the market. Customers choose their preferred footwear based on attributes such as comfort, technology, features, versatility, style, speed, and design.
Consumers seek value addition in products that they chose to purchase, due to which products such as smart shoes are gaining traction in the footwear market. Organizations are intensively involved in research and development to introduce new & innovative products, which is expected to help boost their customer base.
In the race to be ahead of brands such as Nike and Puma, market players are focusing on introducing smart shoes that are specially designed for various purposes such as basketball, golf, and other sports.
Factors Contributing to the Market Growth
· Product innovation is at its peak in the footwear industry. Thus, the integration of technological features in shoes is helping users to understand movement better.
· Ground-breaking innovations in smart shoes that count steps and tie lace are being preferred by millennials and generation Z. In addition, personalized feedback provided by smart shoes is gaining traction in the market.
· Integration of personal smart wearables with smart shoes is fueling the growth of the market owing to easy access to real-time insights.
Opportunities in Smart Shoes Market
The market for smart shoes is still at a nascent stage. Thus, manufacturers of smart shoes are investing in research and development and studying consumer behavior to understand the requirement. In addition, start-up players have shown a keen inclination in revolutionizing the smart shoe market and are adding technological features to attract a larger consumer base
The combination of smart wearables along with the integration of smart shoes is shaping the landscape of the smart shoe market. in the upcoming years, smart shoes are expected to help disabled people to walk. This is expected to be a key change and companies and users are expected to benefit from same.
Competition Scenario
Companies operating in the market are aiming at unique and focused differentiating strategies to expand their business landscape and address the demand of an expanding pool of consumers. There are various noticeable techniques that vendors adopt in order to enhance the user experience as well as the manufacturing approach.
· Footwear-Technology Amalgam: Companies focus on providing advanced technology to their end users hence it collaborates or partner with the brands that are the ace in innovation. The smart shoe gets its strength and durability from the footwear while it gets the best of technology from the technological giants. For example, Google teamed up with Adidas and EA sports in 2020 to produce smart shoes under its project jacquard smart clothing technology.
· Fitness Promotion is the Key: The brands target the end users that are looking for ease in documenting and tracking their workout vitals such as steps, speed, and distance. Thus, leading brands cover this minimum criterion in order to produce smart shoes. For example, a Smart Indian startup named Boltt gas offered smart shoes with an added layer of AI. This shoe tracks the vitals, and running style and suggests a better running approach with the help of artificial intelligence.
Recent Market Developments
· In 2021, Curry Brand, powered by Under Armour, launched a seven-part footwear collection named Curry Flow 9 shoe.
· Ajanta Shoes has introduced its AI-inspired smart shoe, Impakto, which is the first ‘Made in India’ smart footwear.
These insights are based on a report on Smart Shoes Market by Future Market Insights.
