Smart Shoes Market Assessment, By Type [Walking Shoes, Running Shoes, Sport Shoes, Others], By Category [Male, Female, Unisex], By End-user [Adults, Children], By Distribution Channel [Online, Offline], By Region, Opportunities and Forecast, 2017-2031F

Smart Shoes Market Assessment, By Type [Walking Shoes, Running Shoes, Sport Shoes, Others], By Category [Male, Female, Unisex], By End-user [Adults, Children], By Distribution Channel [Online, Offline], By Region, Opportunities and Forecast, 2017-2031F

Global smart shoes market is projected to witness a CAGR of 11.55% during the forecast period 2024-2031, growing from USD 257.13 million in 2023 to USD 616.47 million in 2031. The factors driving the growth of the market are increasing consumer preferences for receiving personalized feedback on the trainings, analysis of performance, and other metrics such as fatigue, steps taken, calories burnt, and weight exerted on the foot during the exercises. Additionally, the properties of smart shoes, such as lightweight and anti-fall add to the appeal of the product, fueling the growth of the market further.

Incorporation of AI and other technological advancements such as self-lacing are fostering the growth of the market. For instance, in May 2023, Bal Inc’s brand, Baliston launched Baliston by Starck, a tech-augmented, extremely comfortable and 100 percent recyclable footwear. The product is embedded with sensor modules which analyses the style in which the wearer moves and basing that, offers personalized recommendations.

Among the online and offline distribution channels, many consumers prefer to choose their smart shoes from the offline channel since they prefer to see, feel, and wear the shoes before making the purchases to ensure they are comfortable and fit the consumers properly.

As per the data of Centers for Disease Control and Prevention in December 2022, in the United States, 46.9% of adults aged from 18 years and older met the Physical Activity Guidelines for aerobic physical activity. Moreover, merely 1 out of 4 adults and 1 out of 5 adolescents in United States meet the physical activity guidelines for the muscle strengthening and aerobic activities.

Enhanced Performance Supplementing the Growth

Smart shoes provide different features which help in enhancing the performance of the wearers while performing different physical activities like fitness training, sports, running, walking, and trekking. The smart shoes are equipped with technology and sensors that help the consumers track their biometric data which restricts the cardio movements but analyzes their other body movements as well. It helps the consumers modify and adjust their training programs as per their performance and needs, set more realistic goals aligned to their capabilities, and increase their efficiency to their maximum potential.

Thus, smart shoes provide better performance standards to the wearers and enrich their everyday life due to increase in comfort, appealing to the consumers and favoring the growth of the market.

Under Armour Inc. announced the launch of HOVR Drive 2 Shoe in March 2022. This smart shoe is designed to maximize the performance of the consumer by eliminating the gap between the foot and the shoe. The latest 3D model is designed to create a vacuum like feel around the heel which saves weight, provides stability and makes it easier to walk.

AI-enabled Smart Shoes Flourishing the Growth

The integration of AI in the smart shoe market is driving growth and revolutionizing the footwear market with groundbreaking technological advancement. AI-enabled smart shoes make use of sensors to offer the users a tailored user experience and provide insightful data on their health, walking and running style, footsteps taken, running speed, calories burnt, etc.

Additionally, AI-enabled smart shoes are operated with the user’s smartphone, providing feedback on running technique improvement to reduce the risk of injury or sprain. Moreover, the AI-enabled technology helps consumers store data, enabling them to measure their performance over time.

For instance, in October 2022, Shift Robotics, launched ‘Moonwalkers’, an AI and machine learning-enabled shoes with strap-on roller skates. The main role of AI in these shoes is to make the wearer move more swiftly, even if they are walking at their normal pace. The technology adapts to the movement and accelerates the speed without additional efforts from the wearer. Some other attractive features include a front hinge for natural bend of the toes, which preserves mobility and balance, and an electronic multi-layer brake protection system for easy maneuver across different terrains.

Light Weight Smart Shoes are Gaining the Trend

The demand for technologically advanced, light weight shoes is rapidly increasing due to several reasons such as ability to provide support and comfort, reduction in fatigue by prolonged wear, enhanced flexibility and performance of the athletes, improving in the walking and running and better engagement in physical activities.

A lightweight smart shoe is developed by the manufacturers by the innovation in design, selection of material used and experimenting in manufacturing processes.

The manufacturers are incorporating various technologies to make a shoe lightweight such as addition of Nitrofoams, thermoplastic polyurethane heels, utilization of 3D printing technology to develop a customizable shoe with intricate design, innovations in midsoles and outsoles by the addition of hollowed out sections, elimination of extra layers, and usage of minimalist design.

In March 2024, Puma SE, released its latest Marcus Smart x Puma All-Pro Nitro smart shoes. The product is developed with Nitrofoam which is an advanced midsole foam, infused with nitrogen, designed to offer a lightweight shoe which superior cushioning and responsiveness. The shoes provide improved performance and exceptional comfort to the consumers.

Technological advancement has enabled the manufacturers to develop lightweight shoes, offering both functionality and style to the consumers.

Training Smart Shoes to Gain Momentum

The training smart shoes are witnessing an advent in the market due to their functionality and ability to provide comfort to consumers. These smart shoes, since they are digitally connected with the smartphones of the users, enable the consumers to enhance their training experience and performance by receiving a detailed analysis of their work out and have insightful feedback on the scope of improvement. They can track metrics like speed, foot strike pattern, etc., and allow the consumers to set long-term training goals and monitor their overall performance according to them. Key players have incorporated the training shoes with smart technology to provide users with personalized training programs specific to their needs.

Other technological advancements are taking place in the smart shoe market like light-weight shoe, internal cooling technology and anti-fall design, fostering the growth of the market.

For instance, in February 2024, Under Armour Inc. announced the launch of UA SlipSpeed Mega which is developed with a dual mode of UA Flow and Iso-Chill technologies. It features BOA Fit System and brand’s latest crushable heel design. Iso-chill technology which provides a cooling effect in the shoe. The lightweight cushioning offers both comfort and excellent performance to the athletes.

Future Market Scenario (2024 – 2031F)

The future of the smart shoe market is positive and a significant rise in the demand will be witnessed. As technological advancements continue to influence the market with the innovative solutions, the smart shoes are anticipated to become a part of everyday life of the consumers.

Integration of AI and application of augmented and virtual reality into the market of smart shoes is revolutionizing and enhancing the experience of the consumers. For instance, in August 2022, Nike unveiled Cryptokicks iRL, a virtual sneaker along with RTFKT which is a first native Web 3 sneaker featuring the world of metaverse.

Moreover, other advancements by manufacturers to make the smart shoe more comfortable, lightweight and sustainable are adding to the positive outlook of the market.

Key Players Landscape and Outlook

Key players in the market are helping in the growth by focusing on continuous product innovation, retail expansions and strategic marketing. The manufacturers are actively expanding their product portfolio, increasing the base of the customers, and catering to their evolving needs.

The dominant players of the smart shoe market like Nike, Inc., Under Armour Inc. and Puma SE aim to provide technologically advanced and perfectly fitted shoes for their consumers, ensuring comfort and durability. In September 2023, Nike, Inc. announced the launch of Adapt BB which is a self-lacing basketball smart shoe. The shoe is equipped with a custom motor and gears train senses spaces around the foot of the consumers to adjust and provide a snug fit.

Additionally, the manufacturers are adding sensors and are connecting their products digitally to provide valuable data to the consumers on the number of footsteps taken, walking and running style, and measurement of strains., etc, providing suggestions to the consumers on their personal training goals.