Press release
South Korea Smart Fitness Market Size To Grow At A CAGR Of 19.6% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
South Korea Smart Fitness Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 19.6%
The increasing inclination towards health and fitness among South Koreans is leading to an increasing footfall in gyms and fitness clubs, which is bolstering the demand for smart fitness and cardiovascular, strength, and cross-training equipment. In addition, the strong tech-enabled ecosystem in the country, supported by the strong foothold of tech innovators, is further fuelling the market growth for smart fitness in South Korea. In addition, the South Korea smart fitness market is being augmented by the rapid development of gymnasiums and sporting grounds which are further propelling the sale of smart fitness equipment.
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Smart fitness wearables and equipment are witnessing a healthy sale, which is being driven by the motivated population inclined towards healthy eating, tracking calorie intake, monitoring sleeping hours, and heart rate. In addition, the increasing awareness about innovative smart fitness products which help achieve fitness targets, coupled with the rising disposable income in the country is further fuelling the South Korea smart fitness market growth.
Further, smart fitness wearables such as smart watches, bands, and activity trackers can be used anywhere and at any point of time, even during working and sleeping. This is a major advantage of these products escalating their adoption.
South Korea Smart Fitness Industry Definition and Major Segments
Smart fitness refers to electronic devices, machines, wearables, and equipment which are used to keep track of a person's health and physical activity. Smart fitness products use tech-enabled systems which improve the quality of workout and help users track daily exercise performance. Smart fitness products are convenient and easy to use, which is boosting the South Korea smart fitness market.
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Based on product, the market can be segmented into:
Smart Accessories
Smart Watches
Smart Bands
Activity Trackers
Heart Rate Monitors
Pedometer
Sleep Quality Monitor
Cardiovascular Equipment
Treadmills
Bicycles
Riders
Others
Strength Equipment
Weight Training
Power Racks
Resistance Machines
Cross-Training Equipment
Stretching
Motion Trail
All in One
On the basis of type, the market can be divided into:
Headwear
Torso-wear
Handwear
Legwear
Bike Mount
South Korea Smart Fitness Market Trends
The key trends in the South Korea smart fitness market include the progressive product launches by the major tech companies in the country which are pushing the growth of home fitness. The aim of these companies is to expand the customer reach. Smart fitness products which offer fitness-related content and services are adding to the market growth. Development of smart treadmills and bicycles are one such example which bring enjoyment while working out by enabling access to YouTube and various video streaming platforms. Advancements in smart fitness devices, leading to the addition of new features are attracting more customers.
Increasing number of social media users in the country are further adding to the market growth by bolstering celebrity endorsement and influence of bodybuilders and athletes on younger viewers. In addition, the robust opportunities emerging for social media marketing and advertising is likely to fuel the awareness of fitness gadgets, which in turn are expected to propel the smart fitness market in South Korea in the forecast period. Furthermore, the increasing awareness pertaining to the advantages of eco-friendly and sustainable smart fitness products is likely to augment the innovations in the coming years.
Key Market Players
The major players in the South Korea smart fitness market report are:
DRAX Co., Ltd.
LEXCO
Hc Lab Co., Ltd.
Samsung Electronics Co., Ltd.
Fitbit LLC
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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