Press release
Key Trend Reshaping the Smart Fitness Market in 2025: Innovative Solutions Drive Growth In Smart Finance Hardware Market
Smart Fitness Market
The smart fitness market is poised to expand, propelled by the increasing demand for self-monitoring devices. People are increasingly using these devices to autonomously manage different facets of their health and behaviours. This surge in demand is attributed to a mounting focus on personal health and wellness, as people strive for better understanding and control over their well-being. In the realm of smart fitness, these self-monitoring devices are utilized to keep tabs on physical activity, track performance indicators, set objectives, and give customized feedback to users. This not only boosts motivation but also assists users in making well-informed decisions about their health and fitness regimes. To illustrate, per a disclosure by the UK's Ministry of Justice in January 2024, the aggregate count of individuals employing electronic monitoring devices, like radio frequency and alcohol monitoring devices, stood at 19,878 in December 2023. This marked a 20% increase from the number recorded in December 2022, which was 16,602. Therefore, the rising demand for self-monitoring devices is the primary force fueling the expansion of the smart fitness market.
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What is the projected compound annual growth rate (CAGR) of the smart fitness market from 2025 to 2034, and what factors influence it?
The size of the smart fitness market has witnessed a substantial increase in recent years. The market worth is projected to escalate from $26.71 billion in 2024 to $33.65 billion in 2025, with a compound annual growth rate (CAGR) of 26.0%. The expansion during the historical period can be attributed to numerous factors such as advancements in technology, an increase in health consciousness, the surge in lifestyle diseases, a growing focus on personalized fitness, and heightened convenience and accessibility.
Anticipating a significant surge in the coming years, the smart fitness market is projected to reach $85.4 billion in 2029, with a compound annual growth rate (CAGR) of 26.2%. The exponential growth during the forecast period is driven by factors such as an increasing preference for preventive healthcare, the merging of health and fitness lifestyles, mental health emphasis, inclusion of game-like elements, and a general rise in health consciousness. The forecast period will also see trends such as home-based fitness, increased individual use, expansion in institutional application, the emergence of digital fitness groups, and the rise of fitness devices powered by the Internet of Things (IoT).
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How are the latest trends influencing the growth of the smart fitness market?
Leading firms in the smart fitness sector are focusing on launching sophisticated and smart solutions such as wearable smart bands to cater to the growing consumer need for inventive personal fitness tracking alternatives. These devices, designed for tracking health and fitness, are worn on the wrist and come equipped with sensors to measure physical activity, heart rate, sleep, and other health-related metrics. For example, Xiaomi Inc., a consumer electronics company based in China, rolled out the Smart Band 8 in September 2023. This wearable fitness tracker is designed to track a range of health and fitness data, including heart rate, steps, calories burned, and sleep quality, while also providing features like notification alerts, music control, and weather updates. The standout feature of the Smart Band 8 is its real-time tracking and conditioning stats, providing accurate workout information to improve fitness habits. A unique 'Pebble Mode' for runners, which attaches to a shoe buckle, delivers thorough running analytic and provides feedback on running stance, helping improve athletic performance.
What are the major segments of the smart fitness market and their role in driving growth?
The smart fitness market covered in this report is segmented -
1) By Product: Smartwatch, Wristband, Smart Clothing, Smart Shoes, Bike Computers, Other Products
2) By Type: Head-Wear, Torso-Wear, Hand-Wear, Leg-Wear, Bike Mount
3) By Functionality: Basic Tracking, Advanced Fitness Tracking, Coaching And Training, Health Monitoring
4) By End-User: Individual Consumers, Fitness Centers And Gyms, Corporate Wellness Programs
Subsegments:
1) By Smartwatch: Fitness Tracking Smartwatches, Multi-sport Smartwatches
2) By Wristband: Fitness Bands, Health Monitoring Wristbands
3) By Smart Clothing: Smart Shirts, Smart Pants and Shorts, Smart Jackets
4) By Smart Shoes: Running Shoes with Smart Features, Hiking Shoes with Smart Features, Fitness and Training Shoes with Sensors
5) By Bike Computers: GPS Bike Computers, Smart Cycling Devices with Performance Metrics
6) By Other Products: Smart Helmets, Smart Water Bottles, Smart Fitness Equipment
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North America was the largest region in the smart fitness market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart fitness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the smart fitness market?
Major companies operating in the smart fitness market are Apple Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Sony Corporation, LG Electronics Inc., Xiaomi Inc., ASUSTeK Computer Inc. (Asus), Under Armour Inc., Garmin Ltd., Peloton Interactive Inc., Casio Computer Co. Ltd., iFit Inc., Technogym S.p.A., BowFlex Inc., Polar Electro Inc., Life Fitness, Suunto Oy, Echelon Fitness Multimedia LLC (Echelon Fitness), MyZone Inc., NordicTrack, Moov Inc., Wahoo Fitness LLC, Withings S.A., AliphCom dba Jawbone, Shanda Group, Misfit Inc., Cubii Inc., Tonal Systems Inc., OMsignal Inc.
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What Is Covered In The Smart Fitness Global Market Report?
•Market Size Forecast: Examine the smart fitness market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart fitness market for a structured understanding.
•Key Players Overview: Analyze major players in the smart fitness market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart fitness market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart fitness market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart fitness market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart fitness market.
•Competitive Landscape: Review strategic developments in the smart fitness market, including expansions, agreements, and new product launches.
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