The global smart shoes market was valued at USD 5.1 billion in 2022 and is projected to expand at a CAGR of 21.3% from 2023 to 2030. Smart shoes are shoes that are equipped with sensors, smart chips, and software to monitor and track the performance of a person’s feet. The sensors are used to track the motion and pressure of one’s feet, and the smart chips can store and analyze the data. The software is used to transfer the data and display it on a connected device.

The increasing demand for connected footwear is driving the growth of the smart shoes market. This is mainly due to the rising trend of integrating technology into everyday objects, such as shoes, to track and monitor performance. Furthermore, the growing awareness of health and fitness is driving the demand for connected footwear. With the help of smart shoes, consumers are able to track their performance while running, walking, or playing sports, hence creating a need for connected footwear.

Manufacturers are focusing on introducing new features in their products in order to gain a competitive edge in the market. For instance, in March 2021, Adidas launched a new version of its smart running shoes, the Adidas Ultraboost 21. The shoes are equipped with a pressure-sensitive insole with a built-in motion-tracking system that records data about the wearer’s foot strike and stride length. The data can be transferred to a connected device for further analysis.

Furthermore, the increasing popularity of smart shoes as a fashion statement is driving the growth of the market. Smart shoes are now being designed with style, comfort, and functionality in mind. For instance, in April 2021, Skechers launched two new smart shoes, the Go Run Ride 8 Hyper and the Go Run Razor 3 Hyper. The shoes are designed with a 3D printed upper, providing superior breathability and comfort. The shoes are also equipped with an advanced step-counting system, which records the steps taken and calories burned.

The growing demand for smart shoes in the sports sector is expected to drive growth for the market. Smart shoes are being used in a variety of sports activities, such as running, basketball, and soccer, to track the performance of athletes. Furthermore, the increasing adoption of smart shoes in the medical sector is expected to support the market growth. Smart shoes are being used to monitor the health of individuals by tracking their gait and providing feedback on how to improve it.

The smart shoes segment is expected to grow at the fastest CAGR of 16.4% over the forecast period. The increased focus of manufacturers to integrate advanced technologies in the production of smart shoes has been driving the demand for smart shoes. For instance, in October 2020, Adidas released its Runtastic Momentum Smart Shoes, which are equipped with a dedicated app, allowing users to track their running performance. Furthermore, the increasing trend of customization of shoes, growing focus of manufacturers on product innovation and the emergence of digital platforms are some of the factors that are contributing to the growth of the market.

In addition, the fitness tracking segment is expected to witness significant growth over the forecast period. The increasing demand for fitness tracking devices among consumers is driving the growth of the market. According to an article published by the American Council on Exercise, in December 2020, approximately 77% of people use a fitness tracker to monitor their physical activities. Furthermore, increasing awareness regarding health and fitness, along with the rising trend of connected fitness and smart wearables, has been driving the growth of the market.

The online segment is expected to witness the highest CAGR of 11.7% during the forecast period. Consumers are increasingly relying on online shopping for the purchase of smart shoes due to the convenience of shopping from the comfort of their homes. Moreover, the availability of a wide range of product options with competitive prices, discounts, and promotional offers are expected to further drive the segment growth over the forecast period. Additionally, the availability of 24/7 customer service and the option of cash on delivery (COD) are expected to further contribute to the segment growth.

The specialty stores segment captured a major share of over 43.2% in 2022. The increasing demand for smart shoes among the youth has resulted in the growth of the specialty stores segment. The growing number of specialty stores and boutiques that offer exclusive and fashionable range of smart shoes are expected to drive the segment growth over the forecast period. Additionally, the availability of a wide range of options and the option of trying out the products before purchase are further expected to fuel the segment growth.

The smart shoes segment dominated the market with a revenue share of 64.8% in 2022. The rising adoption of smart shoes among athletes and sportspersons is the major factor that drives the market growth. For instance, in May 2021, Nike launched its self-lacing shoes, Adapt BB. These shoes are featured with the power lacing system and the Fit Adapt app, which helps users adjust the tightness of the shoes. Similarly, Adidas launched the world’s first laceless running shoes, FUSEDMESH, in December 2020. These shoes are featured with the FUSEDMESH upper, which helps in breathability and provides a sock-like fit. Such technological advancements in smart shoes are anticipated to drive the market in the forecast period.

The non-smart shoes segment is expected to expand at a CAGR of 4.7% over the forecast period. The growing demand for lightweight and sustainable shoes among the millennial population is driving the market for non-smart shoes. Furthermore, the surge in collaborations between brands and celebrities is also driving the market growth. For instance, in January 2021, FILA collaborated with Jaden Smith, an American actor and musician, to launch a sustainable shoe collection. The collection was made with recycled materials and included a range of non-smart shoes. Such marketing activities are anticipated to drive the non-smart shoes segment in the forecast period.

Europe held the largest share of the global smart shoes market in 2021 and is expected to remain dominant over the forecast period. This is attributed to the presence of several prominent players, such as Nike, Reebok, and Adidas, which has led to the increased availability of smart shoes in the region. Additionally, the increasing demand for fitness products, such as smart shoes, has also been a key factor driving the growth of the market in the region. For instance, in April 2021, Reebok launched a connected sneaker, the ZPump Fusion 2.0, which is compatible with several fitness platforms and apps.

Asia Pacific is expected to witness the fastest growth in the coming years. This is attributed to the increasing demand for smart shoes in countries such as China, Japan, and India, owing to their growing fitness industry. Additionally, the presence of a large number of players, such as Xiaomi and Huawei, has also increased the demand for smart shoes in the region. For instance, in May 2021, Xiaomi launched the Mi Smart Shoes, which are equipped with several sensors and can be connected to a smartphone via Bluetooth.

In this part of the smart shoes products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your smart shoes products. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a smart shoes products business comes from product sales, online sales, and sponsorships. Here you will find a list with a description of each of them and other possible sources of profit such as discounts, promotions, and the sale of accessories.

Projecting Expenses
In this section, all the regular expenses related to keeping the smart shoes products business running will be described. The list of operating expenses includes salaries, marketing, advertising, inventory, research and development, legal fees, utilities, and other overhead costs.

Some of the key companies operating in the smart shoes market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In July 2022, Nike Inc. launched the Adapt BB 2.0 with self-lacing technology.

– In October 2022, Adidas AG launched the 4D Run 1.0 with 3D-printed soles.

– In November 2022, Under Armour Inc. launched the UA Hovr Machina with smart outsole tracking.

Some of the prominent players in the smart shoes market include:

– Nike Inc.
– Adidas AG
– Under Armour Inc.
– Puma SE
– Skechers USA, Inc.
– New Balance, Inc.
– Reebok International Limited
– VF Corporation
– ASICS Corporation
– Timberland LLC

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global smart shoes market based on product type, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Smart Casual Shoes
– Smart Sneakers
– Smart Formal Shoes
– Smart Athletic Shoes

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Online
– Offline

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Key Trends in the Global Smart Shoes Products Market?
[A]: Rising demand for smart home products and digital health technologies is driving the global market for smart shoes products. Growing awareness of the benefits of smart shoes, such as improved comfort and protection, is also expected to boost the market. Furthermore, the increasing use of sensors and other technologies in the production of smart shoes is expected to provide an impetus to the market. Moreover, the introduction of energy harvesting and wireless charging technologies is expected to propel the market growth.

[Q]: Who are the Leading Players in the Smart Shoes Products Market?
[A]: Some of the leading players in the smart shoes products market include Under Armour, Inc., Nike, Inc., Salomon Sports, Reebok International, Adidas AG, and New Balance.

[Q]: What are the Growth Opportunities in the Smart Shoes Products Market?
[A]: The smart shoes products market is expected to witness rapid growth due to the increasing demand for connected and smart products. The increasing use of sensors and other technologies in the production of smart shoes is expected to provide an impetus to the market. Furthermore, the introduction of energy harvesting and wireless charging technologies is expected to propel the market growth.

[Q]: What are the Potential Challenges in the Smart Shoes Products Market?
[A]: The high cost of smart shoes and the lack of awareness about the benefits of smart shoes are some of the potential challenges faced by the smart shoes products market. Additionally, the lack of adequate infrastructure and the lack of technological expertise are expected to hamper the growth of the market.

[Q]: What are the Recent Developments in the Smart Shoes Products Market?
[A]: Recently, Under Armour, Inc. launched HOVR Infinite Running Shoes, equipped with a sensor to track running metrics such as speed, distance, and cadence. Similarly, Reebok International launched a connected running shoe in 2019, called Floatride Connect. The shoe is equipped with a Bluetooth-enabled sensor in the shoe’s sole to track running data.