Smart Shoes Market by Distribution Channel, End-user, and Geography - Forecast and Analysis 2023-2027

Smart Shoes Market Forecast 2023-2027

The Smart Shoes Market size is forecast to increase by USD 549.45 million, at a CAGR of 21.7% between 2022 and 2027. The market's expansion hinges on several pivotal factors. One such factor is the continuous stream of product innovations, which not only enhance the products but also drive premiumization, appealing to a wider consumer base. Moreover, there is a noticeable rise in awareness regarding healthy lifestyles and the importance of smart fitness products, contributing significantly to market growth. Additionally, the market is witnessing increased adoption of medical applications, showcasing the versatility and utility of these products across various sectors. This convergence of factors underscores the market's dynamism and potential for sustained growth, creating a conducive environment for further advancements and opportunities within the industry

What will be the size of the Market During the Forecast Period?

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Market Segmentation

This market report extensively covers market segmentation by distribution channel (offline and online), end-user (adults, senior citizens, users with disability, and kids), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

Market Dynamics and Customer Landscape

The market is driven by various factors such as Cash flow analysis indicating consumer spending patterns, Market basket analysis guiding product offerings, and Market attractiveness analysis identifying lucrative segments. PESTEL analysis assesses external factors affecting market dynamics, while Smart device integration enhances functionality. Challenges include addressing Consumer behavior shifts, ensuring the Protection of user data in Electrical systems, managing Microchips for efficiency, and sustaining Battery life. Trends indicate rising demand due to Rising disposable income and advancing technologies like Fitness peripherals and Sensors for enhanced performance monitoring. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The increased adoption of smart shoes in medical applications is notably driving market growth. Smart wearable products have recently witnessed a surge in popularity among patients with illnesses. Those who require external assistance for day-to-day physical activities are increasingly turning to these products, including individuals with weak bone density, such as elderly people prone to tripping over small obstructions, and Alzheimer's patients requiring ongoing care. However, sensors monitoring these patients' activities can be challenging due to hectic schedules. This challenge has led people to rely on technology, particularly fitness peripherals like smart shoes. Companies in this sector are continuously striving to develop products that can effectively address these needs.

Moreover, the Boltt smart sports shoe, for instance, provides athletes with information and warnings regarding their physical activity and its potential impact on their health. This product is also effective in alerting elderly individuals about their physical condition, helping prevent accidents. Numerous studies have also shown their effectiveness in treating osteoarthritis, where these shoes can notify wearers about their joint movements by using pressure sensors. Moreover, several companies in the global market have introduced navigational shoes to prevent Alzheimer's patients from getting lost, providing location information to family members. Hence, such factors will fuel the demand and growth of the global market during the forecast period.

Significant Market Trends

Strategic partnerships are an emerging trend in market growth. In order to create smart shoes with features other than those that are currently popular in the market, companies in the global market are forming strategic alliances with tech giants. The introduction of such cutting-edge features could further increase the demand for smart shoes around the world. In order to advance innovation and the release of smart shoes with a variety of features, smart shoe companies and various tech giants entered into a number of strategic partnerships in 2021.

Moreover, partnerships between smart shoe manufacturers and companies in other sectors, such as technology and personal care, will boost innovation and lead to the introduction of more standout products. As a result, this will increase the demand for smart shoes globally. Therefore, strategic partnerships will be a key trend for the expansion of the global market for smart shoes during the forecast period. 

Major Market Challenge

Low penetration in developing countries is a major challenge impeding the market. In developing nations like India, Singapore, China, Indonesia, and the Philippines, smart shoes are not widely used. The main cause of this is that consumers in developing nations are not aware of the advantages that are associated with wearing smart shoes. Additionally, these smart shoes' average selling price, which ranges from USD 100 to USD 500, is extremely high and prevents their widespread use in these nations.

Moreover, customers must also pay a high price for data usage on their mobile devices because these devices must remain constantly connected to smartphones for optimal performance. As a result, service users wind up paying extra fees to their telecommunication service providers for constant connectivity with smartphones and the high use of data. Therefore, the associated limitations and expenses that consumers must bear in order to purchase and maintain their smart shoes will limit their volume growth in the global market. Therefore, the low penetration in developing nations may pose a significant obstacle to the expansion of the global market for smart shoes during the forecast period.

Key Market Customer Landscape

The research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Who are the Major Market companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Powerlace Technology Inc. - The company focuses on researching, developing, and prototyping shoes. The key offerings include smart shoes such as Auto Lacing All Terrain, and Auto Lacing Urban.

The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• Adidas AG
• Alegria Shoes
• ASICS Corp.
• Digitsole
• Ducere Technologies Inc.
• ELTEN GmbH
• FeetMe
• Groupe Artemis
• Li Ning Co. Ltd.
• Nike Inc.
• ReTiSense Inc.
• SALTED Co. Ltd.
• Sensoria Inc.
• Sole PowerTech
• Under Armour Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Market?

The market share growth by the offline segment will be significant during the forecast period. Brick-and-mortar stores that sell goods in person are a part of the offline distribution channel. In 2020, this segment dominated the market due to factors like convenience in terms of contacting the vendor and briefing on the functionality of the products, large stock-keeping units (SKUs) that widen product variety, and availability of a wide variety of brands at multi-store retail units and dealers.

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The offline segment was valued at USD 127.06 million in 2017 and continued to grow until 2021. The two major revenue sources for the offline segment include specialty stores and brand stores.  Different brands of smart shoes are offered in specialty stores. Multi-branded stores and brand-specific stores are the two major categories of specialty stores. Due to their wide selection of goods, customers tend to favor such stores. Customers receive one-on-one assistance from the sales team's technical knowledge as they learn about the features and smart technology used in these smart shoes.  Thus, the offline segment is expected to drive the growth of the global market during the forecast period.          

Which are the Key Regions for the Market?

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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

Factors like the high adoption of modern technologies, enhanced purchasing power, and elevated product awareness boost the growth of the market in North America. The region's high disposable income contributes to the rising purchasing power, which affects consumer choices regarding lifestyle and a variety of other products. Furthermore, the market for smart shoes in North America is supported by health consciousness, which encourages participation in sports and fitness activities and is predicted to grow steadily during the forecast period. 

Running and fitness are two major outdoor activities that make up the bulk of workout schedules. Basketball, rugby, lacrosse, racing, and football are additional popular sports in North America. The Boston Marathon, the Chicago Marathon, and the New York City Marathon are a few of the well-known marathons held in North American nations like the US and Canada. The market in North America is therefore influenced by involvement in marathons and affiliation with sports that are funded by high disposable income.  This is because engagement in these physical activities raises the need for a device or supporting equipment that can monitor, train, coach, and assist in physical activities. The advent of smart shoes fulfills this need to a great extent. This, in turn, will influence the market growth in the region. 

Furthermore, the demand for smart shoes is rising as the millennial population (those between the ages of 18 and 29) grows in the US and Canada. This is due to the fact that this demographic is more active in physical activity and is more aware of their health and fitness. Additionally, when engaging in an exercise regimen, end users want to maintain their health and are willing to spend money on items like smart shoes. Because of their altering lifestyles, people are becoming more concerned about their health as the urban population in the US, Canada, and Mexico increases. Hence, the abovementioned factors will boost regional market growth during the forecast period. 

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Distribution Channel Outlook
  • Offline
  • Online

• End-user Outlook
  • Adults
  • Senior citizens
  • Users with disability
  • Kids

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

Market Analyst Overview

The market is experiencing significant growth driven by a variety of factors. Academic institutions are conducting research solutions to develop advanced technologies and technologically advanced products for this segment. Consumers, influenced by the Fit India Movement and a rising awareness of fitness, are adopting active lifestyles and seeking fitness peripherals like smart running shoes and athletic footwear with advanced features such as power-lacing system, pressure sensors, and monitoring navigation. The industry is witnessing a surge in product launches, especially in luxury brands offering designer smart shoes with customized options and flexible designs. The athleisure trend has further boosted the demand for comfortable and digitally connected footwear, driving innovation in form improvement, gait analysis, and performance tracking.

Moreover, despite the high cost and inertial-magnetic measurement units, the market is attracting rising investments from start-ups and investor and stakeholder spaces due to the potential for profit ratio analysis. The SWOT analysis reveals immense growth opportunities, particularly with the rising disposable income and increasing participation in cycling, jogging, hiking, climbing, swimming, walking, and yoga activities. In summary, the Smart Shoes industry is evolving rapidly with advanced technologies, innovative designs, and a growing market fueled by changing lifestyles and a keen interest in fitness and sports-related activities.

Market Scope
Report Coverage	Details
Page number	162
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 21.7%
Market growth 2023-2027	USD 549.45 million
Market structure	Fragmented
YoY growth 2022-2023(%)	20.16
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 40%
Key countries	US, China, UK, France, and Germany
Competitive landscape	Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks
Key companies profiled	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.
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough market research and growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market growth and forecasting analysis of factors that will challenge the growth of market companies

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