The global smart fitness market is anticipated to grow at a significant rate over the prediction period. The markets for a smart watch are expected to continue growing into the coming years. High costs of smart fitness devices is a major factor which edges the global smart fitness market growth. Because of this many fitness centers, start-up gyms, and in-house users prefer to buy second-hand smart fitness devices. Hence, the high prices of such devices are the main factor hindering the purchase of new smart fitness devices for commercial purposes. This is likely to negatively impact sales of new smart fitness devices.
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The global smart fitness market is segmented on the basis of devices type, product type, and geographical regions.
On the basis of product type, the smart fitness market is characterized into a wristband, smart watch, smart clothing, bike computers, smart shoes, and others. In between these, the smart watch segment is accounted for one of the largest global smart fitness market share in 2017, and it is anticipated to hold its position over the forecast period. This is due to the huge demand for smart health monitoring devices. Smart watches offers a number of functions such as keeps track of burnt calories, heart rate tracking, fitness monitoring, sleep statistics, exercise training tracking, daily routine tracking, and others. This will help the doctor to diagnose the patient with real-time health monitoring. This is projected to aid the growth of the smart watch segment during the prediction period.
On the basis of devices type the market is categorized into torso-wear, head-wear, hand-wear, bike-mount, and leg-wear.
Based on the geographical regions, the global smart fitness market has been categorized into Europe, North America, Latin America, Asia Pacific, and Africa. Among these, the North America region has dominated for largest smart fitness market share in 2017, it is expected to hold its position throughout the prediction period. This growth is attributed to the rising number of health issues such as type 2 diabetes, heart diseases, obesity, and many others that directly affect youth, adults, and children.
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Likewise, the Asia Pacific region is also experiencing market growth in disposable income, which is anticipated to drive the smart fitness market growth. This market is projected to grow in the region, specifically in India and China, owing to the increasing number of chronic diseases such as obesity and diabetes. Many organization in Europe endorse a healthy lifestyle by implementing various sports activities. A huge number of persons are engaged in several physical activities. They prefer to take up exercises programs and packages or exercise individually. The global smart fitness market is used in various segments such as medical centers, hotels, hospitals, public institutions, corporate offices, home consumers, health clubs, gyms, and others.
The global smart fitness market is highly fragmented due to the existence of a number of leading players in the market. Fitbit Inc., Apple Inc., Jawbone, Garmin Ltd., LG Electronics Samsung Electronics Co. Ltd., Polar Electro, MAD Apparel, Inc., and OMsignal are some major vendors in the global smart fitness market. These players are emphasizing on adopting mergers & acquisitions policy, to hold their position in the global smart fitness market. For instance, in 2018, Fitbit, Inc. developed the Twine Health. The main aim of this acquisition is to rise their offerings in the healthcare industry.
In today’s world, smart fitness devices are becoming an integral part of the consumer electronics industry. Fitness and activity trackers are electronics devices which track and monitor health-related data such as distance ran or walked, calorie consumption, quality of sleep, and heart rate. Smart fitness devices mostly come in the form of a wristbands, but there are also some other smart fitness devices such as head &ear-worn, smart garments, leg bands, chest bands, clip-ons, and smart shoes available in the market which can be worn on different parts of the body. Many smart fitness device trackers can transmit health-related data directly to personal computers or smartphones.
Pulsar’s wristwatch can be the first end-user wearable device to obtain success across the globe. The first smart Bluetooth was sold in 2000, and the first GoPro was released in 2004. The first Google Glass was launched in 2013, it was the first voice-operated product to integrate hands-free internet access along with augmented reality and the capability to capture images.
Various sectors such as medical, military forces, and businesses have been using smart fitness technology for decades, but the personalized consumer market has recently started to use feature items such as smart watches, smart glasses, health trackers, hearables, fitness trackers, smart clothing and smart health. Currently, the health & fitness tracker and smart watches are considered as the most popular smart devices. In fact, more than 167 million units of smart watches and fitness trackers are predicting to be dispatched in 2022. By 2019, global smart watches shipments are forecast to gain 74 million units. WatchOS was the most used and popular smart wrist wear OS in 2018. WatchOS is predicting to continue this position over the forecast period.
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