Smart Fitness Market Analysis By Product (Smartwatch, Wristband, Smart Clothing, Smart Shoes, Bike Computers, Others), By Type (Head-wear, Torso-wear, Hand-wear, Leg-wear, Bike mount), By Region, And Segment Forecasts, 2018 - 2025

Industry Insights

The global smart fitness market size was valued at USD 6.03 billion in 2016 and is expected to gain traction over the forecast period owing to its rapid adoption among individuals to track their fitness activities. The rising demand for features, such as keeping track of heart rate, distance covered, workout time, and calories burned, offered by fitness trackers is likely to propel the global smart fitness devices market over the forecast period.

The market has witnessed a rising demand among the growing urban population in a bid to meet their fitness goals. There are tremendous opportunities for advancements in smart fitness devices owing to the increasing usage. Additionally, enhanced internet accessibility and growing penetration of the Internet of Things (IoT), which help to direct digital controls for improved Machine-to-Machine(M2M) communication, have encouraged users to adopt smart fitness devices, thereby driving the market growth.

The rising awareness among people towards health and fitness is reflected in the rapid growth in the demand for diet programs, healthy nutrition, gym memberships, and the use of mobile fitness applications. Also, increased awareness is likely to continue to drive the demand in the market. However, factors such as the high cost associated with the smartwatch may pose a challenge to the market demand over the forecast period.

Product Insights

Based on products, the smart fitness devices market has been segmented into the smartwatch, wristband, smart clothing, shoes, bike computers, and others. The smartwatch segment is anticipated to have a substantial growth over the forecast period owing to a number of functions offered by smartwatches, compared to wristbands and other devices, are more.

Smartwatch when coupled with advances in artificial intelligence/deep learning and the Internet of Things (IoT), holds the potential of achieving a new level of human connectedness. Moreover, technologists are using a combination of big data analysis, machine learning, and sensors, to provide the users with more data about their bodies and lives than ever before.

Fitness wearables, especially smart clothing, are a strong contender in becoming the new interface between the digital world and human beings, extending or replacing smartphones and other portable connected devices. Smart clothing, or smart textiles, have sensors or conductive fibers woven into or attached to the clothing material. Like other smart fitness devices, smart clothing sends data to the smartphone where the user can evaluate the information.

Type Insights

Based on types, the smart fitness devices market has been segmented into head-wear, torso-wear, hand-wear, leg-wear, and bike mount. The hand-wear segment is anticipated to dominate the market by 2025, owing to the high demand originating for smartwatches. The major drivers for the growth of this market are rising disposable income, increasing awareness of health and fitness, and growing demand for self-monitoring devices.

Most of the smart fitness devices are worn on the wrist, but there are also other devices such as smart garments, head & ear-worn, chest bands, leg bands, smart shoes, and clip-on in the market that can be worn on other parts of the body. In line with the growth of wrist-worn devices, other categories are also expected to have a significant growth owing to their rising awareness and capability of providing specific use to the user.

While there is an enormous demand for technologically advanced solutions, the need for cost-effective solutions has also increased. Manufacturers have carried out several advancements in the design and features of smart fitness products in order to integrate comfort with aesthetics. Internet of Things (IoT)-based solutions are trending in the market and are the most preferred choice for most startups.

Regional Insights

The North American region is projected to be the key regional segment over the forecast period, owing to the large consumer base and well-established manufacturers. The region accounted for the largest revenue share and is expected to grow at a CAGR of more than14% from 2017 to 2025. The Asia Pacific, European, and North Americanregionsareexpected to remain the key revenue-generating segments over the forecast period.

The Asia Pacific region is experiencing growth in disposable income, which is expected to drive market growth. The smart fitness market is expected to grow in the region, particularly in China and India, due to an increased outbreak of chronic diseases such as diabetes and obesity.

The market in Europe is anticipated to be promising over the forecast period owing to increasing investments by the European companies in building prototype solutions and systems in the areas of fitness wearables for smart textiles and health & well-being, with an increasing potential to tap into future high-volume markets.

Competitive Insights

Key industry participants of the market include Apple Inc. (U.S.), Fitbit Inc. (U.S.), Garmin Ltd. (Switzerland), Jawbone (U.S.), LG Electronics (Korea), MAD Apparel, Inc. (U.S.), OMsignal(Canada), Polar Electro, Inc. (Finland), Samsung Electronics Co., Ltd. (South Korea), Sony Mobile Communications Inc. (Japan), Under Armour, Inc. (U.S.), and Xiaomi Inc. (China). These companies are engaged in several strategic initiatives such as new product developments and continuous upgrades of existing product lines to reach out to their customers and increase market share.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the smart fitness market based on products, types, and regions.

• 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

    • UK

    • France

  • Asia Pacific

    • China

    • Japan

  • South America

    • Brazil

  • MEA