Global Smart Fitness Market size is expected to reach USD 29.4 billion by 2025. Fitness is very important for a person, who wants to lead a happy as well as healthy life; both – mentally and physically. In today’s world, smart fitness is a new concept. A smart fitness gadget is a tracking device, which could be worn on or attached to the body of the person. The smart fitness devices, such as health monitoring and tracking equipment, are easily available in the market.
Using these smart fitness devices, you could keep a track of steps, overall sleep statistics, heart rate monitoring, calories burnt, fitness monitoring, and the other states of the body. These devices are used in sports like golf, snowboarding, football, basketball, tennis, and skiing. The market is expected to grow at the highest CAGR over the forecast period. It’s scope, product types, and the applications are increasing across the scope.
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The increasing popularity of fitness accessories, growing urban population, changing lifestyle, growing awareness about fitness among people, increasing number of gyms & fitness clubs, surging demand for technologically advanced products, rising popularity toward smart gadgets & benefits of fitness trackers, increasing use of smartphones, and rising disposable income in developing countries are the major factors driving the growth of market in the forecast period. However, lack of awareness about the use of smart fitness accessories in rural areas, side effects of fitness accessories on health, and high cost of fitness accessories are expected to restrain the market in the forecast period. The smart fitness industry is categorized based on product, type, and geography.
Products that could be explored in the smart fitness market include smartwatch, smart clothing, wristband, smart shoes, bike computers, and others. Smartwatch held the largest market share in 2016 and is expected to grow at the highest CAGR in the forthcoming years. This is due to rising consumers’ interest for smartwatches and many additional features such as phone calls, text messaging, music, and social media. Also, smartwatches are providing some features such as heartbeat, temperature & pulse measurement, as well as blood glucose level monitoring. The market is categorized based on types such as torso-wear, head-wear, leg-wear, hand-wear, bike mount, and others. The “hand-wear” segment is expected to hold the largest market share in the forecast period due to the increasing demand of smartwatches and wristbands. However, the “torso-wear” segment is anticipated to grow at the fastest pace in the years to come owing to the rising demand for smart clothing.
North America accounted for the largest market share in 2016 and is expected to grow at the highest CAGR in the forthcoming years. This growth may be attributed to the technological advancements, presence of top IoT players, rising disposable income, and growing health awareness among people. Companies such as Jawbone Inc., Apple Inc., and Pebble Technology Corporation are the major contributors in smart fitness market in the North America region. Apple Inc. recently launched its Apple Watch Series 3 (Apple S3). This is the latest development in the smart fitness industry in this region.
The key players operating in the smart fitness market are Apple Inc., Garmin Ltd., Fitbit Inc., LG Electronics, Jawbone Inc., OM Signal, MAD Apparel Inc., Polar Electro Inc., Sony Mobile Communications Inc., Samsung Electronics Co. Ltd., Xiaomi Inc., Pebble Technology Corporation, Under Armor Inc., Qualcomm, Huawei, and We loop. These market players strongly invest in the expansion of their business and development to maintain a top position in the market. Also, these players concentrating on new joint ventures, collaborations, agreements, and strategies to improve their production facilities and gain a larger share in the market.
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Product Outlook (Revenue, USD Million; 2014 – 2025)
• Smart Clothing
• Smart Shoes
• Bike Computers
Type Outlook (Revenue, USD Million; 2014 – 2025)
• Bike mount
Regional Outlook (Revenue, USD Million; 2014 – 2025)
• North America
• Asia Pacific
• South America
• Middle East & Africa (MEA)
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