Research Support Specialist, USA
The global digital fitness and well-being devices market size is expected to reach USD 99.8 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 19.8% from 2021 to 2028. The market is driven significantly by the increasing product demand from Asia Pacific. Increasing disposable income and product awareness caused by the rising penetration of key players’ businesses are anticipated to boost the market growth.
Additionally, the increasing expansion of fitness clubs and gyms across the world is likely to enhance the demand for the devices. Tata Digital recently invested US$ 75 million in a fitness start-up Cure fit Healthcare Private Limited, which operates a popular gym chain Cult Fit. Technological developments and product innovations in the global market are expected to accelerate the product demand. However, the high cost of the devices will act as a restraint. Additionally, concerns regarding privacy affect the purchasing decision of the customers, thereby limiting the market growth.
The Covid-19 pandemic impacted the market for digital fitness and well-being devices, with an initial fall in sales due to the restrictions and imposed lockdowns. However, the Covid-19 pandemic is anticipated to have a catapulting impact on the sales of fitness gadgets due to the increased health consciousness among consumers across the globe.
The smart scale type segment is an emerging segment with very few market players including Nokia Corporation; Xiaomi Corporation; Zepp Health Corporation; and Fitbit Inc. Rising number of fitness-conscious and tech-savvy consumers across the globe is expected to drive the segment in the years to come.
The online distribution channel is anticipated to register the highest CAGR from 2021 to 2028. Fitness bands and smartwatches consumers are chiefly from the younger generation, who are more tech-savvy and prefer online shopping as compared to offline in-store shopping. Moreover, a large portion of the companies prefers to use web sales as their primary sales channel.
North America dominated the market and held over 35.0% share of the overall revenue in 2020. The region is projected to register the 2nd highest growth rate over the forecast period. This can be attributed to the high consumption in the U.S. and the strong presence of the key players, which also results in easy access and higher product awareness.
The report “Digital Fitness And Well-being Devices Market Size, Share & Trends Analysis Report By Type (Smartwatches, Fitness/Activity Tracking Wrist wear, Smart Scale), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global digital fitness and well-being devices market on the basis of type, distribution channel, and region:
Digital Fitness & Well-being Devices Type Outlook (Revenue, USD Million, 2017 - 2028)
Digital Fitness & Well-being Devices Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
Digital Fitness & Well-being Devices Regional Outlook (Revenue, USD Million, 2017 - 2028)