The global smart fitness market comprises wearable devices and mobile fitness apps that assist in monitoring, tracking, and analyzing fitness and sports activities. Smartwatches, fitness trackers, and heart rate monitors are some of the leading products in this market. These devices provide key metrics like steps walked, calories burnt, heart rate, quality of sleep, and others to the users to help them achieve their fitness goals.
The Global Smart Fitness Market is estimated to be valued at US$ 21863.87 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the global smart fitness market are Celsius Design Limited, Delta Cooling Towers Inc., CFW Evapcool, Condair Group AG, ENEXIO Water Technologies GmbH, SPX Cooling Technologies, Bonaire, Baltimore Aircoil Company Inc., Phoenix Manufacturing Inc., Munters Group AB, and Colt Group Ltd. The increasing preference for healthier and active lifestyles has been a major driver of demand in the smart fitness market. Manufacturers are focusing on developing advanced products with innovative features to capitalize on the opportunity. The rising disposable incomes in emerging economies have encouraged global brands to establish their presence in countries across Asia Pacific, Latin America, and Middle East & Africa.
Market key trends
One of the major trends in the Global Smart Fitness Market Size is the shift towards personalization of workout routines. With smartwatches and apps collecting immense fitness data of users over prolonged usage, algorithms employed by key players are gaining increased capabilities to analyze individual activity patterns and suggest customized workout plans. Advanced AI and machine learning technologies enable devices to understand specific health conditions, fitness levels, workout preferences of each user and devise tailored regimes. This personalization makes fitness routines more effective and engaging for users, encouraging greater adoption of smart wearables and apps.
Porter’s Analysis
Threat of new entrants: Low startup costs for new players to enter the market.
Bargaining power of buyers: High bargaining power of bulk buyers due to availability of alternative products.
Bargaining power of suppliers: Low bargaining power of suppliers due to presence of many suppliers in the market.
Threat of new substitutes: Medium threat as new technologies can disrupt the market with innovative products.
Competitive rivalry: High rivalry among key established players to gain major market share.
Geographical Regions
North America holds the largest share of the global smart fitness market in terms of value mainly attributed to high consumer awareness, increased fitness and health concerns among consumers, and technically advanced infrastructure.
Asia Pacific region is expected to witness the fastest growth over the forecast period owing to growing middle class population, increasing disposable income, rising health and fitness concerns, improving internet access and connectivity, and growing urbanization in countries like India and China.
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Furthermore, the advanced features of smart gym equipment, and online individualized training sessions that simplify the exercising routine at home, contribute to the high adoption rate of smart home gym equipment.
In addition, growth in the urban population, rising disposable income, growing health consciousness, a developing bodybuilding trend, and an expansion of government attempts to encourage a healthy lifestyle have spurred the adoption of smart home fitness equipment.
