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The global smart fitness devices market is expected to reach $29.4 billion by 2025, according to a new report by Grand View Research, Inc. The smart fitness devices market has witnessed a rising demand among the growing urban population in a bid to enhance their fitness goals. Advantages such as accessing fitness activities data in remote and real-time operations have resulted in an increased penetration of the market. Additionally, there are tremendous opportunities for advancements in the smart fitness devices owing to the increasing usage of smartphones and enhanced internet accessibility, which, in turn, would fuel the growth of smart fitness market. The growing adoption of the smart fitness devices to keep track of sleep, steps, calories, heart rate, and other bodily stats is anticipated to revolutionize the market by 2025.
The smart fitness devices market has been segmented based on product into the smartwatch, wristband, smart clothing, smart shoes, bike computers, and others. Based on types, the market has been segmented into head-wear, torso-wear, hand-wear, leg-wear, and bike mount. The hand-wear segment is the biggest segment in terms of size and is expected to dominate the market over the forecast period. This growth may be attributed to the high demand of wristbands and smartwatches. The torso-wear segment is anticipated to experience a notable shift in its growth owing to the rising demand for smart clothing.
The growing awareness and popularity of smart fitness products are encouraging producers to invest in research & development for creating better products. Manufacturers are making massive investments to develop several new products in order to enhance user experience. Researchers are focusing on developing cost-effective and reliable products.
Further key findings from the report suggest:
- The growing demand for smart fitness devices market can be accredited to the increasing demand among individuals for keeping track of various body parameters such as heart rate, sleep, steps taken, calories burned, and others.
- The growing penetration of Internet of Things (IoT) and enhanced internet accessibility, which helps to direct digital controls for improved Machine-to-Machine (M2M) communication, have encouraged users to adopt smart fitness devices.
- The increase in adoption of wireless technology, sensor technology, miniaturized hardware, cloud services, and smartphone have enabled smart fitness market to emerge as a new promising consumer segment.
- The North American region accounted for the largest market share in 2016, which may be attributed to its large consumer base.
- Key industry participants include Apple Inc. (U.S.), Fitbit Inc. (U.S.), Garmin Ltd. (Switzerland), Samsung Electronics Co., Ltd. (South Korea), and Xiaomi Inc. (China).