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Self-Lacing Shoes Market in the US - Product Innovations to Boost Growth | Technavio

Self-Lacing Shoes Market in the US - Product Innovations to Boost Growth | Technavio

LONDON--(BUSINESS WIRE)--Apr 30, 2018-- market research analysts forecast the to grow at a CAGR of over 23% during the period 2018-2022, according to their latest report.

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Technavio has published a new market research report on the self-lacing shoes market in the US from 2018-2022. (Graphic: Business Wire)

The emergence of app-integrated self-lacing shoes is a key trend, which is expected to influence the market during the forecast period. The demand for GPS-enabled and app-integrated self-lacing shoes is high among athletes as advanced monitoring features characterize these shoes. The high demand for such shoes has led to the launch of app-integrated self-lacing shoes.

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In this report, Technavio analysts highlight product innovations leading to product premiumization as a key factor contributing to the growth of the self-lacing shoes market in the US:

Product innovations leading to product premiumization

The vendors in the self-lacing shoes market in the US have been focusing on product innovations. Such innovations help them retain and expand their customer base. The introduction of innovative and technologically-advanced self-lacing shoes helps expand the customer base of a vendor. A corresponding increase in the market value of self-lacing shoes and the growth of the market are added advantages. Consumers are also willing to pay a premium price for shoes with advanced features. HyperAdapt launched by Nike is equipped with the adaptive lacing technology. The Nike+ app provides personalized coaching and training for athletes.

According to a senior analyst at Technavio for research , “Branding and product premiumization impact the choices of customers in the market. Premiumization strategies facilitate product differentiation, and effective branding strategies reinforce the impact of product premiumization. Such strategies increase brand retention and brand awareness among customers.”

Product innovations through product differentiation lead to the introduction of products that cater to the demands of multiple customer segments. Although premiumization may lead to increased costs, a large percentage of customers are willing to invest more in premium products. Thus, product innovations will contribute to the growth of the self-lacing shoes market in the US.

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Self-lacing shoes market in the US - market segmentation

This market research report segments the by application (fitness and athletics segment and the physically challenged segment) and distribution channel (offline and online).

In 2017, the fitness and athletics segment dominated the market with a revenue share of close to 80%. The increased demand for self-lacing fitness shoes is attributed to increased product functionality and the advent of fitness activities in the US.

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SOURCE: Technavio Research

Copyright Business Wire 2018.

PUB: 04/30/2018 10:28 AM/DISC: 04/30/2018 10:28 AM

Updated : 2021-07-25 18:35 GMT+08:00