Smart Wearables for Sports and Fitness Market Trends [2031]

Report Description

Smart Wearables for Sports and Fitness Market Outlook 2031

The global smart wearables for sports and fitness market size was USD 80 Billion in 2022 and is likely to reach USD 102.5 Billion by 2031, expanding at a CAGR of 4.9% during 2023–2031. The market growth is attributed to the increasing health awareness and rising adoption of smart wearables for tracking sports and fitness performance.

Rising acceptance of smart gadgets as an integral part of modern lifestyle propels the market. The expansion of internet connectivity with smartphones and affordable internet plans has boosted the inclusion of smart electronics in managing sports and fitness performance aspects. Smart wearables play a significant role in providing individuals with health alerts, workout reminders, performance tracking, and monitoring heart rate & blood pressure. The rising health awareness among the global population, owing to the emergence of the COVID-19 pandemic has created potential opportunities in the market.

• According to the study published by the International Data Corporation (IDC) on September 20, 2023, sales of wearable devices registered significant growth in the second quarter of 2023, reversing the decline of the previous two quarters. The wearables devices market observed 8.5% year-over-year (YoY) growth with total device shipments surpassing 116 million.

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The research report finds that the COVID-19 pandemic boosted the smart wearables for sports and fitness market. The concerns over physical fitness and the need for an active life to improve immunity power propelled sales of smart fitness wearables. However, the sales of smart sports wearables decreased during this period, owing to lockdowns imposed by various governments across the globe.

Nonetheless, the rising awareness about health boosted sports and fitness activities across the globe. This has increased purchases of smart gadgets, such as smartwatches, fitness bands, health monitors, and smart sportswear, thereby fueling the market.

Impact of Artificial Intelligence (AI) on Smart Wearables for Sports and Fitness Market

Progress in AI is anticipated to have a positive impact on the market. Smart gadgets are expected to become more precise with the integration of AI. However, AI technology led to the personalization of smart gadgets, allowing them to be dynamic, based on the user’s body parameters readings.

This aids in quick alerts, suggestions, and decision-making, to support users in monitoring and enhancing their fitness and sports sessions. The manufacturers in the market are expected to benefit from AI to speed up complex production procedures and enhance customer experience.

Smart Wearables for Sports and Fitness Market Dynamics

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Key Trends

Rising adoption of smartwatches and fitness trackers is a key trend in the market. Smart gadgets are connected to smartphones with connectivity tools, such as Bluetooth and WiFi, to provide instant access to health data, messages, and calls. It allows users to focus on fitness sessions without carrying phones all the time.

Devices such as fitness bands provide health data and alerts, based on the physical conditions of the person. Smartwatches and fitness trackers are gaining popularity with time, which is boosting their demand from fitness and sports enthusiasts.

• According to a study published in June 2023, smartwatches are among the most popular smart wearable technologies adopted by individuals across the globe. Their sales are estimated to be nearly USD 45 billion by 2023, and their shipments are anticipated to reach 300 million devices in the same year.

Major Drivers

Increasing focus on fitness and rising participation in sports are major factors driving the market. Health awareness has surged since the COVID-19 pandemic, which has led to high enthusiasm toward physical exercise activities. Smart wearables allow users to set workout reminders, track progress, and aid in several other activities, such as sleep, heart rate monitoring, calorie consumption, and blood pressure. They are being highly adopted by the global population, as these devices enable users to have an active lifestyle with fitness alerts.

Participation in sports is registering a tremendous rise with the increasing efforts from various governments and educational institutes. This has boosted the acceptance of smart sports devices among athletes and sportspersons for supporting their training, tracking performance, and setting reminders. Individuals are highly integrating smart technologies in their daily lifestyle, including fitness and health, which is likely to boost the market during the assessment period.

Existing Restraints

High cost of quality smart wearables and the wide availability of counterfeit products are projected to restrain the market. The cost of wearable gadgets depends on quality, brand name, and the features integrated into them, making them costly. However, some individuals cannot avail of costly and branded products. Thus, they prefer buying counterfeit products, which come at considerably low cost and resemble in design and features. Such duplicate devices are plentiful in the market, which limits the sales of quality products, thereby, hindering the market. 

Emerging Opportunities

Rising demand for smart fitness clothing is expected to generate lucrative opportunities for the players competing in the market. The changing lifestyle with the growing adoption of technology in every aspect of life leads to a high demand for smart wearables. Smart fitness clothing is preferred for tracking muscle activity, monitoring vital signs, and preventing injuries during physical exercise.

The development and launch of smart clothing are expected to grow steadily with the availability of advanced sensors and technology, thereby boosting the market.

Scope of The Smart Wearables for Sports and Fitness Market Report

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

Smart Wearables for Sports and Fitness Market Segment Insights

Device Type Segment Analysis

Based on device type, the smart wearables for sports and fitness market is divided into smart clothing, smartwatches, activity trackers, smart glasses, fitness bands, fitness & heart rate monitors, GPS trackers, and others. The smartwatches segment is expected to hold a large market share during the projection period, owing to the increasing consumer preference for smartwatches.

These devices allow individuals to monitor daily activities. Smartphone manufacturers and other smart electronics makers are increasingly launching smartwatches along with their flagship products. The combined advantages enabled by these devices and several offers on the purchase are propelling the sales of smartwatches.

The fitness bands segment is projected to grow at a significant pace during the forecast period, owing to the increasing availability of budget-friendly devices and rising participation in fitness and sports. These fitness bands, such as wristbands, enable users to monitor heart rate and track daily calorie burns, sleep, and blood pressure. This self-tracking of body vitals through fitness bands promotes an active lifestyle among individuals to achieve improved health and stay away from illnesses.

• As per the updated estimation in October 2023, the valuation of smart bands is expected to surpass USD 19.5 billion in 2023. The user penetration rate accounted for 3.4% in 2023 and is likely to reach 4.34% by 2028. The sales are mainly driven by the rising demand in emerging economies, such as India, with a high young population and expanding health awareness.

Application Segment Analysis

On the basis of application, the global market is segregated into outdoor activities, training, stress management, fitness & health monitoring, sports & athletics, and others. The fitness & health monitoring segment is anticipated to expand at a substantial CAGR during the forecast period, owing to the rising adoption of technology in the sedentary and busy lifestyle of urban individuals.

The concerns over health, due to rising infectious diseases have triggered people to actively monitor their health vitals and participate in fitness activities. The prevalence of a sedentary lifestyle is causing several chronic and mental illnesses, which are being tackled with fitness and health monitoring devices. Furthermore, the increasing development and launch of innovative fitness wearables are likely to fuel the segment in the coming years.

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Distribution Channel Segment Analysis

On the basis of distribution channel, the smart wearables for sports and fitness market is bifurcated into online and offline. The offline segment is further classified as retail stores, specialty stores, and others. The offline segment is expected to register a robust growth rate during the forecast period, owing to the wide availability of smart fitness and sports wearables in physical stores.

Offline purchases are convenient for buying gadgets, as they enable tryouts before purchase. Smart wearables such as wristbands, smartwatches, and sports eyewear are becoming widely available in specialty stores. Moreover, the rising urbanization coupled with the rapid expansion of commercial stores across the globe is contribute to boost the sales of smart electronics.

The online segment is projected to exhibit rapid growth during the projection period, owing to the convenience of buying and the ability to select from a diverse range of products. It allows individuals to easily make a purchase of smart fitness and sports gadgets from e-commerce platforms based on the budget and feature requirement.

The attractive offers and discounts provided by online platforms are attracting a large base of customers toward e-shopping. Additionally, the rising smartphone subscriptions and internet connectivity are driving up the customer base of e-commerce platforms.

Regional Outlook

In terms of region, the global smart wearables for sports and fitness 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 projection period, owing to the increasing demand for smart fitness gadgets and health monitoring wearables with the growing trend of home workouts.

Early adoption of smart wearables in this region created lucrative opportunities for gadget manufacturers. The considerable presence of companies from the sports manufacturing and technology developers in this region is further expected to propel the market. Moreover, the rising acceptance of technology and changing lifestyles are driving the sales of smart wearables.

• According to a study published by the National Heart, Lung, and Blood Institute (NHLBI) in June 2023, almost one out of three citizens in America use wearable devices, such as smart wristbands and smartwatches, to track their fitness and health. Furthermore, over 80% of total survey participants, who wear smart devices, affirmed that they share information through these devices with their healthcare professionals, to enable better health monitoring.

The market in Asia Pacific is projected to register rapid growth during the assessment period, due to the rising availability of smart electronics at affordable prices. The growing consumer disposable income and high expenditure on personal fitness and convenience are further fueling the sales of smart wearable electronics.

Furthermore, rising partnerships among health, sports, and technology players are generating significant growth opportunities in the regional market. The major presence of sports and health-enthusiastic millennials and Gen-Z population in countries, such as India and China, are fueling the market in the region. Moreover, the increasing smartphone subscriptions and wide availability of 4G and 5G internet connectivity are supporting the market.

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