by The global smart fitness market encompasses a variety of smart and connected fitness equipment used to track fitness-related metrics such as heart rate, calorie count, distance covered, quality of sleep, and more. Smart fitness devices have made fitness tracking more accessible and convenient with features like touchscreen displays, mobile tracking apps, on-device workouts, integrated heart rate monitors, and compatibility with voice assistants. The rising prevalence of lifestyle diseases and growing health consciousness among consumers have boosted demand for smart devices that can monitor fitness activities and help users achieve their health goals remotely.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The growing demand for home fitness systems is a major driver for the global smart fitness market. With the COVID-19 pandemic emphasizing the need for social distancing, home workouts have become increasingly popular. Smart fitness devices allow users to conveniently track their fitness metrics and follow on-device workout routines from the comfort of their homes. They provide personalized workout programs, multimedia guidance through voice and touch functionalities, and integration with mobile apps for monitoring overall progress. These advantages have boosted popularity of smart watches, activity trackers, fitness bands, cardio equipment, and other connected devices designed for home workouts. The convenience, safety, and control offered by smart home fitness equipment and wearables is expected to further propel market growth over the forecast period.
SWOT Analysis
Strength: The global smart fitness market has seen rapid growth in recent years due to increasing health awareness and focus on physical fitness among people. The advent of advanced technologies is also fueling demand for smart fitness devices.
Weakness: High initial costs of smart fitness devices can limit their mass adoption. Data privacy and security continue to be a major concern for users of connected devices.
Opportunity: Growing adoption of IoT and connectivity has opened doors for new innovations in smart fitness devices. Developing markets offer huge growth potential.
Threats: Stiff competition from local and global players can squeeze pricing and profitability. Fast technological changes require continuous R&D investments.
Key Takeaways
The Global Smart Fitness Market is expected to witness high growth over the forecast period driven by rapid urbanization, changing lifestyles, and growing health consciousness. 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
The Asia Pacific region is projected to experience the fastest growth during 2023-2030 due to increasing health awareness and physically active population in countries like India, China, Japan and South Korea. Availability of low-cost smart fitness devices and rising disposable incomes are also fueling sales in this region. China currently dominates the Asia Pacific smart fitness market owing to strong demand from the large domestic consumer base as well as supporting government policies and infrastructure investments. However, other Asia Pacific countries are expected to witness rapid uptake of wearable technology and smart fitness devices over the coming years.
Key players operating in the smart fitness market are Fitbit Incorporation, Garmin International, Pebble Incorporation, Xiaomi, Samsung Electronics, NIKE Incorporation, Shanda Group, and Sony Corporation. These companies have strong R&D capabilities and are continuously investing in new product launches to consolidate their market position. They are also exploring opportunities in emerging markets through strategic partnerships and joint ventures.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
