Digital Fitness Market Size, Share & Analysis Report | 2031

Report Description

The Global Digital Fitness Market size was valued at USD 9.30 Billion in 2022 and is expected to surpass USD 64.46 Billion by 2031, expanding at a CAGR of 24% during the forecast period, 2023–2031. The growth of the market is attributed to the increased emphasis on health among the young generation.

The addition of digital tools and applications to the current fitness and health trends is part of the digital fitness market. Rising demand for various fitness devices that can measure fitness metrics and physical activity, such as smart watches, smart sports shoes, and other wearable technology is boosting the market.

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Major tech giants are working with market players in the sports and fitness sector to enter the digital fitness market since consumers prefer digital fitness subscriptions rather than traditional gym memberships. The emergence and spread of COVID-19 have resulted in lockdowns and implementation of social distancing norms.

Digital literacy has never been more essential. More people than ever are working from home and chatting online due to the current crisis which has highlighted the dangers of misinformation. In this difficult time, improving one's digital literacy and awareness can benefit people of all technical levels.

People that are "digitally fit" have the abilities to design and implement digital solutions, as well as an attitude that encourages trying new things and interacting with others on a daily basis. Digital fitness adheres to the same ideas as digital health, which entails using information and communication technology to address people's health issues and fitness obstacles.

These elements are aiding the shift from traditional gyms and studios to virtual fitness. As a result of this tradition, the number of fitness apps download and subscriptions is estimated to increase. Fitness apps employ artificial intelligence, machine learning, and other technology to provide customized workout schedules.

Additionally, these apps offer customized health and fitness coaches, diet monitoring, step tracking, no-equipment training regimens, and diet charts. Increasing use of smartphones worldwide is estimated to boost the revenue generation opportunities in the digital fitness market.

Due to shifting customer demands, technology has advanced quickly. At-home fitness technology, linked gear, and equipment have all benefited from this. This upward trend has created the perfect storm for the coming digital fitness revolution.

COVID-19 Impact on Digital Fitness Market

Sales of fitness monitoring devices marked a positive impact owing to the rise in COVID-19 cases. COVID-19 increased awareness regarding health, thus increasing sales of fitness monitoring products. Companies such as Apple and Garmin have witnessed an increase in revenue by 20% in 2020 compared to the previous fiscal year.

While COVID-19 has impacted several businesses, and there remains uncertainty around the economy and customer demand, manufacturers are developing advanced products and services to help customers during this time. Covid-19 pandemic caused fitness centers and health club to shutdown which ultimately caused digital transformation.

For instance, Fitbit is investing in research and development activities by collaborating with health industry leaders like Apple, Stanford Medicine, and The Scripps Research Institute to study how data from wearables can be identified, track, and have infectious diseases like COVID-19.

The rapid-growing sector in the first year of the pandemic was the fitness equipment sector, which grew by 50% from 6 billion in 2019 to 10 billion in 2020. While the online/digital fitness sector has experienced major growth during the pandemic.

Digital Fitness Market Dynamics

The market research report on the global digital fitness market provides a detailed analysis by focusing on revenue growth, facts, figures, and historical data to determine major drivers, existing restraints, key opportunities, and competitive analysis. The report includes recent developments that can shape the overall performance of the market during the forecast period, 2023 to 2031.

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Major Drivers

Rising adoption of smartphones is anticipated to drive the market

The wearable device is widely employed to assess a person's vital data indicators, such as location-based, fitness- and health-related, and biofeedback that reveals emotion. A huge population globally uses digital fitness devices such as smart glasses, rings & bracelets, fitness trackers, and smartwatches although there are certain privacy issues, the extent to which they might change how people interact with one another, how someone wearing them appears, and how convenient they are.

Additionally, the fitness software syncs with smartphones to offer insightful data on pace, heart rate, and calories burned for enhancing overall awareness of wellbeing. Innovation in displays of gadgets such as the integration of AMOLED and organic light-emitting diodes (OLEDs) is boosting the market.

Growing sales of wearable devices to boost the market

The growth of the market is attributed to easy accessibility through several platforms, including modern commerce and online sales channels. The growth of wearable technology in the sports industry is also aided by growing retail sales penetration.

Increasing awareness regarding health is one of the major factors driving the market. Consumers nowadays are looking for advanced technology to maintain a balanced life which is estimated to fuel the market. Digital fitness devices/gadgets are easy to use and compact.

Existing Restraints

High cost of initial investment is projected to hinder the market growth. Nowadays digital devices are implemented with IoT which increases the production cost and security concerns, thus hindering the market growth. Also due to coronavirus supply chains were disrupted for several months.

The high prices associated with premium fitness trackers and the heavy price pressure on manufacturers create a significant barrier to market expansion. Growing privacy and security concerns, as well as tough competition from other counterfeit goods, further hampered the market growth.

Key Opportunities

Sports-related gadgets such as smart cameras, pedometers, and shot trackers are increasing in popularity due to an increased focus on health. Additionally, a number of economic issues, including increased per capita healthcare spending, increased investment in advanced technology, and improvement in healthcare infrastructure are anticipated to create immense growth opportunities in the coming years.

Scope of Digital Fitness Market Report

The report on the global digital fitness market includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Digital Fitness Market Segment Insights

Products Segment Analysis

Based on products, the market is segregated into fitness wristbands, smartwatches, smart shoes, smart clothes, and others. The smartwatches segment is estimated to hold a major market share in the coming years owing to the variety of features offered by smartwatches as compared to wristbands and other devices.

Smartwatch technology has the ability to elevate human connectivity to a new level when combined with deep learning, artificial intelligence, and the Internet of Things (IoT). Moreover, technologies are integrating a combination of machine learning, big data analysis, and sensors to give users more information about their bodies.

The smart clothes segment is anticipated to grow at a rapid pace during the projected period. As an extension of or a replacement for smartphones and other portable linked devices, smart clothing is a serious candidate to become the new interface between the digital world and humans.

The fabric of smart clothing, also known as smart textiles, is woven with sensors or conductive fibers. Smart clothing delivers data to the smartphone, where the user can analyze it, just like other smart fitness gadgets.

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Categories Segment Analysis

On the basis of categories, the market is bifurcated into headwear, legwear, handwear, and others. The handwear segment is expected to dominate the market in the coming years due to the increasing demand for smartwatches. Growth of the segment is attributed to the growing demand for self-monitoring devices, rising disposable income, and increasing awareness of health and fitness.

The majority of smart fitness gadgets are worn on the wrist, but there are additional devices available in the market that may be worn on other parts of the body, including clip-on, smart shoes, leg bands, chest bands, head & ear-wear, and smart clothing. Due to their increased awareness and user-specific functionality, additional categories are anticipated to experience significant growth in tandem with wrist-worn gadgets.

The need for cost-effective solutions has increased with the rising demand for technologically advanced solutions. In order to combine comfort and aesthetics, manufacturers have made a number of improvements to the design and functionality of smart fitness items. The majority of startups prefer to employ Internet of Things (IoT)-based solutions because they are widely used in the market.

Regional Analysis

On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the projected period owing to the presence of key manufacturers and a large customer base.

Growth of the market in the region is attributed to increasing awareness about physical fitness, rising obesity rate along with the existence of increasingly advanced digital devices. Approximately two-thirds of the U.S population (69%) are obese and one in three (36 percent) are overweight.

Therefore, in the current global environment of required social distance, it is anticipated that this group would become digitally fit. The market in Asia Pacific is estimated to grow at a rapid pace owing to increasing disposable income. The growing prevalence of chronic diseases such as obesity and diabetes in countries such as India and China is projected to drive the market.

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