The global smart fitness devices market size is anticipated to reach USD 29.4 billion in the year 2025. This can be attributed to increasing health awareness among the millennial population coupled with the advances being made in technologies for tracking physical activities of the users.
The smartwatch segment is expected to register the highest growth rate during the forecasted years owing to variety of functions being offered by these watches. Implementation of several technologies like IoT and AI across these devices helps the users to track their health status thereby driving the smart fitness device market growth. Moreover, the usage of smart clothes is projected to gain popularity in the forthcoming years.
The handwear segment is expected to witness the highest growth due to surging demand for smartwatches across the globe. In addition, other types of fitness devices that can be worn on the head, chest, shoes, and legs are gaining popularity. Thus, manufacturers have started using technologies like IoT (Internet of Things) to improve the accuracy of these devices.
North America held the largest share across the global market and is projected to further grow up with a CAGR of 14% from 2017 to 2025 owing to rising consumer base across the urban cities. Asia Pacific is also antipcted to register significant growth due to rising disposable income among the millennial population coupled with surging number of fitness enthusiasts across countries like China and India.
The smart fitness devices market includes key players such as Fitbit Inc. (U.S.), Apple Inc. (U.S.), and Xiaomi Inc. (China). They are constantly engaged in product development and innovation to cater to rising demand from large consumer groups. Moreover, they are also implementing several marketing strategies to widen their product reach.
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Further key findings from the report suggest:
• The smartwatch product segment is expected to gain significant growth owing to its rising popularity among the millennial population.
• The handwear type segment is anticipated to register fastest CAGR during the forecasted years.
• North America is expected to register a CAGR of 14.0% during the forecasted years, 2017 to 2025.
• The key players in this market are Fitbit Inc. (U.S.), Apple Inc. (U.S.), Jawbone (U.S.), OMsignal (Canada), and Xiaomi Inc. (China).
Million Insights has segmented the global smart fitness devices market on the basis of product, type and region:
Smart Fitness Devices Product Outlook (Revenue, USD Million; 2014 - 2025)
• Smart Clothing
• Smart Shoes
• Bike Computers
Smart Fitness Devices Type Outlook (Revenue, USD Million; 2014 - 2025)
• Bike mount
Smart Fitness Devices Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• Asia Pacific
• South America
• Middle East & Africa (MEA)