The global smart fitness devices market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the rapid adoption among individuals to track their activities related to fitness.
Smart fitness is a device that tracks position, movement, and rotation using sensors. The device gathers information and translates it into steps, calories burned, sleep quality, and overall activity. Some trackers even contain an 'altimeter' sensor that measures height, allowing to keep track of how many flights of stairs a person climbed. It can easily detect whether a person is running or spinning. The alarm in the device reminds about a range related to several things, such as walking, drinking enough water, completing the number of steps, standing, sleeping on the right time and others. The impact of COVID-19 pandemic has been positive on the smart fitness devices market owing to the awareness for wellness and healthy lifestyle.
Market Trends, Drivers, Restraints, and Opportunities
- Rising awareness related to health and fitness is one of the key factors driving the market growth.
- Increasing prevalence of health disorders is expected to boost the market growth in the coming years.
- Issues related to safety and privacy is anticipated to hamper the market expansion during the projected period.
- High costs associated with smart devices present a major challenge. This is likely to hinder the market growth during the forecast period.
- Growing use of smart devices in urban population is projected to create significant growth opportunities for the market in the near future.
Scope of the Report
The report on the global smart fitness devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Smart Fitness Devices Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Bike-mount, Torso-wear, Hand-wear, Head-wear, and Leg-wear) and Products (Smart Clothing, Smartwatch, Smart Shoes, Bike Computers, Wristband, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Samsung Electronics Co., Ltd.; Xiaomi Inc.; Fitbit Inc.; Garmin Ltd.; Jawbone; LG Electronics Inc.; Polar Electro, Inc.; Sony Mobile Communications Inc.; Under Armour, Inc.; and Apple Inc.
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Market Segment Insights
Hand-wear segment is expected to grow at a rapid pace
Based on types, the global smart fitness devices market is divided into bike-mount, torso-wear, hand-wear, head-wear, and leg-wear. The hand-wear segment is expected to grow at a rapid pace during the forecast period owing to increasing awareness on health and fitness, rising disposable income, and growing demand for self-monitoring devices. However, the bike-mount, torso-wear, head-wear, and leg-wear segments are anticipated to hold a key share of the market in the coming years due to the rising awareness and capability of providing specific use to the user.
Functions offered to drive smartwatch segment
On the basis of products, the market is segregated into smart clothing, smartwatch, smart shoes, bike computers, wristband, and others. The smartwatch segment is projected to expand at a considerable CAGR during the forecast period attributed to a numerous functions offered by smartwatches, which helps an individual in maintaining and tracking their routine. On the other hand, the smart clothing segment is anticipated to account for a major market share during the forecast period due to conductive fibers or sensors woven into and attached to the clothing material, which provides data to the smartphone, so that the user can evaluate the information.
North America to constitute a key market share
In terms of regions, the global smart fitness devices market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the presence of wide consumer base and established manufacturers in the region. However, the market of Europe is anticipated to expand at a rapid pace during the forecast period attributed to rising investments by key players in developing prototype solutions & systems in the areas of fitness wearables, smart textiles, and well-being across the region.
Segments
Segments Covered in the Report
The global smart fitness devices market has been segmented on the basis of
Types
- Bike-mount
- Torso-wear
- Hand-wear
- Head-wear
- Leg-wear
Products
- Smart Clothing
- Smartwatch
- Smart Shoes
- Bike Computers
- Wristband
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Samsung Electronics Co., Ltd.
- Xiaomi Inc.
- Fitbit Inc.
- Garmin Ltd.
- Jawbone
- LG Electronics Inc.
- Polar Electro, Inc.
- Sony Mobile Communications Inc.
- Under Armour, Inc.
- Apple Inc.
Competitive Landscape
Key players competing in the global smart fitness devices market are Samsung Electronics Co., Ltd.; Xiaomi Inc.; Fitbit Inc.; Garmin Ltd.; Jawbone; LG Electronics Inc.; Polar Electro, Inc.; Sony Mobile Communications Inc.; Under Armour, Inc.; and Apple Inc. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.