Technological advancements have resulted in an increased uptake of wearable smart fitness devices, with manufacturers aiming to acquire a competitive edge by introducing innovative products into the market
DUBAI, UAE / ACCESSWIRE / July 10, 2020 / The global smart fitness market has provided fertile ground for the flourishing revenue ecosystem across the historical period and is anticipated to remain lucrative in the years to come. Growing awareness about maintaining physical and mental fitness has prompted individuals to seek out various gadgets which assist them in following a daily fitness regime. Some examples include heart rate monitoring, sleep cycle supervision, steps counting and daily water intake. As connected technology evolves, the aforementioned practices have become easier to follow.
Market penetration has increased due to advancements such as tracking fitness activity data in remote and real-time operations. A major stimulus has been provided with the onset of the COVID-19 pandemic. As the infection tightens its hold over the entire world, individuals are becoming highly conscious about maintaining basic fitness in order to boost immunity. Therefore, sales of smart fitness devices have ascended, allowing the market to generate massive revenue pools.
"Smart fitness device manufacturers are emphasizing on adding enhanced connectivity features to enrich customer fitness tracking experience. Introduction of features such as instant messaging and call notifications to camera control with gestures show that market players are transitioning from providing basic fitness tracking towards more versatile operations, thus providing them with a competitive edge," infers an FMI analyst.
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Global Smart Fitness Market- Key Takeaways
- Global smart fitness market expanded at a robust 24.6% CAGR during the assessment period. It is poised to be valued at more than US$ 9 Bn by 2020-end
- North America and Western Europe were the highest revenue grossers, a trend which is slated to remain in the future due to a large customer base investing in smart fitness devices
- Growing penetration of IoT and enhanced internet connectivity has streamlined machine-to-machine (M2M) communication. This has motivated consumers to adopt smart fitness devices
- Developing economies such as Brazil, India and China are extensively investing in smart fitness devices products due to increasing prevalence of lifestyle induced ailments ushered in by sedentary living
- Uptake of smart watches and fitness bands have increased due to their affordability and easy-to-wear attributes. They are also highly customizable with smartphones and tablets
Global Smart Fitness Market- Prominent Drivers
- Intense market competition amongst prominent players has led them to introduce reduced price ceilings on smart fitness devices. The objective behind this is to retain their customer base and enhance revenue pools
- Foray into unconventional devices such as smart mirrors have led to deeper market penetration. This is due to the need for product innovations
- The concept of connected fitness is making significant inroads into the smart fitness market with the introduction of fitness trackers equipped with smart home technology to all-in-one connected fitness gadgets
Global Smart Fitness Market- Key Constraints
- Fledgling distribution networks across emerging regions and absence of product standardization shall impede the overall global smart fitness market growth
- Government regulations imposed to ensure the entry of quality gadgets shall delay product launches, inducing a slowdown in revenue prospects for the short-term
Anticipated Impact of the COVID-19 Pandemic
The coronavirus pandemic has ushered in an era of unprecedented uncertainty. As curbs are being imposed across countries to prevent further infections, businesses are experiencing massive stagnation or are shutting down completely. Several industries have been laying-off employees as they are unable to pay the salaries due to lack of business.
As a consequence, anxiety levels have surged, necessitating the need to maintain physical and mental health. Based on this trend, sales of wearable smart fitness devices has registered an uptick in recent months. The incidences of chronic ailments such as hypertension, diabetes and other lifestyle induced diseases have not waned during the pandemic crisis.
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This is spurring patients to adopt fitness regimes which have tilted spending in favor of smart fitness devices. People have increased spending on smart watches and fit bits to monitor heart rate, water intake and steps tracking.
Besides, healthcare experts are conducting studies on whether fitness devices are useful for detecting coronavirus positive cases by monitoring patients' heartbeats and pulse rates. Therefore, it has been established that these devices could prove crucial in timely detection and diagnosis of infections to prevent further spread.
Competition Landscape
The global smart fitness market is characterized by the presence of well-known players such as Sony Corporation, Fitbit Inc., Xiaomi Inc., Garmin International Inc., Nike Inc., Pebble Inc., Shanda Group, Apple Inc. and Samsung Electronics Co. Ltd. Their primary strategy is to introduce new products with innovations to expand their customer base. Majority of the sales happen in the smart watches and fitness trackers category. Moreover, emphasis on annual growth is highly stressed upon.
Huami, a Xiaomi subsidiary company, has been registering impressive yearly growth due to the introduction of advanced fitness devices. Most of these players are eyeing the Asia-Pacific as their primary investment hub. Garmin International Inc. has captured a major chunk of the region's market with the introduction of a multi-sports watch in India. The device is a breakthrough addition to its product portfolio, equipped with an in-built GPS system, wrist-based sensor and music storage.
More Insights on the Smart Fitness Market
The comprehensive research study on the global smart fitness market includes an assessment of the prominent dynamics shaping growth prospects for the forecast period 2014-2020. While delivering actionable insights on the key market dynamics, the report guides the reader through the key attributes of the market. The critical study thoroughly evaluates the current and future prospects of the smart fitness market. With the inclusion of extensive analysis of each segment of the market along with information related to the market size and value, the report is a complete explanatory guide.
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