Press release
Smart Fitness Market Poised to Hit $85.4 Billion by 2029 with Accelerating Growth Trends
Smart Fitness Market Size
Smart Fitness Market Size Growth Forecast: What to Expect by 2025?
The expansion of the smart fitness market has been tremendous in the past few years. The market, currently valued at $26.71 billion in 2024, is projected to surge to $33.65 billion in 2025, reflecting a compound annual growth rate (CAGR) of 26.0%. Factors such as technological innovation, growing consciousness about health, the emergence of lifestyle-related diseases, the growing trend of personalized fitness solutions, and increased convenience and accessibility are driving the growth seen in the past years.
How Will the Smart Fitness Market Size Evolve and Grow by 2029?
In the coming years, the smart fitness market size is anticipated to witness significant growth. It is projected to reach a staggering $85.4 billion by 2029, representing a compound annual growth rate (CAGR) of 26.2%. Factors contributing to this surge during the forecasted period include a shift towards preventive healthcare, fusion of health and fitness ecosystems, focus on mental well-being, incorporation of gamification aspects, and increased health consciousness. Future trends within the same period include functionality for home fitness, increased individual usage, expanded institutional usage, the emergence of online fitness communities, and the incorporation of IoT-enabled fitness gadgets.
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What Drivers Are Propelling the Growth of Smart Fitness Market Forward?
The smart fitness market's expansion is set to be fueled by the rising demand for self-monitoring devices. These devices, created to allow individuals to independently track and control various health and behavior aspects, are seeing an increased demand due to a growing focus on personal health and wellness. People are now seeking more influence and understanding of their well-being. In the realm of smart fitness, self-monitoring devices are utilized to monitor physical activity, track performance metrics, set targets, and offer personalized feedback to users. This enhances motivation and aids users in making informed decisions regarding their health and fitness regimes. For instance, as reported by the Ministry of Justice, a department of the UK government, in January 2024, the total number of people using electronic monitoring devices, such as radio frequency and alcohol monitoring devices, was 19,878 in December 2023. This represents a 20% increase from the count of 16,602 recorded in December 2022. Hence, the increasing demand for self-monitoring devices is propelling the growth of the smart fitness market.
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Which Emerging Trends Are Transforming the Smart Fitness Market in 2025?
Leading businesses in the smart fitness sector are focusing on launching advanced and intelligent solutions such as wearable smart bands. They aim to satisfy the growing consumer need for innovative and custom-made fitness monitoring choices. These health and fitness tracking instruments, worn on the wrist, come with sensors to track physical activity, heart rate, sleep, and other health parameters. For example, in September 2023, Xiaomi Inc., a consumer electronics firm based in China, introduced the Smart Band 8. This wearable fitness tracker is designed to track a variety of health and fitness data, including heart rate, steps taken, calories burned, and sleep quality, while also offering features like notification alerts, music control, and weather updates. The Smart Band 8 sets itself apart with its real-time tracking and conditioning statistics, providing accurate workout data to enhance fitness regimens. Moreover, the innovative 'Pebble Mode' for runners, which can be attached to a shoe buckle, gives in-depth running analytics and assesses running posture for performance improvement.
What Are the Key Segments in the Smart Fitness Market?
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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Who Are the Key Players Shaping the Smart Fitness Market's Competitive Landscape?
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.
What Geographic Markets Are Powering Growth in the Smart Fitness Market?
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.
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