GLOBAL SMART FITNESS MARKET ANALYSIS

Smart fitness devices allow users to improve their health by monitoring and measuring efforts put on exercise. Smart fitness devices are also referred to as activity trackers, which monitoring body functions during exercise. Smart fitness devices can be categorized into wearable and non-wearable devices. Wearable devices include smart accessories such as smartwatch and smart band, while non-wearable smart fitness devices consist of strength, cardiovascular, and cross-training equipment. Wearable smart fitness devices are autonomous in nature and user-friendly, that be connected to the internet wirelessly by installing third-party applications or software to the fitness device.

The global smart fitness market is estimated to be valued at US$ 11,935.6 million in 2021 and is expected to exhibit a CAGR of 26.1% over the forecast period (2021-2028).

Recent Developments:

• In September 20201, Realme launched Dizo Watch 2, Dizo Watch Pro smart watches in the Indian market. The Dizo Watch 2 includes 1.69 inch touch screen, while Dizo Watch Pro smart watche includes in-built GPS and GLONASS positioning.
• In October 20201, Realme launched the Realme Watch T1. The Realme Watch T1 sports a 1.3-inch round AMOLED display with a resolution of 416×416 pixels bringing it a pixel density of 325ppi. The screen also comes with Corning Gorilla Glass on top. There is a stainless steel frame too.
• In January 2020, Honor launched fitness band Honor Band 5i. The Honor Band 5i comes with a built-in USB port, Watch Face store, and sleep tracking features.

North America held dominant position in the global smart fitness market in 2020, accounting for 32.0% share in terms of volume, followed by Europe and Asia Pacific, respectively.

Figure 1. Global Smart Fitness Market Value Share (%), by Region, 2020

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Global Smart Fitness Market: Drivers

Increasing consumer expenditure on smart accessories is expected to drive growth of the global smart fitness market during the forecast period

Consumer expenditure on smart accessories has increased significantly in the recent past, especially on the autonomous fitness equipment. This I further supported by increased cognizance among customers regarding the benefits of such devices particularly in advanced economies such as the U.S, The U.K, Canada, and Germany. Besides, emerging markets such as India and China are witnessing an increased social acceptance of smart devices. Therefore, these factors are expected to drive growth of the global smart fitness market during the forecast period.

Rising per capita GDP is expected to propel the global smart fitness market growth over the forecast period

Purchasing power of consumers in emerging economies such as India, Russia, and Brazil has increased significantly in the recent past. For instance, in the Gross Domestic Product 2013, PPP ranking of countries U.S. tops the chart with 16, 800,000 millions of international dollars followed by China with 16, 157,704. India registers a 6,774,441 million GDP, PPP followed by Japan, and others with subsequent figures. Among these countries, China, India, the Russian Federation, and Brazil hold 2nd, 3rd, 6th, and 7th positions which determines a huge economic stabilization by these countries owing to increased expenditure. Therefore, these factors are expected to propel the global smart fitness market growth over the forecast period.

Global Smart Fitness Market: Opportunities

Rising health concerns among consumers can present lucrative growth opportunities in the global smart fitness market

Consumers are increasingly become health-conscious, thereby adopting healthy eating habits and taking up exercise. This trend is quite similar in both developed and emerging economies. Smart fitness devices such as heart rate monitors and activity trackers that can be connected to smart-phones wirelessly are experiencing increased uptake as they provide feedback on individuals’ performance and health.

Augmented customer experience can provide major business opportunities in the global smart fitness market

In this technology-driven era, consumers are becoming more tech-savvy and selective in their purchases. Consumer preferences are shifting towards smart accessories and devices such as smartwatches and activity trackers that can tell about, heart rates, steps taken, and give other related notifications. Thus, enhance customer experience with reduced complexities.

Market Trends:

Rising usage among individuals

Smart fitness devices such as wireless activity trackers, smartwatches, and smart brands have gained significant popularity among consumers. This is owing to various benefits offered by these devices such as synchronization of daily workout to smartphones, updates offered, and timely health tips. Other features such as Wi-Fi-enabled scales with advanced apps to track and graph, essential aspects like BDI (body mass index) to offer a clear idea of weight trends are increasing the uptake of smart accessories in consumer vertical.

Growing institutional use

Introduction of advanced technology, new inventions, and product enhancement has been revolutionizing the physical fitness industry to a great extent. Technology and fitness equipment enhancement for group fitness classes is happening worldwide. Key players in the smart fitness industry are introducing smart equipment that can be successfully deployed in fitness clubs and gyms and allow users to get a complete reports on body composition. For instance, InBody Australia offers smart equipment such as MYZONE consoles and pedestals that can be deployed in gyms.

Figure 2. Global Smart Fitness Market Share, By Smart Accessories, 2020

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Key Takeaways of the Graph:

• Among Smart Accessories, the smart watches held dominant position in the market and accounted for 45.3% share in the global smart fitness market in 2020. The segment is expected to reach US$ 22,737.3 million in 2028. The growth of this segment is attributed to the number of functions offered by smart watches as compared to wrist bands. Smart watches are integrated with IoT and artificial intelligence (AI) to offer users with data about their health, thereby increasing the demand for smart watches.

Global Smart Fitness Market: Restraints

High cost related to the devices is expected to hamper the global smart fitness market growth over the forecast period

High cost associated with smart fitness devices is expected to slow down the penetration rate of these devices in emerging markets. Smart fitness devices are highly sophisticated equipment, which includes advanced technologies such as LED screen, Wi-Fi, and GPS tracking. Some devices can monitor heart rate (BPM), calories burned, steps walked, oxygen level, and other parameters of the user. As a result of this, the selling price of such devices is significantly high. Therefore, these factors are expected to hamper the global smart fitness market growth over the forecast period.

Low awareness regarding these devices is expected to restrain growth of the global smart fitness market during the forecast period

There is a lack of awareness in emerging economies regarding various types of smart fitness accessories and devices that can be used to monitor health-related issues. A large pool of consumers is unaware of the advantages offered by smart fitness devices. Therefore, these factors are expected to restrain growth of the global smart fitness market during the forecast period.

Global Smart Fitness Market: Competitive Landscape

Major players operating in the global smart fitness market are Fitbit Incorporation, Garmin International, Pebble Incorporation, Xiaomi, Samsung Electronics, NIKE Incorporation, Shanda Group, and Sony Corporation.

Global Smart Fitness Market: Key Developments

Key players are focused on product launches, in order enhance the product portfolio. For instance, in March 2019, Fitbit Incorporation introduced four new fitness devices Fitbit Versa Lite Edition, Fitbit Inspire HR, Fitbit Ace 2, and Fitbit Inspire.

Major market players are focused on product launches, in order to gain a competitive edge in the market. For instance, in April 2017, Garmin International launched vivosmart 3, an activity tracker with ultra-slim design.