Smart fitness devices allow users to improve their health by monitoring and measuring efforts put on exercise. Smart fitness devices are also referred to as activity trackers, which monitoring body functions during exercise. Smart fitness devices can be categorized into wearable and non-wearable devices. Wearable devices include smart accessories such as smartwatch and smart band, while non-wearable smart fitness devices consist of strength, cardiovascular, and cross-training equipment. Wearable smart fitness devices are autonomous in nature and user-friendly, that be connected to the internet wirelessly by installing third-party applications or software to the fitness device.
The global smart fitness market is estimated to be valued at US$ 11,935.6 million in 2021 and is expected to exhibit a CAGR of 26.1% over the forecast period (2021-2028).
North America held dominant position in the global smart fitness market in 2020, accounting for 32.0% share in terms of volume, followed by Europe and Asia Pacific, respectively.
Figure 1. Global Smart Fitness Market Value Share (%), by Region, 2020
Global Smart Fitness Market: Drivers
Increasing consumer expenditure on smart accessories is expected to drive growth of the global smart fitness market during the forecast period
Consumer expenditure on smart accessories has increased significantly in the recent past, especially on the autonomous fitness equipment. This I further supported by increased cognizance among customers regarding the benefits of such devices particularly in advanced economies such as the U.S, The U.K, Canada, and Germany. Besides, emerging markets such as India and China are witnessing an increased social acceptance of smart devices. Therefore, these factors are expected to drive growth of the global smart fitness market during the forecast period.
Rising per capita GDP is expected to propel the global smart fitness market growth over the forecast period
Purchasing power of consumers in emerging economies such as India, Russia, and Brazil has increased significantly in the recent past. For instance, in the Gross Domestic Product 2013, PPP ranking of countries U.S. tops the chart with 16, 800,000 millions of international dollars followed by China with 16, 157,704. India registers a 6,774,441 million GDP, PPP followed by Japan, and others with subsequent figures. Among these countries, China, India, the Russian Federation, and Brazil hold 2nd, 3rd, 6th, and 7th positions which determines a huge economic stabilization by these countries owing to increased expenditure. Therefore, these factors are expected to propel the global smart fitness market growth over the forecast period.
|Base Year:||2020||Market Size in 2021:||US$ 11,935.6 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||26.1%||2028 Value Projection:||US$ 60,367.2 Mn|
Fitbit Incorporation, Garmin International, Pebble Incorporation, Xiaomi, Samsung Electronics, NIKE Incorporation, Shanda Group, and Sony Corporation
|Restraints & Challenges:||
Global Smart Fitness Market: Opportunities
Rising health concerns among consumers can present lucrative growth opportunities in the global smart fitness market
Consumers are increasingly become health-conscious, thereby adopting healthy eating habits and taking up exercise. This trend is quite similar in both developed and emerging economies. Smart fitness devices such as heart rate monitors and activity trackers that can be connected to smart-phones wirelessly are experiencing increased uptake as they provide feedback on individuals’ performance and health.
Augmented customer experience can provide major business opportunities in the global smart fitness market
In this technology-driven era, consumers are becoming more tech-savvy and selective in their purchases. Consumer preferences are shifting towards smart accessories and devices such as smartwatches and activity trackers that can tell about, heart rates, steps taken, and give other related notifications. Thus, enhance customer experience with reduced complexities.
Rising usage among individuals
Smart fitness devices such as wireless activity trackers, smartwatches, and smart brands have gained significant popularity among consumers. This is owing to various benefits offered by these devices such as synchronization of daily workout to smartphones, updates offered, and timely health tips. Other features such as Wi-Fi-enabled scales with advanced apps to track and graph, essential aspects like BDI (body mass index) to offer a clear idea of weight trends are increasing the uptake of smart accessories in consumer vertical.
Growing institutional use
Introduction of advanced technology, new inventions, and product enhancement has been revolutionizing the physical fitness industry to a great extent. Technology and fitness equipment enhancement for group fitness classes is happening worldwide. Key players in the smart fitness industry are introducing smart equipment that can be successfully deployed in fitness clubs and gyms and allow users to get a complete reports on body composition. For instance, InBody Australia offers smart equipment such as MYZONE consoles and pedestals that can be deployed in gyms.
Figure 2. Global Smart Fitness Market Share, By Smart Accessories, 2020
Key Takeaways of the Graph:
Global Smart Fitness Market: Restraints
High cost related to the devices is expected to hamper the global smart fitness market growth over the forecast period
High cost associated with smart fitness devices is expected to slow down the penetration rate of these devices in emerging markets. Smart fitness devices are highly sophisticated equipment, which includes advanced technologies such as LED screen, Wi-Fi, and GPS tracking. Some devices can monitor heart rate (BPM), calories burned, steps walked, oxygen level, and other parameters of the user. As a result of this, the selling price of such devices is significantly high. Therefore, these factors are expected to hamper the global smart fitness market growth over the forecast period.
Low awareness regarding these devices is expected to restrain growth of the global smart fitness market during the forecast period
There is a lack of awareness in emerging economies regarding various types of smart fitness accessories and devices that can be used to monitor health-related issues. A large pool of consumers is unaware of the advantages offered by smart fitness devices. Therefore, these factors are expected to restrain growth of the global smart fitness market during the forecast period.
Global Smart Fitness Market: Competitive Landscape
Major players operating in the global smart fitness market are Fitbit Incorporation, Garmin International, Pebble Incorporation, Xiaomi, Samsung Electronics, NIKE Incorporation, Shanda Group, and Sony Corporation.
Global Smart Fitness Market: Key Developments
Key players are focused on product launches, in order enhance the product portfolio. For instance, in March 2019, Fitbit Incorporation introduced four new fitness devices Fitbit Versa Lite Edition, Fitbit Inspire HR, Fitbit Ace 2, and Fitbit Inspire.
Major market players are focused on product launches, in order to gain a competitive edge in the market. For instance, in April 2017, Garmin International launched vivosmart 3, an activity tracker with ultra-slim design.
Smart fitness is all about making our lives easier and our workouts fun, while helping us shed some pounds or look better. Smart fitness watches enable us to get fit by just learning a few easy steps. Smart watches can track all of your exercise routines, and they can even help you get in shape on the go. The most advanced smart fitness watch will provide you with tons of information and keep track of all your activity - including your heart rate, calories burned and miles covered - so that you can always find new ways to improve your fitness. Smart fitness monitors can even help any health-minded individual get a concrete, measurable metric for any goal.
Launch of new products and solutions is expected to propel growth of the global smart fitness market. For instance, in October 2021, Garmin International, Inc. launched the Dexcom Connect IQ apps, providing people with Type 1 and Type 2 diabetes who use the Dexcom G6 Continuous Glucose Monitor (CGM) System.
Major players operating in the global smart fitness market are focused on adopting partnership and collaboration strategies to enhance their market share. For instance, in October 2021, Samsung Electronics collaborated Kitsuné, a lifestyle brand, on two new special-edition wearables — the Galaxy Watch4 Maison Kitsuné Edition and the Galaxy Buds2 Maison Kitsuné Edition.
Key features of the study:
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