Smart fitness equipment is used for physical exercises that help control overall weight, improve physical endurance and build muscle strength. These devices are used to track information including sleep, steps, calories, heart rate, and other fitness, which further helps improve the overall fitness of the human body.
Increased awareness among health and fitness-related people is one of the main drivers of the growth of the global smart fitness market. The factor attributed to the growth of the market is the increase in health problems such as obesity, diabetics, heart attack, which further increases the demand for fitness equipment.
For example, in 2013, according to the Institute for Health Metrics and Assessment Analysis, nearly 30% of the world’s population was obese or overweight globally. In addition, according to the diabetics.org, the total number of people in the United States who suffer from diabetics was 7.2 million in 2014 and 1.5 million new cases were reported in 2015, with 6.7% per 1,000 people. Therefore, increased awareness among people will proportionally require this type of fitness equipment, which will help them monitor health information, such as heart rate, number of calories burned and time to Training. This should further contribute to improving overall fitness, in turn helping in the growth of the global smart fitness market.
In addition, growing government initiative programmers related to health awareness are another driver of market growth. For example, in May 2004, at the 57th World Health Assembly (WHA), he supported the World Health Organization’s (WHO) Global Strategy on Diet, Physical Activity and Health. The goal of this strategy is to promote and protect health by guiding every individual, community, national and global in a way that helps reduce rates of illnesses and deaths related to unhealthy diet and physical inactivity.
The high price of smart fitness equipment is an important factor limiting the growth of the market. This prompted gyms and fitness centers and internal users to buy second-hand equipment. Therefore, the high prices of these equipment are an important factor that makes it difficult to purchase new equipment for commercial purposes. This should negatively affect sales of new smart fitness equipment.
Global Smart Fitness Market: Segment Trends
Depending on the product type, the smartwatch segment accounted for the largest market share in 2017 and is expected to maintain its position for the expected period. This is due to the strong demand for wireless health monitoring devices. For example, according to analysis by Coherent Market Insights, the total business unit of smartwatches in 2016 was 36 million dollars and increased to 76 million dollars in 2017, globally. These smartwatches perform multiple functions such as real-time heart rate monitoring, fitness monitoring, step tracking, the number of calories burned, general sleep statistics, training to monitor and Monitor the user’s daily routine to provide valuable information about their health. This further helps the doctor to diagnose the patient’s health remotely. This should contribute to segment growth during the forecast period.
Global Smart Fitness Market: Regional Perspectives
North America has maintained a dominant position in the global smart fitness market in 2017 and is expected to maintain its dominance throughout the forecast period (2018-2026). This growth is attributed to the increase in the number of obesity-related health problems such as heart disease, type 2 diabetes and others, which directly affects adults, young people and children. For example, according to the National Center for Health’s analysis, in 2017, 40% of adults in the United States and 19% of young people were obese. Therefore, growing concern among people about health-related problems is leading to a growing demand for fitness equipment in order to manage their fitness. Therefore, all of these factors will help drive the growth of the smart fitness market in this particular region.
Global Smart Fitness Market: Competitive Landscape
The main players operating in the global smart fitness market are Apple Inc., Fitbit Inc., Garmin Ltd., Jawbone, LG Electronics, MADl, Inc., Samsung Electronics Co., Ltd., Sony Mobile Communications Inc., Polar Electro and OMsignal. Major market players such as Apple Inc., Fitbit Inc., Samsung and others are focusing on adopting the M&A strategy in order to strengthen their market position. For example, in February 2018, Fitbit, Inc. The goal of the acquisition is to increase its offerings in the healthcare sector, which has helped the company gain a competitive advantage in the market.