According to the smart fitness industry analysis by Future Market Insights (FMI), the demand registered in the market will increase at a healthy CAGR of 12% from 2021-2031.
The report also forecasts that the market will surpass a valuation of ~US$ 15 Bn by the end of 2021. As per FMI, innovations in wearable sensing technologies and launch of pocket-friendly wearable fitness trackers for health monitoring and addressing health issues will remain chief growth drivers.
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Key Takeaways: Smart Fitness Market
- By component, the smart accessories segment is anticipated to account for the leading share in the global demand for smart fitness. The segment is estimated to grow at a robust CAGR through 2031.
- The adoption of smart accessories like smart watches is expected to rise at maximum pace. As per FMI, demand in this segment will increase by a 2X between 2021 and 2031.
- North America is expected to lead the market followed by Europe in 2021.
- South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031.
- The market in U.K. is expected to progress at a CAGR of around 15% through 2031.
- In the India, sales are expected to increase at a CAGR of nearly 18% over the next ten years.
Demand for Wearable Devices is Bolstering the Market Growth
The demand for wearable devices such as smart bands, smart watches, activity trackers integrated with AI capabilities is increasing as these devices help in detecting irregularities in health data and give early warnings for condition like heart disease or diabetes. AI-enabled wearable devices are gaining traction as they help in monitoring the health and give alerts about movements, incorrect posture, and other vital health factors.
Wearable device provides fitness, sleep, and recovery data to help an individual adopt a healthy lifestyle. Many smart watch vendors are adding blood oxygen sensors in their device as standard, ECG monitors, and other functionalities to provide warnings or early signs of potential ailment and make suggestions about improvement in health.
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More Valuable Insights on Smart Fitness Market
FMI’s report on the smart fitness industry research is segmented into three major sections – component (smart accessories, strength training equipment, cardiovascular equipment, cross-training equipment), smart accessories (smart watches, smart bands, activity trackers, heart rate, monitor, pedometer, sleep quality monitor), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the smart fitness demand outlook.
Smart Fitness Outlook by Category
By Component:
- Smart Accessories
- Strength Training Equipment
- Cardiovascular Equipment
- Cross-training Equipment
By Smart Accessories:
- Smart Watches
- Smart Bands
- Activity Trackers
- Heart Monitor
- Pedometer
- Sleep Quality Monitor
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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