LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the self-lacing shoes market in the US to grow at a CAGR of over 23% during the period 2018-2022, according to their latest report.
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 outdoor gear 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 self-lacing shoes market in the US 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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