The global smart fitness market is projected to reach US$ 46,934.8 million by 2033, growing at an annual rate of 12.4% from 2023 to 2033. This growth is driven by the increasing popularity of smart fitness devices, which offer features like heart rate monitoring, workout tracking, distance measurement, and calorie counting.
The COVID-19 pandemic has accelerated the adoption of smart wearables as people become more health-conscious. As a result, digital fitness is gaining traction worldwide. Currently, smart fitness gadgets make up about 30% of the global digital fitness device sales.
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More individuals are turning to at-home fitness, which is fuelling demand for wearable devices equipped with modern technology to improve individual performance and exercise. As a result, consumer interest in smart fitness trackers and smart fitness band watches is increasing. Sales of smart fitness devices in the United States are predicted to grow at an outstanding CAGR throughout the forecast period. Because of the broad consumer base and the presence of significant competitors, the demand for smart fitness is expanding in the United States.
Key Takeaways from the Smart Fitness Market Report:
- Between 2023 and 2033, sales in India are expected to grow at an excellent rate of roughly 18.5% CAGR.
- In 2022, the smartwatches segment held a 20.1% share of the overall market.
- South Asia is expected to grow rapidly in the market, with a CAGR of almost 18% over the forecast period.
- The market increased at a CAGR of 10.3% over the last five years (2018 to 2022).
- Smart fitness demand in Japan and South Korea is expected to expand at a CAGR of 13% and 15%, respectively, between 2023 and 2033.
Competitive Landscape:
- According to a news published on June 1, 2023, English Premier League football player Harry Kane is currently the newest athlete to put money in OxeFit, an at-home fitness gadget powered by machine learning. The company, OxeFit has already raised more than US$ 45 million in total capital, and its sales have climbed 200% year over year.
- Based on an article released on May 1, 2023, The Exercise Coach in Virginia is being promoted as the state’s foremost AI-enabled gym. The Virginia smart studio employs bio-adaptive robotic exercise gear that produces and adapts workouts based on a person’s level of fitness.
Leading Key Players:
- Fitbit
- Pebble Inc.
- Adidas
- Samsung Electronics
- Sony Corporation
- Shanda Group
- Nike Inc.
- Xiaomi
- Garmin International
- Jawbone
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More Valuable Insights:
Future Market Insights, in its new offering, presents an unbiased analysis of the global smart fitness market presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights By Component (Smart Accessories, Strength Training Equipment, Cardiovascular Equipment), Smart Accessories (Smart Watches, Smart Bands, Activity Trackers, Heart Monitor, and Pedometer), and region.
Smart Fitness Market Segmentation:
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
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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