Overview:

Smart Shoes Market Is Projected to Expand At A CAGR Of 9.2% Between 2023 And 2031. The concept of smart shoes have come a long way ever since they were first introduced. Back in 2012, the Nike+ Training Shoe was introduced by Nike that was capable of measuring the no. of times the feet touched the ground, for how long the foot was off the ground and the place of contact. However, in recent years, many companies around the world have launched smart shoes with advanced functionalities aimed at capitalizing on the huge opportunity existing in the market.

Growing concern for fitness is one of the most prominent factor complimenting the adoption of smart shoes. Smart shoes offer various advantages such as improving upon how fast/far someone runs and also how well someone runs. Various parameters including foot landing, time on the ground and cadence are taken into consideration in order to measure the performance. The opportunity present in the smart shoe market can be understood from the fact that, alone in the U.S., over 60% of the 36 million active runners suffer some kind of injury each year. Smart shoes in this regards can help to reduce such injuries.

Moreover, technological advancements is another prominent factor leading to the smart shoes market growth. For instance, Nike spent 11 years of research and development in order to develop its self-lacing shoe; the HyperAdapt 1.0. The shoe was an instant hit in the market and Nike has plans to launch a newer version of the shoe soon. Improving standard of living is another important factor spurring the smart shoes market growth. With rising disposable income in countries such as China, India and Brazil among others, people are in a better position to invest in smart technologies including smart shoes.

Strategic partnerships between shoes manufacturers and tech companies is one of the common trends witnessed in the market. This strategy helps the shoe manufacturers to leverage the technological expertise of the tech companies. For instance, recently, Li-Ning, a leading China based sportswear company launched a smart shoe in collaboration with Xiaomi. Similarly in 2016, Lenovo in collaboration with outsole maker Vibram, developed a smart shoe capable of tracking the calories burnt and counting the steps. This strategy further helps the smart shoe manufacturers to develop shoes with varied features. Therefore, the demand for smart shoes is expected to rise in the coming years with the emergence of such advanced features.

Key Players Identified in the Smart Shoes Market include but are not limited to:

Under Armour Inc, Nike Inc, Puma SE, Adidas AG, Digitsole, Salted Venture, Xiaomi Corporation Limited, and others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Shoes market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Smart Shoes market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Smart Shoes market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Smart Shoes market?
• Which is the largest regional market for Smart Shoes market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Smart Shoes market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Shoes market worldwide?