Smart Fitness Devices Market Analysis By Product, By Type, By Region And Segment Forecasts From 2017 To 2025

Industry Insights

The global smart fitness devices market size was accounted for USD 6.03 billion in 2016. This growth can be attributed to rising interest among the millennial population for fitness tracking. Moreover, additional features like heart rate monitoring, calories burnt, and workout time being offered by the fitness trackers are anticipated to drive the market growth in the upcoming years.

Usage of these fitness trackers is gaining popularity across the urban population due to their surging awareness about health and well-being. In addition, increasing usage of the internet across the globe coupled with advanced technologies like IoT being used for the functioning of such products is expected to further fuel up the market growth.

The usage of these smart fitness trackers has influenced the users to follow certain diet plans, gym exercises, and nutritional habits which are projected to lead the healthy living habit among the users. However, hiked prices of these smartwatches are anticipated to hinder its penetration across developing regions. Thus, several manufacturers are targeting to reduce the production cost of these products which in turn is expected to positively impact the growth of the smart fitness device market.

Product Insights

The product segment of smartwatches is projected to register the highest growth in the upcoming years. This growth can be attributed to the variety of functions being offered by these watches as compared to the conventional wristbands and watches.  In addition, usage of such devices that have inbuilt technologies like IoT and AI (Artificial Intelligence) helps in building connectedness among the population. Moreover, the usage of Big Data, Machine learning, and advanced Sensors across these devices help the users to get more useful insights about their health conditions.

The concept of smart clothing is gaining high popularity which has also boosted the demand for fitness trackers and it is anticipated to develop the interface among human beings and the digital world. These smart clothing have inbuilt conductive fibers or sensors. They collect the data and transmit it on smartphones which can be further analyzed by the users for their safety and well-being. Thus, the demand for such products is expected to fuel up during the forecasted years.

Type Insights

The handwear type segment is expected to witness the highest growth during the forecasted years, 2017 to 2025. This growth can be attributed to the surging demand for smartwatches among the millennial population. In addition, several external factors like rising per capita income among the working professionals coupled with growing health awareness are projected to drive the market growth in the upcoming years.

Several fitness devices can also be worn on the head, chest, shoes, and legs. These devices are also expected to register significant growth in the upcoming years. Thus, several manufacturers have started implementing cost-effective technological advances while building such devices. The solutions based on IoT (Internet of Things) technology are currently trending in the market.

Regional Insights

North America held the largest share across the global market and is anticipated to continue its dominance with a CAGR of 14.0% over the forecasted period. This growth can be attributed to a rising consumer base coupled with a surging number of prominent players across the region.

Other regions like Europe, North America, and the Asia Pacific are also anticipated to drive market growth in the upcoming years. The Asia Pacific is witnessing significant growth in disposable income among the working population. Moreover, rising health issues like obesity and diabetes are further anticipated to drive the market demand for such products in the upcoming years.

Furthermore, the European market is projected to be promising in the upcoming years. This growth can be attributed to rising investments being made across many European companies for developing various prototypes, systems, and solutions. Moreover, rising health awareness among the millennial population is further projected to boost the market demand in the upcoming years.

COVID-19 Impact Insights

The global smart fitness device market is witnessing significant growth due to the outbreak of COVID-19. The need for boosting immunity and rising health awareness among the millennial population has triggered the demand for smartwatches and wrist bands. Also, rapid technological advances like monitoring of oxygen level, calorie consumption, and heart rate are being implemented by manufacturers in these devices for enhancing usage. But, as the majority of the manufacturers and raw material suppliers are located in China, their global supply chain has been hindered due to restrictions over cargo movement. Also, travel restrictions and lockdown imposition have reduced the demand for smart shoes and bike-mounted devices.

Competitive Insights

Key players in the smart fitness devices market are Fitbit Inc. (U.S.), Apple Inc. (U.S.), Jawbone (U.S.), OMsignal (Canada), Xiaomi Inc. (China), and LG Electronics (Korea). These players are majorly focusing on product development and innovation to gain a competitive advantage over other players. Moreover, they are also focusing on implementing several marketing strategies like product upgrades to engage their customers and to penetrate deeper into the emerging markets.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub-segments. For this study, Million Insights has segmented the smart fitness devices market report based on product, type, and region:

• Product Outlook (Revenue, USD Million; 2014 - 2025)
    • Smartwatch
    • Wristband
    • Smart Clothing
    • Smart Shoes
    • Bike Computers
    • Others

• Type Outlook (Revenue, USD Million; 2014 - 2025)
    • Head-wear
    • Torso-wear
    • Hand-wear
    • Leg-wear
    • Bike mount

• Regional Outlook (Revenue, USD Million; 2014 - 2025)
    • North America
        • the U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • the UK
        • France
    • the Asia Pacific
        • China
        • Japan
    • South America
        • Brazil
    • MEA