The smart shoes market is anticipated to grow at an exponential CAGR during the forecast period. The smart shoes come with the embedded smartphone application technologies to support a range of tasks which otherwise can not be done with the standard shoes. The integrated technology in the smart shoes boosts the comfort, convenience, and good health of the user. With the high adoption of smart wearables such as smartwatch and fitness band, the high adoption of smart shoes is also anticipated all across the globe. The smart shoes market is primarily driven by the increasing activities of manufacturers in the global market in the form of new advanced technology-enabled shoes launches. 

Furthermore, the continuously changing lifestyle towards the adoption of healthy habits such as exercise, hiking, running, and many more are anticipated to present new expansion opportunities for the market. However, the high cost associated with the products will challenge the adoption of shoes, especially in price-sensitive economies. In addition to this, the low awareness coupled with the less penetration of technology will restraint the growth of the market during the forecast period. With the launch of new products, awareness is expected to increase, and prices of the product are expected to decrease which will provide a significant opportunity to the market. 

Segmental Outlook 

The global smart shoes market is segmented based on end-users and distribution channels. Based on the end-users, the market is sub-segmented into men and women. By distribution channel, the market is sub-segmented into online, supermarket/hypermarket, and specialty stores.

Men smart shoes segment will grow with a considerable growth rate

The men's smart shoes segment is anticipated to grow with a significant CAGR during the forecast period. The high growth of the segment is mainly attributed to a rising trend of athleisure in the smart shoes industry which in turn is attracting more men population in comparison to the female population. Additionally, the smart shoes companies are mostly focusing on shoes with athletic properties such as running, hiking, exercising, and since, the men engaged more in a sports activity hence a considerably higher growth can be witnessed in the segment.

Global Smart Shoes Market Share by End-Users, 2019 (%)

Regional Outlooks

The global smart shoes market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to witness significant growth with a substantial market share. It is attributed to the easy availability of the latest products due to the presence of a significant presence of global smart shoes distributor and retailer brands and high e-commerce penetration. In addition, the increased number of start-ups engaged in the designing of smart shoe technology and related products such as shoe sole and sensors will also boost the growth of the market in the region. Moreover, the increasing consciousness of the population towards a healthy lifestyle and fitness is also expanding the market share across the region.

Global Smart Shoes Market Growth, by Region 2020-2026

Asia-Pacific will show considerable market growth in the smart shoes market

Asia-Pacific is anticipated to witness a lucrative growth in the smart shoes market owing to the increasing number of domestic companies as well as global companies offering smart shoes in the region. Moreover, increasing disposable income, increasing smartphone, and e-commerce penetration will also drive the market growth. Besides, a huge base of young population and generation Z across the region that are early adopters of technologically advanced products is also presenting new expansion opportunities to the smart shoes market. 

Market Players Outlook

The key players of the smart shoes market include Adidas AG, Digitsole, Nike Inc., Puma SE, Under Armour, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including merger, & acquisition, funding to the start-ups, geographical expansion (physical as well as online), and new product launches to stay competitive in the market.

Recent Activities

• In March 2020, Adidas AG in partnership with EA SPORTS FIFA Mobile and Google launched Adidas GMR, an insole with a smart tag that can slip it into any cleat and it connects one’s soccer effort to the game. The data generated gets transferred to FIFA Mobile for Android or iOS. 
• In January 2019, Puma SE launched a Fi footwear style training shoe that is made for workouts and light running. The shoes employ a micromotor to power a uniquely configured cable system that laces the shoe, either through simply swiping on the Fi module up or down. The shoe also has a smart sensing capability that learns the shape of the foot of each user and adapts the fit of the shoe to the individual.

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global smart shoes market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.