by The global smart fitness market comprises of various wearable tracking devices ranging from smart watches, smart bands, smart clothing and smart glasses that help in tracking fitness-related metrics such as heart rate, distance covered, calories burned, quality of sleep and more. Wearable fitness trackers are widely used for personal fitness tracking and monitoring. Growing health awareness and increasing cases of obesity and chronic diseases have fueled the adoption of wearable devices that help in monitoring and tracking physical activities.
The Global Smart Fitness Market is estimated to be valued at US$ 18,979.05 million in 2023 and is expected to exhibit a CAGR of 26% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growing adoption of wearable devices is expected to drive the growth of the global smart fitness market over the forecast period. With wearable technology evolving, companies are developing advanced wearable fitness trackers with additional features and accurate tracking abilities. For instance, newly launched smartwatches and smart bands offer blood pressure monitoring, ECG functionality, and SpO2 monitoring along with regular metrics such as heart rate, steps count, calorie burnt, distance covered and more.
Moreover, promotion of physical activities by government organizations to curb lifestyle diseases also contributes to the growing demand for fitness trackers and smart watches. According to WHO statistics, physical inactivity is estimated to be the fourth leading risk factor for global mortality and causes around 3.2 million deaths globally. Thus, government initiatives such as Healthy India campaign and Fit India movement have encouraged individuals to adopt active lifestyle and adopt fitness tracking devices for effective monitoring.
Segment Analysis
The global smart fitness market can be segmented based on product type, distribution channel, end user and region. Based on product type, the market is segmented into smartwatches, smart garments and fitness equipment. Among these, the smartwatches segment accounts for the largest market share of more than 45%. The smartwatches segment is dominating as it offers multiple health tracking and monitoring features in addition to alerts and notifications, at affordable prices.
PEST Analysis
Political: The government emphasis on health and wellness is driving growth of the smart fitness market. The policies promoting fitness and wellness programs are positively impacting the adoption of smart fitness devices.
Economic: Rising disposable income and increasing health awareness is fueling consumer spending on smart fitness devices. The growing middle class population with higher spend on fitness is supporting market revenue.
Social: Changing lifestyles, busy schedules and prevalence of lifestyle diseases has increased focus on fitness and health monitoring. The social media influence and technology adoption is encouraging use of smart devices for fitness goals.
Technological: Integration of advanced technologies including AI, biosensors and cloud connectivity in fitness devices is augmenting their adoption. The new product launches with enhanced features is expanding opportunities.
Key Takeaways
The Global Smart Fitness Market is expected to witness high growth in the forecast period. The global Smart Fitness Market is estimated to be valued at US$ 18979.05 Mn in 2023 and is expected to exhibit a CAGR of 26% over the forecast period 2023 to 2030.
Regional analysis
North America is currently capturing over 35% of global market share led by U.S. The presence of major players and growing obesity rates have boosted device adoption. However, Asia Pacific is emerging as the fastest growing regional market with countries like China and India displaying immense opportunities.
Key players
Key players operating in the global smart fitness market are Fitbit Incorporation, Garmin International, Xiaomi, Samsung Electronics, NIKE Incorporation, and Sony Corporation. Fitbit captured the largest market share of 20% in 2023 owing to its wide portfolio of connected wearables and health tracking features. Garmin and Xiaomi are other leading players expanding business through innovative product launches.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
