Smart Shoe Market: Current Analysis and Forecast (2023-2030)

Smart shoes have been gaining popularity in the healthcare industry due to their potential to improve patient outcomes and streamline clinical workflows. These shoes can be equipped with various sensors and technologies that track patients' gait patterns, detect falls, and monitor vital signs. Some examples of smart shoes include GPS-enabled shoes for tracking patient location and movement in real time, and shoes with built-in accelerometers to detect falls and alert caregivers. These innovative shoes have the potential to revolutionize patient care and make it easier for healthcare professionals to monitor and treat their patients. The smart shoe market is growing at a tremendous rate owing to the higher demand for fitness-tracking devices. For instance, the Pew Research Center has reported that as of January 2020, approximately one in five individuals in the U.S. are using a fitness-tracking device regularly. Other factors such as the increased utilization of smart shoes in the fitness and medical industry due to the rise in health concerns, the need for continuous monitoring, the need to adapt to wearable devices, and a rise in the urban population are driving factors for the market.

The Smart Shoe Market is expected to grow at a strong CAGR of 9.1% during the forecast period owing to the rising demand for fitness tracking devices. For instance, in October 2021, RunRepeat published data indicating that forty percent of the world's population was using fitness trackers to engage in running activities. Several other factors such as an increased number of product launches, increased usage of smart shoes in the fitness industry, awareness programs regarding prevalent sedentary lifestyle, company collaborations, and product launches are also leading to the surge in the market. For instance, in December 2021, Nike acquired RTFKT, a creator of one-of-a-kind virtual sports shoes and digital artifacts. Also, according to the BMC Public Health, in July 2023, the prevalence of unhealthy lifestyles was 86.4% for diet, 14.5% for alcohol, 6.0% for tobacco, 72.2% for physical activity, 42.3% for screen time, and 63.9% for sleep duration.

Based on product type, the market is segmented into smart walking shoe, smart running shoe, and smart sports shoe. The smart running shoes segment held the highest share in the market in the year 2022 owing to improved breathability, and stability, and the feature of motion control during exercise has become increasingly popular. Additionally, running shoes are now available with apps installed on smartphones, allowing users to track their daily calorie burn. Manufacturers are striving to improve the user experience of their products in order to make them more accessible. For example, Vimazi, a shoe startup based in Portland, Oregon, announced in June 2021 that it had received seed funding of USD 600,00 to facilitate the introduction of its advanced, high-tech running shoes. These shoes are designed to match the running pace of the user. Hence, the smart running shoes segment held a significant share of the market in the year 2022.

Based on end users, the market is bifurcated into men and women. The women segment is expected to grow with the highest CAGR during the forecast period owing to a surge in growth due to the growing awareness of health and fitness, as well as an increase in consumer spending. Additionally, the increasing popularity and involvement of female athletes in international competitions, and innovative product launches has further increased the demand for intelligent products. For example, in September 2022, Under Armour unveiled its first-ever women's running shoe in September 2022, the UA Flow Synchronicity, which combines cutting-edge UA Flow technology with consumer research to create a shoe specifically designed for women. Thus, the women segment is expected to gain prominence in the market in the forecast period.

Based on distribution channel, the market is segmented into supermarkets, specialty store, and online store. The specialty store category held the highest share of the market in 2022. This can be attributed to the increasing popularity of smart shoes, as well as the easy availability of smart shoes in the supermarket. In recent years, there has been a steady rise in the number of retail outlets for footwear in various countries, including Brazil, India, and China. Furthermore, the increasing trend of shopping through catalogs in developed economies is providing consumers with a more enjoyable shopping experience, which is likely to further increase the significance of specialty retail outlets. For instance, in the U.S., personal expenditure on footwear in 2020 was estimated to amount to USD 76,9 billion, according to data provided by the Footwear Distributor and Retailer of America. The market for the specialty store segment is highly competitive and is projected to remain so in the foreseeable future. Thus, the specialty store segment held dominance in the market in the year 2022.

For a better understanding of the market adoption of the smart shoe industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is expected to grow with the highest CAGR during the forecast period. The growing number of smart shoe manufacturing companies in Asia-Pacific contributes to the growth of the market in this region. Also, more people are engaged in fitness activities, which is leading to an increase in investment in body exercises and body enhancement products. For example, Ajanta Shoes unveiled its AI-driven smart shoe, NAVIGATOR, in January of 2023, in conjunction with the launch of its athleisure collection, Impakto. NAVIGATOR is the first 'Made in India' smart footwear. Hence, given the large population size of APAC, it is expected to grow with a high CAGR during the forecast period.

Some of the major players operating in the market include: Adidas AG, Digitsole Pro, Nike, Inc., Puma SE, SALTED DIGITALHEALTHCARE, Pepper Gate Footwear Inc., Under Armour, Inc., Vivobarefoot, Xiaomi, Powerlace.