Smart Shoes Market size was valued at $189 million in 2020 and is anticipated to reach $298 million by 2026 growing at a CAGR of 8.8% during the forecast period 2021-2026. The smart shoes industry growth rate is attributed to the rising popularity of smart wearable’s pertaining to increased participation in sports and fitness activities and is expected to bring new opportunities. Smart shoes are based on smart technology, and they are designed to be remotely linked to a user's smartphone, from which a variety of data can be collected. Traditional footwear can now be paired with a number of features such as self-lacing, insoles that allows a consumer to gain insights into different aspects of daily life owing to technological advancements. Smart shoes communicate via Bluetooth and have built-in sensors that track distance traveled on foot, calories burned, and other biometric data related to health. The shoe's sensors can be synced with Google Maps, enabling the user to get precise driving directions. Smart shoes send notifications to the user via vibrations as well as onscreen to the linked smartphone. Furthermore, product innovation and cutting-edge technologies have been at the forefront of driving the trend of smart wearable’s and has thus been quite influential in driving the growth of the global smart shoes market as well.
Smart Shoes Market Segment Analysis - By Distribution Channel
On the basis of distribution channel, specialty stores segment accounted for the largest segmental revenue of the smart shoes market in 2020. The specialty stores segment held the largest market on account of the fact that the consistent increase in number of footwear retail outlets in countries such as Brazil, India, and China is anticipated to positively impact the segment growth. Mass brands such as Nike Inc., Under Armour Inc., and Xiaomi among others have multiple outlets featuring footwear and other sports accessories across various regions. In addition, rising trend of catalogue shopping in developed economies provide pleasant shopping experience to consumers which are also poised to increase the importance of specialty store outlets.
On the contrary, online segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 9.9%. The prime factors supplementing the growth of this segment owing to an increasing influence of digital media and social media marketing, increasing internet penetration in various countries such as India, China, Canada, and Brazil among others and is anticipated to continue driving the segment growth in the forecast period 2021-2026. Furthermore, rising consumer awareness regarding technologically advanced products and smart wearable’s owing to media bloggers and celebrity endorsements is anticipated to further fuel the segment growth.
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Smart Shoes Market Segment Analysis - By End Users
On the basis of end users, men segment accounted for the largest segmental revenue of the smart shoes market in 2020 and owing to the fact that dominance of male population in sports and gym activities is anticipated to further bode well for the segment growth and encourage product development. In addition, growing trend of athleisure in the footwear industry has resulted in increasing number of male consumers, are boosting the market growth of the male segment and is to continue during the forecast period 2021-2026.
On the other hand, women segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 9.0%. The women segment is to witness a healthy growth owing to increasing awareness regarding health and fitness coupled with increased spending capacity is anticipated to drive the segment growth. Moreover, rising popularity and participation in various women sports stars across numerous international games and championships such as Olympic Games, International Women’s Cricket, and Grand Slam Tournaments has increased the demand for smart products is anticipated to positively impact the growth of this segmental market growth.
Smart Shoes Market Segment Analysis - By Geography
North America is the major region dominating the Smart Shoes market with a market share of 38.16% in the year 2020. This can be attributed to the increasing product availability with mass brands in this region has increased the demand for smart shoes in online as well as offline channels. The U.S. leads the global market in terms of product demand with more consumer willingness to spend on fitness and body recovery products. Also, the market in North America holds a prominent share of the smart shoes market owing to the high consumer inclination toward fitness and healthy lifestyle coupled with presence of some of the leading professional competitions such as National Basketball Association (NBA), National Football Association (NFA), and National Hockey League (NHL).
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to owing to increasing urban population and adoption of fitness activities. Rapid growth of fitness industry implying increased investment on body exercising and body enhancing products foster the growth of the market in the region. Availability of advanced and innovative products coupled with increasing awareness regarding different sports is to fuel the demand for smart wearable products and sports accessories, which in turn drives the smart shoes market growth. Apart from this, the Asia-Pacific regions have witnessed surge in number of millennials and the millennials are the forefront users of various types of wearable products. Therefore, rise in number millennial population makes way for fostering the growth of the smart shoes market in the region.
Smart Shoes Market Drivers
Increasing Demand for Tracking And Evaluating Health Metrics
The smart shoes market is poised to receive upswing owing to increasing technological advancements in various sectors, such as in tracking and evaluating health metrics, is creating new and more lucrative opportunities in all markets. Moreover, rising awareness regarding health and wellbeing, and development of smart shoes is supporting growth of the overall shoe and footwear market. Apart from this, an increasing base of health-conscious individuals in countries around the world are focusing on leading healthy lifestyles, and many join the gymnasium, follow a strict diet routine, or participate in other fitness-related activities. In order to take fitness regimen to the next level, many health-conscious individuals have realized the benefits and advantages of maintaining a daily record of exercise activities, tracking progress, and other health-related parameters and aspects. Smart shoes help a user to maintain a record of the distance covered while running, walking, bicycling, and trekking, as well as the number of calories lost post a workout session.
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Smart Shoes Market Challenges
High Cost And Continuous Product Innovation
Despite several drivers, the high cost of smart shoe and continuous product innovation from different competitors is anticipated to hinder the growth of the established players in the global smart shoes market during the forecast period. 2021-2026.
Smart Shoes Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Smart Shoes Market. In 2020, Smart Shoes Market share is fragmented by the top ten players present in the market. Smart Shoes Market top 10 companies are Nike Inc., Adidas AG; Under Armour Inc.; Digitsole; Puma SE; Salted Venture; TRAQshoe; Vivobarefoot; Xiaomi Corporation Limited; ShiftWear.and others.
Acquisitions/Product Launches
In June 2019, Nike launched a new series of shoes in the market called the ‘Adapt BB’ The shoes have features such as self-lacing that can be controlled through an app on the user’s smartphone.
In February 2019, Xiaomi announced the launch of its new product water resistant Mijia Smart Shoes with a built-in Intel Curie chip processor. The product can distinguish between running, walking, and climbing and can showcase the total calories burned through the Mi Fit App.
In January 2019, Puma SE announced that it was launching self-lacing training shoes. The company used the brand new Fit Intelligence (Fi) technology platform to fine-tune and automate the Puma footwear for enhanced performance.
Key Takeaways
North America dominated the smart shoes market with a share of 38.16% in the year 2020.
The factors such as increasing adoption of technology and the rising popularity towards smart wearable are amongst the major factor projected to impel growth of smart shoes market.
Additionally, factors such as increasing demand for tracking and evaluating health metrics is projected to drive the adoption of technology integrated fitness products are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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