The smart shoes market size is anticipated to thrive at a strong CAGR of 22.7% between 2023 and 2033. The market is likely to cross a market share of US$ 2.1 billion by 2033 while it is anticipated to be valued at US$ 269 million in 2023.
The steps towards a healthy lifestyle and higher technological adoption is the leading factor that fuels the sales of smart shoes globally. Furthermore, advanced technology such as AI and Bluetooth is penetrating the footwear market.
Smart shoes that track the health vitals along with sports activities such as total steps taken, the distance covered along with delivering the information related to the sports activities one indulges in.
Smart shoe properties are highly used for runners, gamers, and senior citizens while providing them with best quality soles, smart shoes also deliver the smartphone connectivity that enhances the tracking experience.
The higher penetration of internet trends and influencers promoting smart clothing and footwear is likely to push pressure on the footwear giants to experiment and implement while manufacturing in order to provide high-tech shoes.
The increased awareness around the dynamic lifestyle that focuses high on cardio-based workouts are also fueling the demand for the smart shoes.
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Key Points
The China market leads globally in terms of market share and CAGR. It is likely to cross a value of 696.2 million by 2033. The regional market is expected to thrive at a CAGR of 35.7% between 2023 and 2033.
The United States smart shoes market is another significant market. It thrives at a CAGR of 20.8% during the forecast period. The market is likely to reach a value of US$ 595.4 million by 2033.
Step counting shoes are likely to thrive in the product category due to rising awareness around heart health. It is expected to thrive at a CAGR of 22.8% during the forecast period.
The adult segment tops the end user tally with a CAGR of 20.1% between 2023 and 2033 as technological penetration and social media trends are highly effective on the adult population.
Competitive Landscape
The key players focus on manufacturing shoes that are durable and also technologically advanced. From Bluetooth to smartphone connection and sensory technology, vendors try to deliver every new technology to the end-user. The companies also merge, acquire, and partner with other companies to increase the supply chain and distribution channel. The key players in the market include Under Armour, Inc., Nike, Inc., Digitsole, Adidas Group, and PUMA SE, among others.
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For instance:
Puma, under its technology platform Fit Intelligence (Fi) has produced an automated footwear that is self-lacing and is configured with cable system that enables the lacing controls through smartphone. The brand claims it design to be highly mobile while it also provides the smart training.
Nike with its Adapt series of smart shoes has launched the Nike adapt BB and HyperAdpt 1.0. It comes with the auto fitting feature that also supports wireless charging and self-lacing properties.
