Smart fitness devices offer end users the measuring and monitoring of routine physical activities. The major feature of smart fitness devices is their ability to connect to the Internet, monitoring of health indicators, and exchange data between a network and the device.
Market Statistics:
The global smart fitness market is expected to surpass US$ 60,367.2 Mn in terms of value by the end of 2028.
Global Smart Fitness Market: Drivers
Increased rivalry among existing manufacturers is expected to boost the global smart fitness market growth over the forecast period
Major players in the smart fitness space are focusing on price differentiation strategy, which is further increasing the competition among existing players. For instance, Chinese players such as Xiaomi introduced smart bands at relatively less price, which is encouraging other players to bring cost-effective products in the market. Growing partnerships among existing players and acquisitions and mergers in smart fitness space is driving other rivals to come up with a different strategy to capture considerable market share and enhance customer base. Therefore, these factors are expected to drive growth of the global smart fitness market during the forecast period.
Global Smart Fitness Market: Opportunities
Increasing incorporation of AI can present lucrative growth opportunities in the global smart fitness market
Artificial intelligence (AI) provides dynamic features for smart fitness devices. AI can help record and process data in real-time and offer valuable insights regarding health. Furthermore, AI-incorporated smart devices are highly efficient and provide augmented experience to users as compared to other fitness or wearable devices. These devices can be voice-controlled, making them more sophisticated than contemporary devices. Key companies in the market can capitalize on these opportunities by introducing novel products and gain significant advantages in the market.
Global Smart Fitness Market: Recent Developments
- In September 2021, Amazon introduced Halo Fitness and Halo Nutrition programs for Halo subscribers. Both of these services included as part of Amazon’s Halo membership for users of its Halo line of fitness trackers, which include the new Halo View activity tracker that adds an OLED display.
- In August 2021, Noise launched ColorFit Pro 3 Assist smart watch. Noise ColorFit Pro 3 Assist is an upgraded model of ColorFit Pro 3and comes with features like SpO2 tracking and 5ATM water resistance.
- In November 2021, Fitbit rolls out ECG App for its Charge 5 Fitness Band.
Global Smart Fitness Market: Restraints
Privacy issues and lack of visibility at physical stores are expected to hinder the global smart fitness market growth over the forecast period
The threats regarding data privacy and system security have increased in the recent past, owing to technological development in smart devices. For instance, some of the smart accessories have sensitive information about customers such as their movement & locations which is vulnerable in nature and can be hacked. Furthermore, the distribution channel for smart fitness devices is limited at present. As a matter of fact, it becomes difficult for consumers to test drive the device to have a complete understanding of its values and benefits, owing to lack of physical stores. Hence, these factors are expected to hinder the global smart fitness market growth over the forecast period.
Global Smart Fitness Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, as of 6:07pm CEST, 21 October 2021, there have been 241,886,635 confirmed cases of COVID-19, including 4,919,755 deaths, reported to WHO. As of 21 October 2021, a total of 6,655,399,359 vaccine doses have been administered. Emergence of Covid-19 has led to increasing adoption of smart fitness solutions. For instance, in June 2020, Fitbit launched a new Ready for Work solution that gives employees access to key health metrics from their Fitbit device along with exposure, symptom and temperature logging, to help employers with the unprecedented challenge of returning to the workplace during the COVID-19 pandemic.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/global-smart-fitness-market-1829
Key Takeaways:
- The global smart fitness market was valued at US$ 9,525.6 Mn in 2020 and is forecast to reach a value of US$ 60,367.2 Mn by 2028 at a CAGR of 26.1% between 2021 and 2028.
- The smart accessories segment accounted for significant market share in 2020 and is expected to witness a CAGR of 26.6% over the forecast period. The adoption of smart accessories such as smart watches, activity trackers, and smart bands is rising owing to growing awareness regarding fitness and health among people.
Market Trends:
North America Trends
Among regions, North America is expected to witness significant growth in the global smart fitness market during the forecast period. This is owing to rising awareness regarding self-monitoring of health among the population across the region. Furthermore, increasing number of start-ups investing in wearable device-associated R&D is expected to boost the regional market growth over the forecast period.
Europe Trends
Europe is expected to exhibit a lucrative growth rate in the global smart fitness market over the forecast period. This is owing to growing preference for home monitoring and increasing incidence of chronic diseases across the region. Moreover, rising geriatric population and growing adoption of smartphones among healthcare professionals are expected to propel the regional market growth over 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.
Key Developments
Major market players are involved in product launches, in order to gain a competitive edge in the market. For instance, in July 2020, Xiaomi introduced Mi Brand 4C with heart rate monitor in Malaysia.
Key companies are focused on product development, in order to expand the product portfolio. For instance, in February 2019, Samsung Electronics introduced a new fitness-focused wearable Galaxy Watch Active.
