Future Market Insights (FMI) predicted in its smart fitness industry report that the market's demand will grow at a respectable CAGR of 12% between 2021 and 2031.
The survey also predicts that by the end of 2021, the market would be worth more than US$ 15 billion. According to FMI, developments in wearable sensing technology and the introduction of affordable wearable fitness trackers for health monitoring and managing health issues will continue to be the key growth drivers.
As wearable fitness trackers have grown in popularity over the past few years, manufacturers have been encouraged to concentrate on creating new designs and patterns for bands, watches, and other items that can be carried or attached to easily.
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Key Takeaways: Smart Fitness Market
By component, the smart accessories segment is anticipated to account for the leading share in the global demand for smart fitness. The segment is estimated to grow at a robust CAGR through 2031.
The adoption of smart accessories like smart watches is expected to rise at maximum pace. As per FMI, demand in this segment will increase by a 2X between 2021 and 2031.
North America is expected to lead the market followed by Europe in 2021.
South Asia Pacific is anticipated to emerge as the fastest growing region between 2021 2031.
The market in U.K. is expected to progress at a CAGR of around 15% through 2031.
In the India, sales are expected to increase at a CAGR of nearly 18% over the next ten years.
Demand for Wearable Devices is Bolstering the Market Growth
The demand for wearable devices such as smart bands, smart watches, activity trackers integrated with AI capabilities is increasing as these devices help in detecting irregularities in health data and give early warnings for condition like heart disease or diabetes. AI-enabled wearable devices are gaining traction as they help in monitoring the health and give alerts about movements, incorrect posture, and other vital health factors.
Wearable device provides fitness, sleep, and recovery data to help an individual adopt a healthy lifestyle. Many smart watch vendors are adding blood oxygen sensors in their device as standard, ECG monitors, and other functionalities to provide warnings or early signs of potential ailment and make suggestions about improvement in health.
More Valuable Insights on Smart Fitness Market
FMI’s report on the smart fitness industry research is segmented into three major sections – component (smart accessories, strength training equipment, cardiovascular equipment, cross-training equipment), smart accessories (smart watches, smart bands, activity trackers, heart rate, monitor, pedometer, sleep quality monitor), and region (North America, Latin America, Europe, East Asia, South Asia Pacific, Middle East Africa), to help readers understand and evaluate lucrative opportunities in the smart fitness demand outlook.
Smart Fitness Outlook by Category
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
East Asia
South Asia Pacific
Middle East Africa
Executive Summary
Global Market Outlook
Demand Side Trends
Supply Side Trends
Analysis and Recommendations
Market Overview
Market Coverage / Taxonomy
Market Definition / Scope / Limitations
Key Market Trends
Key Trends Impacting the Market
Product Innovation / Development Trends
Pricing Analysis
Pricing Analysis, By Product Type
Global Average Pricing Analysis Benchmark
COVID-19 Pandemic Crisis Impact Analysis
Impact of COVID-19 Pandemic Crisis on Smart Fitness Market
Pre-COVID-19 Growth Analysis
Post-COVID-19 Impact Analysis
Expected Recovery Scenario (Short-term / Mid-term / Long-term)
Key Action Points for Smart Fitness Product Vendors
Market Structure Analysis
Market Analysis by Tier of Companies
Market Concentration
Market Share Analysis of Top Players
Market Presence Analysis
Regional footprint by Players
Solution footprint by Players
Channel footprint by Players
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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