by The global smart fitness market comprises of fitness equipment and accessories that are electronically enabled to collect user vital statistics such as calorie count and heart rate and sync the data with smart devices using wireless connectivity. These products are gaining popularity among health-conscious consumers who aim to track their fitness activities and progress. Common products in this domain include treadmills, elliptical machines, stationary bicycles, rowing machines, strength training equipment and digital weight scales that are integrated with auto-adjusting workout programs and interactive apps. The market is driven by increasing lifestyle diseases and rising health awareness among people of all age groups who are regularly opting for smart fitness solutions to monitor their physical activities and mental well-being.
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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rise in health awareness is one of the primary drivers bolstering growth of the global smart fitness market. Due to busy lifestyles and lack of physical activities, common ailments such as diabetes, obesity and cardiovascular diseases are on the rise. This has prompted consumers to focus more on health and fitness in daily routine with the help of smart wearable gadgets and digitally enabled workout equipment. In addition, growing geriatric population worldwide also contributes to market expansion as senior citizens frequently opt for smart solutions to effectively monitor vital body metrics during physical activities for health safety reasons. The surging adoption of internet of things technology across various industries further propels market growth by enabling fitness devices and apps to seamlessly connect over cloud platforms.
Segment Analysis
The global smart fitness market is dominated by the smart bands sub-segment which holds around 25% market share. The popularity and convenience of smart bands has led to its dominance in the market. With the ability to track fitness metrics like steps, calories burnt, heart rate etc and receive notifications on the bands itself without needing smartphones all the time, smart bands have become the most popular wearable fitness device.
PEST Analysis
Political: Governments across regions are promoting active and healthy lifestyle through various initiatives which is driving the adoption of smart fitness devices. Some governments are also providing tax benefits on fitness devices to encourage citizens to adopt them.
Economic: Rising incomes and growing health awareness has led to higher disposable incomes being spent on preventive healthcare and fitness. This is positively impacting the smart fitness market.
Social: Changing social trends of maintaining an active lifestyle and desire among people to track health metrics digitally is boosting the market. Social media is also influencing trends and purchases in this space.
Technological: Advances in areas like miniaturization, sensor technology, data analytics etc have led to constant innovation and introduction of advanced features in smart fitness devices attracting more users. Connectivity to smartphones and cloud is also enhancing user experience.
Key Takeaways
The Global Smart Fitness Market Size is expected to witness high growth over the forecast period supported by increasing health awareness, lucrative features of devices and digitalization. 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 10% over the forecast period 2023 to 2030.
The Asia Pacific region dominated the market with around 35% share in 2023 led by countries like China and India. In the region, China holds the largest market share owing to strong technological advancements and increasing discretionary spending on healthcare and fitness products.
Key players operating in the global smart fitness market are Bank of China, China Development Bank, European Investment Bank, Natixis, Societe Generale, Iberdrola, Banco Santander, Abu Dhabi Islamic Bank, KfW, BNP Paribas, UniCredit, Credit Agricole, DBS Bank, Standard Chartered, and NatWest Group. Key players are focusing on integrating advanced technologies like AI, ML and augmented reality into devices and apps to make fitness tracking smarter and more immersive for users. collaboration with sports brands and celebrities is another strategy being adopted by leading players to strengthen their positions in the market.
*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, chemicals and materials, defense and aerospace, consumer goods, etc.
