- Self-lacing shoes are technology-equipped shoes designed to automatically tighten once an individual puts them on. Self-lacing shoes are also termed as self-tying shoes and power laces. Furthermore, these shoes are introducing features such as self-tightening, heating, and shock-absorbing shoe. Self-lacing shoes are majorly purchased by professional athletes, basketball players, and differently-abled individuals.
- Nike has launched its range of self-lacing shoes named Adapt BB and HyperAdapt 1.0 in the self-lacing shoes market. Puma has introduced its fit intelligence, wirelessly connected self-lacing shoes called AutoDisc.
Rise in Trend of Using Bluetooth-enabled and Application-driven Smart Shoes to Drive the Self-lacing Shoes Market
- Rapid increase in demand for Bluetooth-enabled and application-driven smart shoes is projected to be a driving factor for the self-lacing shoes market. Professional sportspersons such as basketball players, marathon runners, and athletes use these innovative and tech-embedded shoes to keep daily track of their fitness regimen. Moreover, self-lacing shoes are very convenient for differently-abled individuals and senior citizens. Technology plays a vital role in the production process of such products. Brands have to undertake advancement in their technology to be competitive in the marketplace.
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Lack of Awareness and High Cost of Shoes to Hamper the Self-lacing Shoes Market in the Near Future
- Lack of awareness about self-lacing shoes in various emerging economies across the world is anticipated to restrict the growth of these shoes during the forecast period. The product is very expensive in terms of pricing. Furthermore, it is unavailable in specialty stores and multi-brand retail outlets in various emerging economies. These factors negatively impact the sale of self-lacing shoes in various parts of the globe. Moreover, companies spend heavy amounts on research & development to ensure advancement in technology of self-lacing shoes, which in turn is likely to increase the overall cost of production of these shoes.
North America and Europe Hold Major Share in the Global Self-lacing Shoes Market
- Geographically, the global self-lacing shoes market can be divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America and Europe held majority of market in the global self-lacing shoes market in 2018. The self-lacing shoes market in North America and Europe is projected to expand in a rapid manner in the near future due to rise in usage of self-lacing shoes by professional athletes and basketball players in countries such as the U.S., Canada, Mexico, the U.K., Germany, and France as well as other countries in Europe.
- Furthermore, the market in Asia Pacific is projected to expand at a significant growth rate during the forecast period. Rise in demand for Bluetooth-enabled and application-driven self-lacing shoes in China, India, and Japan is expected to surge the demand for self-lacing shoes in the Asia Pacific region.
Key Players Operating in the Self-lacing Shoes Market
Major manufacturers are anticipated to face tough competition during the forecast period. Brands such as Nike Inc., PUMA SE, Powerlace Technology Inc., and Digitsole focus on innovation of new self-lacing shoes to strengthen their product portfolio and drive the sales of self-lacing shoes in the global self-lacing shoes market. Nike Inc. offer self-lacing shoes named Adapt BB and HyperAdapt 1.0. These are Bluetooth-enabled self-lacing sneakers which offer auto-lacing and adapts to wearers’ feet. Adapt BB was first used at the NBA basketball court by Jayson Tatum. A few of the key players operating in the global self-lacing shoes market are:
- Nike Inc.
- PUMA SE
- Powerlace Technology Inc.