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, further helping to improve the overall fitness of the human body.
Increasing awareness among people related to health and fitness is one of the main driving factors for 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, diabetes and heart attacks, which further increases the demand for fitness equipment.
For example, in 2013, according to analysis by the Institute for Health Metrics and Evaluation, nearly 30% of the world’s population was overweight or obese worldwide. Additionally, according to diabetics.org, the total number of people in the US with diabetes was 7.2 million in 2014, and 1.5 million new cases were reported in 2015, representing a 6.7 % per 1000 people. Therefore, increasing awareness among people will proportionally demand such fitness equipment, which will help them keep track of health-related information such as heart rate, number of calories burned and training time. This is expected to further help improve the overall fitness of the body, which in turn will help the growth of the global smart fitness market.
In addition, the increasing programs of government initiatives related to health awareness are another factor driving the growth of the market. For example, in May 2004, the 57th World Health Assembly (WHA) approved the World Health Organization (WHO) Global Strategy on Diet, Physical Activity and Health. The goal of this strategy is to promote and protect health by providing guidance at the individual, community, national, and global levels in ways that help reduce disease and mortality rates related to unhealthy diet and physical inactivity.
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The high price of smart fitness equipment is a major factor limiting the growth of the market. This pushed new gyms and fitness centers and in-house users to buy second-hand equipment. Therefore, the high prices of this equipment are an important factor that makes it difficult to purchase new equipment for commercial purposes. This is expected to negatively affect sales of new smart fitness equipment.
Global Smart Fitness Market: Segment Trends
Based on product type, the smartwatch segment accounted for the largest market share in 2017 and is expected to retain its position over the forecast period. This is due to the high demand for wireless health monitoring devices. For example, according to Coherent Market Insights analysis, total smartwatch unit sales in 2016 were $36 million and increased to $76 million in 2017, globally. These smart watches carry out multiple functions, such as real-time heart rate tracking, fitness tracking, step tracking, number of calories burned, general sleep statistics, fitness training tracking and monitoring of the user’s daily routine to provide valuable information about their health. This further helps the doctor to diagnose the health of his patients remotely. This is expected to help the growth of the segment during the forecast period.
Global Smart Fitness Market: Regional Perspectives
North America held 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 increasing number of health problems related to obesity, such as heart disease, type 2 diabetes and others, which directly affect adults, youth and children. For example, according to analysis by the National Center for Health, in 2017, in the US, 40% of adults and 19% of youth were obese. Therefore, people’s growing concern for health-related issues is creating a higher demand for fitness equipment to manage their fitness. Therefore, all these factors will help drive the growth of the smart fitness market in this particular region.
Global Smart Fitness Market: Competitive Landscape
The major players operating in the global smart fitness market are Apple Inc., Fitbit Inc., Garmin Ltd., Jawbone, LG Electronics, MAD Apparel, Inc., Samsung Electronics Co., Ltd., Sony Mobile Communications Inc., Polar Electro, and OM sign. Major market players such as Apple Inc., Fitbit Inc., Samsung and others are focusing on adopting an M&A strategy to strengthen their presence in the market. For example, in February 2018, Fitbit, Inc. acquired Twine Health. The purpose of the acquisition is to increase its offerings in the health sector, which further helped the company gain a competitive advantage in the market.
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