At 9.2% CAGR, Smart Shoes Market size to hit USD 285.1 Million by 2028, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

14 Feb, 2022, 12:45 GMT

LONDON, Feb. 14, 2022 /PRNewswire/ -- The Global Smart Shoes Market in terms of revenue was worth of USD 153.9 Million in 2021 and is Projected to reach USD 285.1 Million in 2028, growing at a CAGR of 9.2% from 2021 to 2028.

Rising Adoption of Smart Shoe in Sports Industry is One of the Major Factors Driving the Growth of Global Smart Shoes Market "Smart Shoes Market Size, Share & Trends Analysis Report Smart Shoes Market Size, Share & Trends Analysis Report By Product Type (Smart Walking Shoes, Smart Running Shoes, Smart Sports Shoes), By Distribution Channel (Hypermarket/Supermarket, Specialty Stores, Online Stores), By End-Users (Men, Women) Based On Region, And Segment Forecasts, 2022 - 2028 Based On Region, And Segment Forecasts, 2022 – 2028"

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Scope of The Smart Shoes Market Report:

The speedy digitalization is carrying new technological development into the world. The smart shoe has allowed with smart technology that is associated to a mobile application. Fluctuating from proving physical health attributes to assessing health advantages, the smart shoes authorizes wearers to have personalized feedback. Smart shoes give precise calculation of steps and burning of calories. They help in correct navigation as well. The smart shoe mobile application offers indication to the user when and where to turn in order to reach their concluding destination using Google maps or any other map application.

Recent Development:

News: Swinburne Startup Uses Smart Shoe Sensors to Detect Health Issues:

On August 31th, 2021; SensFit Technologies, A new Swinburne-led startup, established a smart shoe with inbuilt sensors that could advance the quality of life of older people over the early detection of diabetic ulcers, dementia, and other physical activity issues.

Scientists Develop Smart Shoe That Helps Blind People Avoid Obstacles and Escape 'Nasty Bruises': On August 23rd, 2021- Computer scientists made a smart shoe that helps blind and visually impaired people avoid numerous obstacles. This shoe known as InnoMake that comprise waterproof ultrasonic sensors involved at the tip of every shoe. Whenever it meets obstacles, the sensors send vibrations or make sounds to signal the wearer.

Smart Shoes Companies:

  • Adidas AG
  • Salted Venture
  • TRAQshoe
  • Under Armour Inc.
  • Vivobarefoot Limited
  • Xiaomi Corporation
  • Digitsole
  • Nike Inc.
  • Puma SE
  • Zhor-Tech.
  • others

Smart shoes provide personalized feedback to users, from measuring athletic performance to tracking fitness and evaluating health metrics. Smart shoes are moderately used in the sports industry and this is dynamically flourishing the market growth. Many residents are participating in sports activities to promote good mental health as well as other reasons. For example; according to the Bureau of Labor Statistics in 2019; around 19.3% of the U.S. population was engaged in sports and exercise every day. As well as, in accordance with Eurostat, almost half quarter percentage of the population of Europe practiced physical activities at least once a week. It is widely acknowledged that participation in sport is noteworthy increasing across the world that needs the smart shoe for more comfort. Smart shoes are more beneficial for athletics which advance comfort, performance and, most notably, avoid injuries. By considering the importance of smart shoes in mind, loads of players are establishing new innovations in this market. Nike, Under Armour Inc., Puma, Adidas, and many more companies are pouring their millions in investing for further innovations in the smart shoe in the sports industry. Nike, one of the biggest shoe companies worldwide has launched innovative self-lacing HyperAdapt 1.0 shoes. Withal, HOVR Phantom, and HOVR Sonic shoes were released in February 2018 by Under Armour for runners. More specifically, this factor is fruitfully boosting the smart shoes market growth globally. 

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Key Reginal Analysis:

North America is expected to account for the largest share in the global smart shoes market owing to the growing technology and increasing adoption of smart shoes in this region. When it comes to the innovation, U.S. stands at the forefront across the world. The research and development of smart sports shoes are still in their infancy state. However, a number of major players across this region are investing in smart sports shoes which come with an intelligent tracker, and many other innovations. For example; in January 2019, Nike announced a new Nike Adapt BB Basketball Shoe which usages a power-lacing system intended to robotically tighten and loosen around a foot depending on the movement of the athlete. Also, Under Armour had launched HOVR Phantom and HOVT Sonic Shoes in February 2019 which has inbuilt sensors to record a number of metrics significant for runners. Smart shoes have been revolutionizing the forthcoming period of footwear with an emphatic summary of the technology and gaining traction among consumers, especially in North America. Therefore, such developments in technologies are making this region more dominant in the smart shoes market globally.

Europe is the other fastest-growing region in the growth of the smart shoes market owing to soaring awareness regarding the smart shoes market among European countries. Organizations and many players are highly investing their time, R&D, as well as money in this market for maintaining their position in the competitive landscape. Indeed, the shoes incorporate an exclusive shoelace industrialized in collaboration with textiles specialists in the Advanced Textiles Research Group (ATRG) at Nottingham Trent University. These laces comprise small light-emitting diodes (LEDs), enlightening to advance the wearer's safety; ultimate for joggers, cyclists, and defense and security personnel in dark settings. Along with the above collaboration, EasyJet, the British low-cost airline carrier based in London, has envisioned the future of travel with a new smart shoe. It made walking across Europe easier and less time-consuming. Courtesy towards smart shoes has surged among European owing to such many points. This is the reason why Europe is growing at the fastest pace worldwide in the smart shoes market.

On Special Requirement Smart Shoes Market Report is also available for below region:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA

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