According to a Forecast and Analysis report by Technavio, the smart shoe industry will grow by 395.91 million USD in the next three years. Technavio, which partners with over a hundred Fortune 500 companies, offers exact yearly growth variances and Y-O-Y growth rates upon request.
According to Technavio’s report, North America will account for 42% of the market’s growth. The United States is an integral market for the . North America’s high adoption rate of new technologies and purchasing power clear the way for the market to grow. U.S. citizens’ high level of product awareness will also facilitate growth through 2025.
Smart Shoes Cater To Athletic Consumers
A rise in product innovation which leads to premiumization, is a driving force behind the market’s growth. Competition in the market is intense, and manufacturers must constantly invest in technological innovations to keep up with the competition.
The smart shoe market primarily targets fitness-conscious consumers, encouraging them to buy technologically innovative fitness products to enhance their fitness activities. Conversely, a major challenge for the smart shoe market is the rapid increase in wearable fitness devices.
Still, the demand for smart shoes is rising rapidly worldwide. The demand is due to these shoes’ innovative features, especially for athletic consumers. Smart shoes often feature step counts, healthy diet suggestions that coincide with the physical activities the wearer completes and calculating the amount of fitness activities done.
However, these innovative shoes are hardly the first to offer these features. Fitness wearables such as the Fitbit offered these features long before smart shoes reached consumers. The future of wearables may even lead to implants under the skin. Wearable fitness devices, therefore, challenge the industry’s growth.
Considering smart shoes mainly appeal to fitness-conscious consumers, it’s the adult footwear market that the industry will garner most of its revenue from. Under Armor, Adidas, Nike and Puma are just some shoe companies competing in the new market. In another innovative move, Adidas also recently released its first NFTs.