Throughout the projected period, rising consumer spending on smart accessories is anticipated to propel growth of the worldwide smart fitness market. This is further supported by increased consumer awareness of the advantages of such devices, particularly in developed economies like the United States, the United Kingdom, Canada, and Germany. Also, emerging nations like China and India are seeing a rise in the social acceptance of smart devices. Thus, during the projected period, these factors are anticipated to fuel the expansion of the worldwide smart fitness market. Increasing per person over the forecast period, GDP is anticipated to drive the growth of the global smart fitness market. Consumers' purchasing power has recently expanded dramatically in rising economies like India, Russia, and Brazil. Consumers' growing concern about their health can create profitable growth prospects in the worldwide smart fitness industry. The worldwide smart fitness industry may offer significant commercial potential due to enhanced client experiences. Consumer interest in smart fitness products has grown significantly. Examples include smart watches, wireless activity trackers, and smart brands.
Coherent Market Insights estimates that the market for Smart Fitness Products is anticipated to reach US$ 11,935.6 million in 2021 and grow at a CAGR of 26.1% during the forecast period (2021-2028).
Major Players in the Smart Fitness Industry:
1. Fitbit Incorporation
The company was founded in 2007 and has its headquarters in San Francisco, California. It creates wireless-enabled wearable technologies, activity trackers, fitness monitors, and smart watches that can measure heart rate, sleep quality, and the number of stairs you climb. Fit bit was purchased by Google in January 2021 and added to its hardware section. Fitbit unveiled three new smartwatches in August 2022: the Sense 2, Inspire 3, and Versa 4. These models all had slight upgrades over previous models, primarily in terms of fitness tracking capabilities and battery life.
2. Garmin International,
The firm was founded in 1989 and has its main office in Olathe, Kansas. The company sells touch-screen operated marine chart plotters, radars, autopilots, fish finders, traffic receivers, dog tracking systems, and marine networking equipment. Aero Data, a Scottsdale, Arizona-based business that offers software for aircraft performance to more than 135 airlines globally, was acquired by Garmin in 2021.
3. Pebble Incorporation
The business was founded in 2013 and is located in United States. Pebble Technology Corporation creates and produces timepieces. The business sells and creates watches that can be customized and have GPS and Internet-connected apps. Trekkers, joggers, bikers, golfers, and other outdoor enthusiasts can purchase watches from Pebble Technology all around the world.
4. Xiaomi
The company was established in 2010 and has its main office in Haidian District, Beijing, China. Xiaomi Inc. creates and produces household goods, home appliances, and software connected to consumer electronics. The corporation paid Deepmotion $77 million in August 2021 to acquire the self-driving company. A smartphone with a 4,000mAh battery could be fully charged in 40 minutes according to Xiaomi's new 40W wireless charging system, which was unveiled in March 2020.
5. Samsung Electronics
The company was established in 1969 and has its main office in Suwon, South Korea. Samsung Electronics Co., Ltd. manufactures a wide variety of consumer and commercial electronic products, such as microwaves, air conditioners, monitors, televisions, personal computers, peripherals, and semiconductors. Samsung declared on November 24, 2021, that a new semiconductor manufacturing facility would be built in Taylor, Texas. The merging of the mobile and consumer electronics divisions was announced by Samsung Electronics in December 2021.
6. NIKE Incorporation,
The company was established in 1964 and is based in Beaverton, Oregon, U.S. On a global scale, the company designs, develops, produces, promotes, and sells footwear, apparel, equipment, accessories, and services. Nike acquired RTFKT Studios, a virtual shoe manufacturer that creates NFTs, in December 2021. Nike purchased Datalogue, a New York-based firm with a focus on digital sales and machine learning technology, in February 2021.
7. Sony Corporation
The company was established in 1946 and has its main office in Minato, Tokyo, Japan. The company creates products for tvs, cameras, portable devices, video and audio equipment, and other gaming-related products. The Sony Group also owns other companies and makes computer games, entertainment, and movies. The corporation declared on May 19th, 2020, that effective of April 1st, 2021, it would be known as Sony Group Corporation.
*Definition: Users of smart fitness equipment can track and measure their workout efforts to better their health. Activity trackers are another name for smart fitness devices that track bodily processes while you work out.
