Global Smart Fitness Market, By Component (Smart Accessories (Smart Watches, Smart Bands, Activity Trackers, Heart Rate Monitors, Pedometer, Sleep Quality Monitor), Cardio Vascular Equipment (Treadmills, Bicycles, Riders, Others), Strength Equipment (Weight Training, Power Racks, Resistance Machines), Cross-Training Equipment (Stretching, Motion Trail, All in One)), By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

Published In : Jan 2022

Code : CMI1829

Pages :170

Formats :

Excel and PDF

Industry : Smart Technologies

Global Smart Fitness MarketSize and Trends

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).

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.

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.