by The global smart fitness market comprises smartwatches, smart bands, smart glasses, and smart clothing that empower users to monitor their health metrics including heart rate, blood pressure, sleep patterns, calorie consumption and physical activities. These smart fitness devices integrate advanced technologies such as biosensors, GPS, and gesture/motion sensors to provide real-time health insights and assistance to users for achieving fitness goals. Growing awareness about preventive healthcare and focus on physical well-being have propelled the demand for smart fitness devices in recent years.
The global Smart Fitness Market is estimated to be valued at US$ 18,979.05 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The proliferation of smart wearables and fitness apps has emerged as a key trend boosting the smart fitness market growth. Smart wearables such as smartwatches and bands are integrated with various health apps that enable monitoring of fitness activities and share health metrics with friends and trainers. These devices along with health apps offer motivational and social features to engage users and encourage physical activities and exercise routines. Such integration of devices with apps has made fitness tracking highly convenient and social, thereby increasing the adoption of smart fitness solutions globally. Fitness apps also provide personalized workout regimens, diet plans and health coaching to support users in achieving their fitness goals, which is further propelling their popularity.
SWOT Analysis
Strength: Smart fitness devices offer many fitness tracking features like calorie count, heart rate monitoring etc. This allows users to closely monitor their fitness progress.
Weakness: Concerns around data privacy and security of user data collected by these devices. Too much dependence on smartphone connectivity for some features.
Opportunity: Growth in health awareness is driving demand for smart and connected fitness devices. Rise of virtual fitness sessions during pandemic has also increased scope for connected devices.
Threats: Changing consumer preferences towards different forms of fitness. Devices from new entrants may disrupt existing markets.
Key Takeaways
The Global Smart Fitness Market Size is expected to witness high growth over the forecast period. The global Smart Fitness Market is estimated to be valued at US$ 18,979.05 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
APAC region currently dominates the market and is expected to continue its dominance. Increasing health awareness and busy lifestyles have boosted demand for smart fitness solutions in countries like China, India and Japan. The presence of major global players and rising incomes are supporting regional market growth.
Key players operating in the smart fitness market include Celsius, Fitbit Inc., Garmin Ltd., Jawbone, Motorola Mobility LLC, Nike, Inc., Omron Healthcare, Inc., Polar Electro, Samsung Electronics, Under Armour, Inc. These companies have strong R&D capabilities and offer a wide range of innovative connected devices and services. Major players are focusing on partnerships, acquisition strategies and new product launches to strengthen their market presence and tap into new regional markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
