February 21, 2024
Smart Fitness Market

The global smart fitness Market is estimated to Propelled by growing popularity of smart fitness apps

The global smart fitness market comprises fitness trackers, smart watches, intelligent sports shoes, and smartphones apps that allow real-time monitoring of fitness related data. These smart fitness products help track physical activity, heart rate, calorie burned, distance covered and sleep patterns of individuals. They leverage technologies like GPS, heart rate monitoring, accelerometers among others to record fitness data accurately.

The global smart fitness Market is estimated to be valued at US$ 18979.05 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growing popularity of smart fitness applications is one of the major drivers of the global smart fitness market. Various fitness apps available on app stores allow users to track their workouts, set fitness goals and follow customized exercise regimes on their smartphones. These apps are also compatible with various wearable devices and help analyze fitness data in more details. Increase in health awareness among young population and ease of use of these apps on mobile phones has resulted in their rising adoption in recent years. For example, some popular smart fitness apps include Google Fit, Fitbit, Apple Health, StrongLifts, and Nike Run Club among others. This growing preference for smart fitness apps is expected to significantly contribute to the demand for smart fitness products over the forecast period.

SWOT Analysis
Strength: The global smart fitness market offers innovative technology solutions for home workouts and activity tracking. Products like smartwatches, smart bands, smart clothing enable convenient remote monitoring of fitness activities and health metrics.

Weakness: High costs associated with premium smart fitness devices restrict their adoption. Data privacy and security issues remain a key challenge. Interoperability between different brands’ devices and apps needs further improvement.

Opportunity: Rising health consciousness and growing geriatric population boost demand. Increasing investments in R&D of advanced sensors and AI backed solutions present lucrative opportunities. The COVID-19 pandemic has accelerated digitalization and remote healthcare, fueling market growth.

Threats: Easy availability of low-cost substitutes curtails sales of premium products. Intense competition from existing and new players poses pricing pressure. Unpredictable changes in technology and frequent product updates raise uncertainty.

Key Takeaways
The Global Smart Fitness Market Size is expected to witness high growth. The global smart fitness Market is estimated to be valued at US$ 18979.05 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.

The Asia Pacific region dominates the global market and is expected to maintain its lead throughout the forecast period. Rapid urbanization, increasing spending power on healthcare, and growing health awareness are some key factors driving the regional industry.

Key players related content comprises:
Key players operating in the global smart fitness market are Bank of China, China Development Bank, European Investment Bank, Natixis, Societe Generale, Iberdrola, Banco Santander, Abu Dhabi Islamic Bank, KfW, BNP Paribas, UniCredit, Credit Agricole, DBS Bank, and Standard Chartered NatWest Group. Key players are investing heavily in research to develop advanced fitness trackers, smartwatches, smart bands, and smart shoes integrated with cutting-edge technologies including AI, VR, and IoT.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it