According to Future Industry Insights (FMI), the worldwide smart fitness industry would generate approximately US$ 13 billion in 2020. The size of the global smart fitness market is anticipated to be around US$ 50 billion by 2031, expanding at a CAGR of 12% between 2021 and 2031.
The report also forecasts that the market will be valued at more than US$ 15 billion by the end of 2021. The primary growth drivers, according to FMI, will continue to be advancements in wearable sensing technologies and the release of reasonably priced wearable fitness trackers for health monitoring and managing health conditions.
Manufacturers have been urged to concentrate on developing new designs and patterns for bands, watches, and other goods that may be carried or connected to conveniently as wearable fitness trackers have risen in popularity over the past several years.
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Key Takeaways: Smart Fitness Market
- By component, the smart accessories segment is anticipated to account for the leading share in the global demand for smart fitness. The segment is estimated to grow at a robust CAGR through 2031.
- The adoption of smart accessories like smartwatches is expected to rise at a maximum pace. As per FMI, demand in this segment will increase by 2X between 2021 and 2031.
- North America is expected to lead the market followed by Europe in 2021.
- South Asia & Pacific is anticipated to emerge as the fastest-growing region between 2021 and 2031.
- The market in the U.K. is expected to progress at a CAGR of around 15% through 2031.
- In India, sales are expected to increase at a CAGR of nearly 18% over the next ten years.
Demand for Wearable Devices is Bolstering the Market Growth
The demand for wearable devices such as smart bands, smart watches, and activity trackers integrated with AI capabilities is increasing as these devices help in detecting irregularities in health data and give early warnings for conditions like heart disease or diabetes. AI-enabled wearable devices are gaining traction as they help in monitoring health and give alerts about movements, incorrect posture, and other vital health factors.
The wearable device provides fitness, sleep, and recovery data to help an individual adopt a healthy lifestyle. Many smartwatch vendors are adding blood oxygen sensors in their devices as standard, ECG monitors, and other functionalities to provide warnings or early signs of potential ailment and make suggestions about health improvement.
More Valuable Insights on Smart Fitness Market
FMI’s report on the smart fitness industry research is segmented into three major sections – component (smart accessories, strength training equipment, cardiovascular equipment, cross-training equipment), smart accessories (smart watches, smart bands, activity trackers, heart rate, monitor, pedometer, sleep quality monitor), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the smart fitness demand outlook.
Smart Fitness Outlook by Category
By Component:
- Smart Accessories
- Strength Training Equipment
- Cardiovascular Equipment
- Cross-training Equipment
By Smart Accessories:
- Smart Watches
- Smart Bands
- Activity Trackers
- Heart Monitor
- Pedometer
- Sleep Quality Monitor
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Pricing Analysis
4.1. Pricing Analysis, By Product Type
4.2. Global Average Pricing Analysis Benchmark
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10-years.
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