Smart Shoes Market to Hit $223.4 Million By Value at Exponential CAGR of 9.1% Through 2026

According to a new report published by Allied Market Research titled, "Smart Shoes Market by Product Type, End User and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019 - 2026," The global Smart Shoes market size was valued at $115.3 million in 2018, and is projected to reach $223.4 million by 2026, growing at a CAGR of 9.1% from 2019 to 2026. In 2017, North America accounted for nearly 44.5% share of the Smart Shoes market.

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Rise in demand for wearable products, advent of smart shoes for elderly people, and increase in demand from the healthcare industry are expected to propel the growth of the global smart shoe market. The specialty store segment held the largest share in 2018, contributing more than two-fifths of the market share where as the Asia-Pacific region is expected to manifest the fastest CAGR of 10.6% during the forecast period.

The smart shoes industry has been evolving in terms of its key features and specifications. Manufacturers focus on key innovations that cater to the requirements of its target customers. For instance, Nike, one of the key players in the shoe market, launched innovative self-lacing HyperAdapt 1.0 Shoe that come with pressure sensors in the soles that sense and triggers an algorithm that allows automatic lacing. In 2018, Under Armour launched two new sets of smart shoes that have inbuilt sensors that help maintain a record of the data required by the runners.

There is an increase in the awareness for health and wellness among most of the people residing in the developed as well as the developing countries around the globe. . This has led customer to indulge in various types of physical activities, such as jogging, running, and other sports activities. Among these health-conscious consumers, there are a set of customers that have taken their health enhancement process to the next level by indulging into performance enhancement programs. They keep a track of their performance and health on daily basis. This results in demand for various types of wearable products that help track their performance, such as distance covered along with the data for calorie or fat loss after every workout. Smart shoes are one such products that gain traction among fitness enthusiasts.

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Smart shoe market has witnessed higher rate of penetration in North America as well as Europe. However, there is low availability for this product in some of the major parts of Asia-Pacific as well as LAMEA, which is attributable to some of the low performing macro-economic factors. Thus, lower penetration of such products results in lower value share in the global smart shoes. This in turn limits the global smart shoes market growth.

There has been an increase in number of users in various social media sites with the rise in internet penetration. Taking this into consideration, most of the key players in the smart shoes market strategize on promoting their products and services on these social media platforms. Thus, through social media marketing strategy, global smart shoes market sights critical opportunity in gaining traction and eventually increase its registration among its target segments.

The market across North America held the largest share in 2018, contributing more than two-fifths of the market, owing to inclination of people to opt for wearable devices in the region. However, the Asia-Pacific region is expected to manifest the fastest CAGR of 10.6% during the forecast period, owing to increased production of smart shoes and surge in demand for wearable products in the region.

The key players profiled for Smart Shoes market include Adidas AG, Digitsole, Nike Inc., Puma SE, Salted Venture, TRAQshoe, Under Armour Inc., Vivobarefoot Limited, Xiaomi Corporation, Zhor-Tech.

Key Opportunities and Demands for the Expansion of Smart Shoes:

○ Health and Fitness Tracking:
Opportunity: Smart shoes can be equipped with sensors to monitor various health and fitness metrics, such as step count, distance walked, calories burned, and even gait analysis.
Demand: With a rising focus on health and fitness, consumers are increasingly seeking convenient and integrated solutions to monitor and improve their well-being.

○ Navigation and Location Tracking:
Opportunity: Smart shoes with GPS capabilities can assist in navigation and location tracking, providing users with real-time directions and the ability to track their movements.
Demand: This feature is valuable for outdoor activities, hiking, and for individuals who often find themselves in unfamiliar places.

○ Connectivity and Integration:
Opportunity: Integration with smartphones and other smart devices allows users to receive notifications, control music playback, or even answer calls directly from their shoes.
Demand: Consumers are looking for seamless connectivity between their wearable devices, creating a more integrated and streamlined user experience.

○ Biometric Monitoring:
Opportunity: Smart shoes can incorporate biometric sensors to monitor physiological parameters like heart rate, temperature, and even stress levels.
Demand: With an increasing awareness of the importance of health monitoring, there is a demand for wearable devices that provide comprehensive biometric data.

○ Customization and Style:
Opportunity: Offering customizable designs, colors, and materials for smart shoes allows consumers to personalize their footwear, catering to individual preferences.
Demand: Style-conscious consumers are more likely to adopt smart shoes if they align with their fashion preferences.

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Key Findings of the Smart Shoes Market:

○ In 2018, based on product type, the smart walking shoes segment accounted for around 40.3% Smart Shoes market share, growing at a CAGR of 9.8% from 2019 to 2026.
○ In 2018, based on end user, the men segment accounted for 53.9% share of the Smart Shoes market and is expected to growth at the highest CAGR of 9.0%.
○ In 2018, based on region, North America accounted for a prominent market share and is anticipated to grow at a CAGR of 8.7% throughout the forecast period.

Key Benefits for Smart Shoes Market:

○ The report provides an extensive smart shoes market analysis of the current and emerging market trends and opportunities.
○ The report provides detailed qualitative and quantitative analysis of the current smart shoes market trends and future estimations that help evaluate the prevailing smart shoes market opportunity.
○ A comprehensive analysis of the factors that drive and restrict the smart shoes market growth.
○ An extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
○ The report provides extensive qualitative insights on the potential segments or regions exhibiting favorable growth.

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