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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.
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One of the key factors driving the market growth is the increasing awareness about the benefits of a healthy lifestyle. Hectic work schedules and different lifestyle-related diseases are pushing people to opt for daily exercise. In addition, the number of people identified as overweight and obese is on the rise across the world.
For instance, according to the National Center for Biotechnology Information, 64% of the US population will be overweight in 2025. In addition, while the issues of obesity and being overweight have been common in high-income countries, they are on the rise in low- and middle-income countries, particularly in urban areas. Furthermore, excessive weight and obesity have a significant impact on the cancer incidence rate. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
One of the major market trends shaping the market growth is the increasing use of smart wearable devices in sports analytics. Fitness and sports devices and services including fitness trackers are mainly used in sports analytics. In addition, fitness and sports wearables consist of tracking devices, sensors, and software applications that implement sports analytics. Furthermore, sports analytics embedded devices consist of performance devices, watches, sensors, and wearable apparel technology for sports.
Moreover, this transforms athletes performance analysis in training and on-field play enhancement and indicates changes in team composition. In addition, the technology and software that are used in devices aid in the critical decision-making process in several games and sports, such as football, tennis, basketball, and golf. Furthermore, these devices are also used to track various activities of players, such as to monitor speed, distance covered, and breathing and heart rates. Hence, such factors are driving the market growth during the forecast period.
The growing market for counterfeit products of smart wearables is one of the key challenges hindering the market growth. The market is filled with fake copies of all the prominent products from major companies, including Apple, SAMSUNG ELECTRONICS, Fitbit, and Xiaomi. In addition, most of these counterfeit products are manufactured in APAC, owing to the presence of low-cost labor and other counterfeit product markets.
Moreover, smartwatches and smart bands are the most counterfeited products available in the market due to their greater appeal to local consumers compared with other wearable electronic devices. In addition, customers are buying counterfeit products knowingly or unknowingly due to the significantly reduced price of these products. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The smart wearable fitness devices segment is estimated to witness significant growth during the forecast period. The growth in the segment is fuelled by factors such as an increase in health awareness among consumers and growing investments in building connected ecosystems. In addition, devices refer to the group of devices such as fitness trackers and smartwatches that are designed to be worn all day.
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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, many global players manufacture advanced fitness trackers in integrate advanced features in their products such as the Internet of Things, artificial intelligence, and wireless connectivity. In addition, wearable fitness trackers are most popularly used to promote health monitoring awareness among consumers. Furthermore, these devices provide various health benefits, including heart rate tracking, sleep monitoring, step monitoring, and pulse tracking. 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. In addition, most consumers make their purchase decisions based on online research through websites, blogs, and social media. Moreover, this shift has been led by the penetration and geographical reach of e-retailers such as Amazon.com Inc. (Amazon), Flipkart, and JD.com Inc. (JD.com). Furthermore, strong infrastructure for the penetration of e-commerce services has also propelled the preference for the online distribution channel. 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. North America has always been at the forefront in terms of new technology adoption which is fuelling the market growth in the region. In addition, the well-developed telecommunication network infrastructure in the region enables users to easily connect their computing devices with wearable electronics.
Moreover, the region is witnessing high investments in the deployment of the 5G network infrastructure to support the increasing mobile data traffic. In addition, the presence of a well-developed communication network infrastructure in the region is driving the adoption and usage of mobile computing devices in the region. Furthermore, the high usage of mobile devices in the region increases the probability of using wearable devices as these devices are used in conjunction with mobile devices. Hence, such factors are driving the market growth in North America 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 Smart Wearables Fitness and Sports Devices and Services Market caters to diverse consumer demographics and lifestyle patterns, offering personal care products tailored for swimmers, cyclists, runners, gym-goers, adventure lovers, and sports enthusiasts. Integrating AI and AR technologies, devices like AirPods, smart clothing, wristwear, eyewear, headwear, footwear, neckwear, body wear, and others enhance user experiences. Virtual Reality (VR) and Augmented Reality (AR) further elevate engagement, with products like Spree Wearables and Life BEAM leading innovation. This dynamic market continuously evolves to meet the demands of health-conscious consumers seeking advanced solutions for fitness tracking and performance enhancement.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Smart Wearable Fitness And Sports Devices And Services Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.91% |
Market Growth 2024-2028 |
USD 89.32 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
13.82 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, Canada, China, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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 |
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. |
Customization purview |
If our 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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