NEWARK, Del: , Oct. 18, 2022 (GLOBE NEWSWIRE) -- The global smart shoe market is valued at US$ 231.4 Mn as of now and expected to reach US$ 608.2 Mn by the year 2032 at a gracious CAGR of 10% between 2022 and 2032.
The footwear vertical is subject to innovations at a large scale. Technological features are being integrated in the shoes, which are helping the users to track movements in a better manner. These features include integrating smart wearables with shoes. As such, the users are able to get personalized feedback with regards to steps, calories, fatigue, posture, and likewise. Self-lacing shoe is another technology creating ripples in the market.
The end-consumers are showing readiness toward shelling out more on footwear to have the convenience factor handy. The ‘Footwear Distributor and Retailer of America’ has stated that the year 2020 alone witnessed spending on footwear close to US$ 76.9 Bn in the US. Along these lines, Adidas Group went on records to state that Adidas invested around US$ 170.21 Mn in extensive research in the year 2019.
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Artificial Intelligence is being integrated with IoT (Internet of Things) to render technically sounder smart shoes. The end-customers are at a tremendous ease when it comes to ‘smart safety’, as they come across as a mixture of modern and conventional design. These factors, on the whole, are altering dynamics of smart shoe market and the scenario is expected to persist even in the forecast period.
One more feature to look into is that manufacturers are extensively investing in research and also studying the consumers’ behaviour for understanding the need. Start-up players are also showing inclination towards accelerating smart shoe market by adding the latest technological features, so as to draw a bigger consumer base.
Specialty stores have come up in this regard. The developed economies are more into catalogue shopping, which has resulted in organizing better PR campaigns on the part of manufacturers. Mass brands like Under Armour, Inc., Nike, Inc., and Xiaomi are opening multiple outlets that feature footwear and various other sports accessories all over. Plus, penetration of internet in Canada, China, Brazil, and India has increased the sales of smart shoe market manifold.
The purchasers’ decisions are positively influenced by social media promotion along with advertisements. The online retail channels are operating in full swing in Germany, the UK, and the US. Future Market Insights has, through its line of expertise in the form of analysts and consultants, highlighted these facts with future prospects in its latest market study entitled ‘Smart Shoe Market’.
Key Takeaways from Smart Shoe Market
- North America holds the largest market share due to a major section of population involved in numerous physical activities, followed by the Europe.
- Coming to the Asia-Pacific, retail sales through online means in Singapore, South Korea, and China were US$ 32 Bn, US$ 406 Bn, and US$ 5,957 Bn respectively in the year 2019. This data was released by UNCTAD.org.
“The end-consumers are more into elegance through smart footwear, which would serve the purpose of tracking health as well. The smart shoe market would thus go great guns in the near future”, says an analyst from Future Market Insights.
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Competitive Insights
- Puma, in February 2019, announced release of the self-lacing shoe to counter Nike in smart shoe market.
- Myntra, in April 2018, declared that it had acquired Witworks with the objective of helping the latter to launch products like smart watch, smart shoes, and intelligent clothing.
- Curry Brand (powered by Under Armour), in 2021, came up with 7-part footwear collection called ‘Curry Flow 9 shoe’.
- Xiaomi, in February 2019, announced launching its new-fangled water-resistant Mijia Smart Shoes with built-in Intel Curie chip processor. This product is capable of distinguishing amongst walking, running, and climbing and could measure overall calories burnt through Mi Fit App.
What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the smart shoe market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on product type (step counting shoes, positioning shoes, and navigation shoes), by end-user (adult, children, and senior citizen), by consumer orientation (male, female, unisex, boys, and girls), by application (healthcare footwear, smart safety footwear, sports footwear, and comfort footwear), and by sales channel (modern trade, convenience stores, specialty stores, multi-brand stores, online retailers, and other sales channel).
Smart Shoe Market by Category
By Product Type:
- Step Counting Shoes
- Positioning Shoes
- Navigation Shoes
By End User:
- Adult
- Children
- Senior Citizen
By Consumer Orientation:
- Male
- Female
- Unisex
- Boys
- Girls
By Application:
- Healthcare Footwear
- Smart Safety Footwear
- Sports Footwear
- Comfort Footwear
By Sales Channel:
- Modern Trade
- Convenience Stores
- Specialty Stores
- Multi-Brand Stores
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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Table of Content
1. Market Overview
1.1. Market Taxonomy
1.2. Market Definition
2. Key Market Trends
2.1. Key Trends Impacting the Market
2.1.1. Increasing Demand For Smart Wearable
2.1.2. Strategic Partnership Between Footwear Giants and Technology Providers
2.1.3. Marketers Reach Out To Millennial
2.1.4. Desirable Claims By Manufacturers & Brand Owners
2.1.5. Growing Adoption of Smart Technologies
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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