Smart Fitness Market Insights
The global smart fitness market is expected to grow at a significant rate over the forecast period due to the increasing adoption of the consumers to track their fitness activities.
The rising demand of fitness trackers to keep records on steps walked, heart rate, distance covered, and calories burned is anticipated to foster the demand for fitness devices over the coming years.
Advantages such as the ability to access fitness related data in real-time operations are anticipated to stimulate the market growth. The increasing awareness about healthcare amongst consumers has led to an inclination towards fitness programs along with the use of related mobile applications. These factors are anticipated to drive the demand in the global market. The high costs of these devices is likely to limit the market growth over the forecast period.
Smart Fitness Market: Product Insights
The smart fitness market is segmented into smartwatch, wristband, smart clothing, shoes, bike computers, and others on the basis of products. The smart watch segment is anticipated to register a significant growth over the forecast period due to the features it provides to the consumers.
The smartwatches are similar to smartphones and thus have a processor and memory to manage advanced applications making it user-friendly. The smart clothing segment accounted for a substantial share in the smart fitness market in 2016. These wearables have sensors attached to them which would send data to the smartphones making them easily accessible to the consumers.
Smart Fitness Market: Type Insights
The smart fitness market is segmented on the basis of types into head-wear, torso-wear, hand-wear, leg-wear, and bike mount. The hand-wear devices are anticipated to dominate the market by 2025 due to high demand for smartwatches and wristbands by the consumers. The factors such as increasing awareness about health & fitness coupled with growing demand for self-monitoring devices are expected to stimulate the industry growth over the forecast period.
Smart fitness devices such as chest bands, leg bands and smart clothes amongst others are anticipated to drive the market growth over the forecast period.
Smart Fitness Market: Regional Insights
The market in North America accounted for the largest revenue share in 2016 and is further anticipated to grow at a significant rate over the forecast period. This growth is attributed to the increased production and consumption base in this region.
The markets in Asia Pacific and Europe are projected to register high revenue share over the forecast period. The growing demand for these devices is attributed to the increasing prevalence of chronic diseases such as diabetes and obesity, particularly in China and India.
Europe is projected to record the highest growth rate over the coming years due to the increasing applications of smart textiles in sport & fitness industry.
Smart Fitness Market:Competitive Landscape
Tlobal smart fitness market for this product is expected to be significantly large due to the presence of numerous suppliers. The key players include Fitbit (The U.S.), Nike (The U.S), Reebok (UK), Fitwall (The U.S.) and Exos (The U.S.) among others.
In September 2017, IFA Samsung officially announced the launch of its products, Gear Fit2 Pro, the Gear Sport and the new IconX wireless earbuds.
In January 2017, Fitbit announced collaboration with Tory Burch (a high-end designer). They signed an agreement to make pendants, bracelets, and wristbands for the Fitbit Flex activity band.
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