Smart Shoes Market Size, Share & Trends Analysis Report By Type (Athletic Shoes, Non-Athletic Shoes), By End Use (Men, Women), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2024 - 2030

Smart Shoes Market Size & Trends

“2030 Smart Shoes market value to reach USD 1.10 billion”

The global smart shoes market size was valued at USD 422.4 million in 2023 and is projected to grow at a CAGR of 15.3% from 2024 to 2030. The smart shoes market is poised to experience growth opportunities with the introduction of technological advancements in traditional shoes that enhance comfort, convenience, and health. The increasing popularity of athleisure and fitness as a lifestyle choice is expected to fuel the demand for smart textiles and wearables.

The smart shoe industry is witnessing a rise in investments in research and development by manufacturers, who are also closely monitoring consumer behavior to gain insights into their preferences. At the same time, new entrants in the market are driving innovation by introducing cutting-edge technological features to attract a broader customer base. For instance, in January 2019, Nike, Inc. launched a smart shoe that can fit according to the tasks done by the user and can be controlled through an app. The development of such products is expected to drive market growth over the forecast period.

Moreover, the rising need for monitoring and assessing health metrics is projected to drive the adoption of fitness products integrated with technology, including smart shoes, thereby stimulating market growth. For health-conscious individuals, smart shoes offer a variety of health and fitness tracking features, including step counting, gait analysis, and activity monitoring.

Smart shoes, by seamlessly integrating with popular health apps and wearable devices such as fitness trackers and smartwatches, these shoes provide an enhanced user experience. For instance, in January 2024, Baliston introduced a smart shoe with a built-in chip that helps in analyzing walking mechanics and offers insights into improving them. The technology aims to reduce back pain, enhance the circulation of blood, and reduce fatigue for wearers. These benefits offered by smart shoes are expected to drive their demand and foster growth in the market.

Type Insights & Trends

“Non-athletic shoes segment is expected to witness growth at 12.3% CAGR”

The athletic segment dominated the market with a revenue share of 68.5% in 2023. The utilization of smart, athletic shoes can play a crucial role in injury prevention by closely monitoring the biomechanics of individuals and providing timely feedback whenever irregular patterns are identified. For instance, in July 2023, Nike, Inc., and Vibram's partner collaborated to build advanced trail racing footwear. The technology is expected to enhance the responsiveness of the shoe and provide runners with the grip they need to climb challenging trails.

The non-athletic shoes segment is expected to witness significant growth. The non-athletic footwear category offers a diverse selection of choices, such as flip-flops, tactical shoes, and loafers. This category has attracted considerable attention from both well-established and emerging players in the footwear industry, including niche brands and renowned designers. The development of innovative products that offer comfort, convenience, and health monitoring is expected to drive the segmental growth.

Moreover, the increasing emphasis on using technology to help individuals with a disability is further expected to drive segmental growth. For instance, in July 2021, Tec-Innovation, a start-up focusing on building technology for disabled people, launched InnoMake, which warns people about obstacles while walking. The product can help people with disabilities by increasing their accessibility and creating further opportunities for market development. 

End Use Insights & Trends

“Men’s segment is expected to witness growth at 16.2% CAGR”

The men's segment dominated the smart shoe market in 2023 and is expected to grow at the fastest CAGR over the forecast period. The high participation in sports-related activities, increasing awareness regarding smart technology, and health benefits offered by them are major driving factors for segmental growth. Smart shoes can help accurately track steps, distance, and calories burned. For instance, in February 2019, Verily announced it was working on developing smart shoes for health tracking, fall detection, and wealth tracking. The development of such shoes is further expected to add to the segmental growth.

The women segment is expected to witness significant growth during the forecast period owing to the increasing awareness regarding fitness, technological advancements, and new product development by market players. For instance, in December 2022, a student from the Institute of Technology and Management (ITM) in India developed a smart shoe for women to increase their safety. The shoe can is connected to an electronic device and can alert the cops. The development of such innovative products to promote safety can further help in driving market growth.

Distribution Channel Insights & Trends

“Online segment is expected to witness growth at 17.5% CAGR”

The offline segment dominated the smart shoe market with the largest market share in 2023. This was mainly due to the growing number of footwear retail outlets in developing countries such as Brazil, India, and China, which are expected to boost segment growth. Major brands, including Nike Inc., Under Armour Inc., and Xiaomi, have numerous outlets offering footwear and sports accessories in different regions. For instance, in August 2023, Nike, Inc. launched its concept store in Dehradun, India. The store offers multiple lifestyle products by the company, including footwear and apparel for running and training. The expansion is likely to help in creating product awareness and drive market growth.

The online segment is expected to grow at the fastest CAGR over the forecast period. The growth of this segment is being boosted by various factors. The increasing influence of digital media and social media marketing, the rise in internet penetration in developing countries, and increasing e-commerce activities are driving segment growth. According to the information published by the Ministry of External Affairs, India, in March 2023, there were approximately 700 million active internet users in India by December 2022. These factors are expected to continue driving the segment's expansion.

Regional Insights & Trends

“Europe is expected to witness growth at 15.5% CAGR”

The North American smart shoe market dominated the global smart shoe market with a revenue share of 44.0% in 2023. This high share can be attributed to the technological advancements in the region, increasing awareness regarding wearable technology, and their role and use in health monitoring. For instance., as per an article published by the National Institute of Heart, Lung, and Blood Institute, in June 2023, the Health Information National Trends Survey revealed that about one in every three people in the U.S. use a wearable device, and approximately 80% of the participants were willing to share their device with doctors for health monitoring. This rising trend of using wearable devices to monitor health is expected to foster growth in the region.

U.S. Smart Shoe Market Trends

The U.S. smart shoes market accounted for a significant share in 2023. The increasing awareness and concern regarding personal health and fitness and the presence of key players in the market have driven a rise in the market for fitness tracking devices, including smart shoes. These shoes offer features such as step tracking, gait analysis, and real-time feedback, making them an appealing choice for individuals passionate about fitness and athletes.

Europe Smart Shoe Market Trends

Europe is expected to witness the fastest CAGR over the forecast period. The increasing development and adoption of technologically advanced products, including wearable technology, and efforts by governments to increase its safety are expected to drive market growth in the region. For instance, the General Data Protection Regulation (GDPR) of Europe helps in protecting consumer data from being misused. This regulation is likely to help build consumer trust and drive demand for wearable technologies, including smart shoes.

The smart shoes market in the UK is expected to grow in the forecast period. The presence of key players in the market and the development of the technological ecosystem in the country are likely to drive growth in the smart shoe market. For instance, in May 2018, SportScientia introduced a wireless smart insole, which monitors the movement of athletes and can help in predicting and preventing injury can significantly help in enhancing the performance of football players.

Germany's smart shoes market is expected to grow in the forecast period owing to the presence of key players and advanced technologies to develop wearable technology products, including smart shoes, coupled with regulations to ensure their safety. For instance, the manufacturers in the country need to apply to the Federal Institute for Drugs and Medical Devices (BfArM) to ensure compliance with pre-specified criteria on data privacy, safety, security, and quality.

Asia Pacific Smart Shoe Market Trends

Asia Pacific smart shoes market is anticipated to witness significant growth in the global smart shoes market. The market growth is primarily driven by the rising disposable income in developing countries such as India and China. In addition, the market is anticipated to witness further expansion due to the increasing emphasis on fitness and the subsequent rise in demand for health monitoring devices. For instance, a survey on consumer habits published by China Central Television, the National Bureau of Statistics, and China Post in 2023 suggested that among people aged 18 to 35, health and longevity items were ranked third in spending, tourism, and electronic devices. The rise in fitness consciousness and spending is expected to drive demand for smart technology products facilitating health monitoring, including smart shoes.

The smart shoes market in China is expected to grow in the forecast period. The rise in health and fitness consciousness in China has resulted in an increase in fitness activities and spending, fueling the need for smart footwear. Advancements in technology further enhance the performance and desirability of smart shoes, which is likely to boost market growth.

India smart shoe market is expected to grow significantly over the forecast period. The presence of global and local players in the market and their development activities are driving the growth of the smart shoe market in the country. For instance, in January 2023, Ajanta Shoes, a footwear brand in the country, introduced the first 'made in India' smart shoe, the NAVIGATOR. It offers several advanced features, including step tracking, fall detection, workout tracking, access to music apps and websites, and other customizations. The launch of such products is likely to drive market growth in the country.

Latin America Smart Shoe Market Trends

The Latin America smart shoes market is expected to grow significantly owing to factors including rising awareness regarding smart technology and rising internet penetration in the region. For instance, according to the Government of Brazil, the number of internet users in the country increased to about 90 % in 2021 from 84% in 2019. The rising internet usage is likely to drive awareness regarding smart technology and foster growth in the market.

Middle East and Africa Smart Shoe Market Trends

The Middle East and Africa smart shoe market is expected to grow owing to the increasing awareness of healthy lifestyles and people's efforts to monitor and improve their fitness levels. This is likely to drive health-conscious people to smart footwear to enhance their fitness routines and add to the market growth.

Key Smart Shoes Company Insights

Some of the companies in the smart shoes market include Nike, Inc.; Adidas AG; Under Armour, Inc.; Puma SE; Xiaomi.; Altra Running; ASICS Corporation. Vendors in the market are focusing on increasing their customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, partnerships, and collaboration with other major companies. For instance, in January 2024, Hyperice and Nike, Inc. entered into a footwear & apparel collaboration and created the Nike x Hyperice boots and vest, wearable technology that is expected to help athletes in recovery during training and competition.

Recent Development

• In April 2024, Nike, Inc. launched a self-lacing basketball shoe, Adapt BB. The shoe can adapt to the shape of the foot in real time, which is expected to help in improving the performance of athletes.

• In January 2024, Adidas launched the VeloCade, a revolutionary hybrid indoor cycling shoe designed to deliver outstanding performance and adaptability in any situation. This remarkable footwear incorporates a discreet compartment for a two-bolt cleat, as well as an adapted midsole plate that seamlessly blends stiffness for cycling efficiency and flexibility for effortless walking.

• In January 2023, Aretto, a footwear technology brand in India, received a patent from the Government of India for its sole technology that allows the shoe to expand to up to three sizes to adjust to the growing feet of children.

Smart Shoes Market Report Scope

Global Smart Shoes Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global smart shoes market report based on type, distribution channel, end use, and region.

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Athletic Shoes

  • Non-Athletic Shoes

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Online

  • Offline

• End Use Outlook (Revenue, USD Million, 2018 - 2030)

  • Men

  • Women

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • South Korea

    • Australia & New Zealand

  • Middle East & Africa

    • Saudi Arabia

  • Central & South America

    • Brazil