Smart Shoes Market to Grow by USD 984.9 Million (2024-2028) as Product Innovation and Premiumization Drive Revenue, with AI Powering Market Transformation - Technavio

NEW YORK, Sept. 20, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global smart shoes market size is estimated to grow by USD 984.9 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 28.4% during the forecast period. Increasing product innovation leads to increasing premiumization is driving market growth, with a trend towards provision of personalized fitness coaching However, proliferation of wearable fitness devices poses a challenge - Key market players include Adidas AG, Alegria Shoes, ASICS Corp., Digitsole, Ducere Technologies Inc., ELTEN GmbH, FeetMe, Groupe Artemis, Li Ning Co. Ltd., Nike Inc., Powerlace Technology Inc., ReTiSense Inc., SALTED Co. Ltd., Sensoria Inc., Sole PowerTech, Under Armour Inc., UVEX WINTER HOLDING GmbH and Co. KG, Vivobarefoot Ltd., W. L. Gore and Associates Inc., and Xiaomi Communications Co. Ltd..

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Key Market Trends Fueling Growth

The global smart shoes market is experiencing significant growth and increased competition, leading vendors to invest in continuous innovation. New features, such as personalized coaching, have been introduced, enabling shoes to suggest diet intake, monitor physical activity goals, and offer improvement plans based on workout plans. These advanced smart shoes are designed to guide users in their physical activities, preventing mistakes, and promoting proper execution. The integration of personalized coaching in smart shoes is anticipated to fuel market expansion throughout the forecast period. 

The Athletic footwear industry is experiencing a significant shift with the rise of smart shoes. Academic institutions and athletes are adopting advanced technologies like Digitsole's electrical systems for gait analysis and form improvement. Active lifestyles and awareness for fitness have fueled the demand for digitally connected shoes. AC championships and Grand Slam Tournaments are embracing this trend, with athletes seeking advanced features like calories burned tracking and flexible designs. The market is witnessing customised smart shoes for various core applications, including aerobics, climbing, and cycling. However, the high cost and limited awareness among the general public are challenges for business development. Cash flow analysis indicates a positive trend, with sales of designer smart shoes increasing. Comfort remains a priority, with some shoes featuring GORE-TEX laminates for heat and moisture management. The adoption of smart shoes is a testament to the changing lifestyles and the importance of staying active.

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Market Challenges

• The global smart shoes market is experiencing significant growth due to the increasing demand for footwear with advanced features, particularly among athletes and fitness-conscious consumers. Smart shoes offer benefits such as tracking step counts, suggesting healthy diets based on physical activity, and more. However, the market faces competition from smart fitness wearables like the Apple Watch and Fitbit bands, which also provide fitness-related features. The market growth may be hindered by the increasing adoption of these wearables and their relatively lower price point compared to smart shoes. The global smart fitness wearable devices market is projected to expand at a CAGR of nearly 5% during the forecast period, potentially impacting the growth of the smart shoes market.
• The smart shoes market is experiencing a surge in growth due to rising disposable income and increasing investments. Consumers are looking for innovative solutions that enhance their physical activities, from running to swimming. Smart shoes, equipped with sensors and power-lacing systems, offer performance tracking and posture correction. Positioning these shoes as must-haves for sports professionals and sports stars is key. Online sales are driving the industry's growth, with start-ups and established brands launching new products at a record pace. Smart shoes come in various sizes and designs, catering to diverse consumer needs. Sensors monitor steps, stride, and track cadence, providing valuable data for fitness enthusiasts. Protection, ventilation, and comfort are essential features. Surround technology and refrigerator technology offer additional benefits. Profit ratio analysis is crucial for companies to stay competitive. Product innovation, such as ShiftWear's pressure sensors, sets new standards. The potential for smart shoes in yoga and trekking is immense. Smart devices integration and TV advertising strategies further boost sales.

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Segment Overview

This smart shoes market report extensively covers market segmentation by

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. End-user
• 2.1 Adults
• 2.2 Senior citizens
• 2.3 Users with disability
• 2.4 Kids
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Offline- The offline distribution channel, consisting of brick-and-mortar stores, dominated the smart shoes market in 2023. This segment's dominance can be attributed to several factors. Firstly, the convenience of directly contacting vendors and receiving product demonstrations. Secondly, the large stock keeping units (SKUs) enable a wide product variety. Thirdly, the availability of various brands at multi-store retail units and dealers. Specialty stores, including STADIUM GOODS, and brand stores, such as Nike, are significant revenue sources. Customers prefer specialty stores due to their extensive product offerings and sales force's technical expertise, providing personal assistance on smart technology and features. The offline segment's growth is expected to continue driving the global smart shoes market expansion during the forecast period.

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Research Analysis

The Smart Shoes Market is witnessing significant growth due to the increasing integration of technology into everyday footwear. The market is driven by various factors, including the rising disposable income, the popularity of smart devices, and the increasing trend of incorporating sensors and electrical systems into footwear. Fitness peripherals, such as smart running shoes, are gaining popularity among consumers for their comfort, protection, and advanced features like pressure sensors, microchips, and batteries. Market basket analysis and profit ratio analysis are essential tools used to understand consumer behavior and market attractiveness. Smart shoes are not limited to sports professionals and athletes but are becoming a must-have for individuals engaging in physical activities. The market for smart technology shoes is expected to grow further as electrical systems and sensors become more affordable and accessible.

Market Research Overview

The Smart Shoes Market is witnessing significant growth due to the increasing adoption of advanced technologies and changing lifestyles. With the athleisure trend gaining popularity, people are opting for digitally connected footwear that offers advanced features such as gait analysis, calories burned, and performance tracking. Academic institutions and athletic footwear industry are investing heavily in research solutions to develop customised smart shoes with electrical systems, microchips, and pressure sensors. Active lifestyles, including jogging, cycling, hiking, and aerobics, are driving the demand for these shoes. The market is not limited to athletes but also caters to the general public seeking comfort and fitness benefits. Flexible smart shoes with lace-less features and power-lacing systems are gaining traction. The high cost of these shoes remains a challenge, but the potential for profit ratio analysis and business development is immense. Brands are exploring designer smart shoes, inertial-magnetic measurement units, and positioning systems to offer unique features and enhance user experience. The market is expected to grow further with the increasing awareness of health and fitness, especially among females, and the Fit India Movement. Smart shoes are not just footwear; they are a statement of style and a tool for monitoring navigation, posture, and form improvement. With advancements in battery technology, moisture management, and heat regulation, these shoes are becoming essential for those leading active lifestyles. The market is also witnessing the integration of mobile phones and fitness peripherals, making these shoes an integral part of our daily lives. The market is expected to grow further with the rising disposable income, investments in technology, and the increasing participation of females in sports and fitness activities. Grand Slam Tournaments, Olympic Games, and International Women's Cricket are some of the key events driving the market's growth. The market is poised for significant growth in the coming years, with potential applications in various core markets, including hiking, climbing, and running. GORE-TEX laminates, Refrigerator, and Hues are some of the emerging trends in the market, offering protection and style to users. The market is also witnessing the integration of advanced technologies such as firmware and heat sensors to offer customised solutions to users. The market's future looks bright, with the potential for significant growth in various applications, including fitness activities, sports, and everyday wear. In conclusion, the Smart Shoes Market is a growing industry that offers advanced features, comfort, and style to users seeking to lead active and healthy lifestyles. With the increasing awareness of health and fitness, the market is expected to grow further, driven by technological advancements, changing lifestyles, and rising disposable income. The market offers significant potential for businesses and investors seeking to capitalize on the growing demand for digitally connected footwear.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Offline
• Online
• End-user
• Adults
• Senior Citizens
• Users With Disability
• Kids
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio