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The Smart Wearable Fitness and Sports Devices and Services Market size is projected to increase by USD 89.32 billion at a compound annual growth rate (CAGR) of 14.91% between 2023 and 2028. The growth rate of the market depends on several factors, including the increasing awareness about the benefits of a healthy lifestyle, the increasing adoption of smartwatches, and the rise in customer interest in sports and sports-related products. The market is undergoing swift expansion, propelled by a growing recognition of the advantages of maintaining a healthy lifestyle. With hectic work schedules and a surge in lifestyle-related ailments, people are adopting daily exercise regimens. Globally, the rates of overweight and obesity are on the rise, with forecasts indicating a significant increase in the US population by 2025. This trend isn't confined to affluent nations but is also affecting low- and middle-income countries, especially in urban regions.
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The smart wearable fitness devices segment is estimated to witness significant growth during the forecast period. The global market experienced significant growth in 2023, with the wearable ecosystem, driven by consumer disposable incomes and technological advancements, holding the dominant share. Advanced features such as IoT, artificial intelligence, and wireless connectivity are integrated into wearable fitness devices like fitness trackers and smartwatches, primarily used for health monitoring.
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The smart wearable fitness devices segment was the largest segment and was valued at USD 29.30 billion in 2018. Moreover, app development and data analytics are crucial components of this market, enabling real-time health monitoring, disease detection, and wearable technology watches. Wearables manufacturers collaborate with sports organizations, teams, and athletes to develop athletic wearables, incorporating GPS modules, sensors, accelerometers, microcontrollers, displays, batteries, and wireless communication modules. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The growing adoption of the online segment will increase the market growth. The significant changes in shopping preferences have fuelled the sales of fitness trackers through online channels. The market for Wristwear, Eyewear & headwear, Footwear, Neckwear, and Body wear, collectively referred to as smart wearable devices, is experiencing significant growth in the fitness and sports sector. Fueled by the increasing popularity of Fitness trackers, this trend is driven by consumers' preference for online research and purchasing through e-commerce platforms such as Amazon, Flipkart, and JD.com. The multimedia industry and healthcare sector are key contributors to this growth, with the integration of Virtual Reality (VR) and Augmented Reality (AR) technology in smart hats and AR/VR headsets. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market for Wristwear, Eyewear & headwear, Footwear, Neckwear, and Body wear, collectively referred to as smart wearable devices, is thriving in North America due to the advanced telecommunication network infrastructure. This enables seamless connectivity between these devices and computing gadgets.
Moreover, the region is experiencing significant investments in 5G network deployment to accommodate escalating mobile data traffic. Fitness trackers, a popular category of smart wearables, are witnessing substantial adoption, with US smartphone users spending an average of 3 hours and 30 minutes daily engaging with them. The market encompasses various sectors, including the multimedia industry and healthcare, with applications ranging from virtual reality (VR) and augmented reality (AR) to digital health tech. Hence, such factors are driving the market growth in North America during the forecast period.
In the dynamic world of consumer technology, the Market has emerged as a significant player. This market is driven by several factors, including consumer disposable incomes, technological advancements, and the wearable ecosystem. App development, data analytics, and third-party accessories have become essential components of this market. Wearables manufacturers continue to innovate, producing devices such as smartwatches, fitness bands, and athletic wearables. Sports organizations, teams, and athletes are increasingly adopting these devices for training and performance enhancement. GPS modules, sensors, accelerometers, microcontrollers, displays, batteries, wireless communication modules, artificial intelligence, and machine learning are key features of these devices. The wristwear segment, including wearable technology watches, is a major focus area. Health tracking solutions, IoT-based apparel, healthcare, patients, and healthcare providers are also benefiting from real-time health monitoring and disease detection capabilities of wearable devices. Crowdfunding platforms like Crowdfunder are further fueling this market by providing a platform for startups to showcase their innovative wearable technology offerings.
The market is experiencing rapid growth, driven by increasing awareness of the benefits of a healthy lifestyle. The Market is experiencing significant growth due to increasing consumer awareness of health and fitness, as well as the rise of obesity and overweight issues in both high-income and low- to middle-income countries. Driven by technological advancements, this market is characterized by a wearable ecosystem that includes app development, data analytics, and third-party accessories.
Key players include wearables manufacturers, sports organizations, teams, and athletes, who utilize GPS modules, sensors, accelerometers, microcontrollers, displays, batteries, wireless communication modules, artificial intelligence, and machine learning. The market encompasses various segments, such as wristwear (smartwatches and fitness bands), athletic wearables, and IoT-based apparel. Amidst the pandemic, there is a growing demand for health tracking solutions, real-time health monitoring, and disease detection through wearable devices. Additionally, remote work and fitness activities have further fueled the market during the forecast period.
One of the major market trends shaping the market is the increasing use of smart wearable devices in sports analytics. The market is experiencing significant growth due to increasing consumer disposable incomes and technological advancements. This ecosystem encompasses wearable devices, sensors, software applications, and app development for data analytics. Performance enhancement in sports is achieved through the use of wearables, including watches, sensors, and athletic wearables. Technological components such as GPS modules, sensors (accelerometers, microcontrollers), displays, batteries, and wireless communication modules are integral to these devices.
Moreover, artificial intelligence and machine learning are also integrated into smart wearables, enabling real-time health monitoring, disease detection, and performance analysis for athletes, teams, and sports organizations. The wristwear segment, including smartwatches and fitness bands, dominates the market. Third-party accessories and IoT-based apparel further expand the potential applications of wearable technology. Sports and healthcare industries have embraced wearable technology, with organizations like Sport Wales and Crowdfunder investing in wearable technology watches and health tracking solutions Hence, such factors are driving the market during the forecast period.
The growing market for counterfeit products of smart wearables is one of the key challenges hindering the market. The global market is experiencing significant growth, driven by increasing consumer disposable incomes and technological advancements. The wearable ecosystem encompasses app development, data analytics, and third-party accessories, with major manufacturers such as Apple, Samsung Electronics, Fitbit, and Xiaomi leading the way.
Moreover, sports organizations, teams, and athletes are also adopting wearables for training and performance enhancement, with GPS modules, sensors, accelerometers, microcontrollers, displays, batteries, wireless communication modules, artificial intelligence, and machine learning playing crucial roles. However, the market faces challenges from counterfeit products, particularly in the wristwear segment, including smartwatches and fitness bands, which are predominantly manufactured in APAC due to low labor costs. Therefore, it is expected to hinder the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alphabet Inc: The company offers Fitbit Surge, Fitbit Charge HR, Fitbit Charge, and Fitbit Flex.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analyses of companies have been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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In the contemporary digital age, the market has gained significant traction. Consumers are increasingly adopting these technologies to monitor their health and fitness goals. Tech-savvy individuals use devices like Apple Watch, Fitbit, and Garmin to track activities, heart rate, sleep patterns, and calories burned. Tech companies like Google and Samsung also offer wearable devices that provide similar functionalities. Technology companies offer various services such as MyFitnessPal, Strava, and Fitbit Premium to provide personalized workout plans, nutrition advice, and social community support. Tech companies like Athetleas, AthleteSense, and Catapult offer advanced analytics and performance tracking for athletes and sports teams. Displays, sensors, and connectivity are crucial components of these devices. Tech companies like CrowdFit, Thryv, and Sensely offer AI-powered virtual coaching and support. Tech companies like Teslonica, Datalogic, and Zebra Technologies offer wearable devices for industrial applications. The market for these devices and services is expected to grow significantly due to increasing health consciousness, technological advancements, and growing consumer acceptance.
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Market Scope |
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Report Coverage |
Details |
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Page number |
154 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.91% |
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Market Growth 2024-2028 |
USD 89.32 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
13.82 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Canada, China, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alphabet Inc., Apple Inc., AT and T Inc., BT Group Plc, BTS Bioengineering Corp., Cogent Communications Holdings Inc., Cool Shirt Systems, Crossbeats, Garmin Ltd., Hexoskin, Logitech International SA, Nexxbase Marketing Pvt. Ltd., Nike Inc., Samsung Electronics Co. Ltd., Shot Tracker, Sony Group Corp., SUUNTO, Telefonica SA, Weartrons Labs, and XeNSR |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our market analysis and report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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