Press release
What Is The Leading Driver Behind Rising Demand For Self-Monitoring Devices Driving Smart Fitness Growth Market Expansion in 2025
Smart Fitness Market
What Is the Expected CAGR for the Smart Fitness Market Through 2025?
In recent times, there has been a significant expansion in the size of the smart fitness market. The market, which will be worth $26.71 billion in 2024, is projected to increase to $33.47 billion in 2025, boasting a compound annual growth rate (CAGR) of 25.3%. The driving factors behind this growth in the historical phase can be attributed to various factors such as the progression of technological advancements, an increase in health consciousness, the emergence of lifestyle illnesses, a growing preference for personalized fitness, and heightened convenience and accessibility.
What's the Projected Size of the Global Smart Fitness Market by 2029?
There is an anticipated surge in the size of the smart fitness market in the upcoming years. The market forecast predicts it will expand to a staggering $84.39 billion in 2029 with a compound annual growth rate (CAGR) standing at 26.0%. This predicted expansion through the forecast period can be attributed to various factors such as a proactive approach towards healthcare, the intermingling of health and fitness ecosystems, focus on mental health, combining gaming aspects, and a heightened awareness of health. The upcoming trends during the forecast period consist of home-based fitness, an increase in usage by individuals, institutional utilization, emergence of online fitness communities, and fitness devices enabled with IoT.
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Top Growth Drivers in the Smart Fitness Industry: What's Accelerating the Market?
The escalating popularity of self-managing tools is anticipated to stimulate the progression of the smart fitness market. These tools or technologies are conceptualized to facilitate individuals with the ability to autonomously oversee various facets of their well-being or behavioral health. The surge in demand for these devices is a result of the increasing focus on personal health and wellness, as people aim to have more control and understanding of their health status. In terms of smart fitness, people use these self-monitoring devices to follow their physical activity, track performance indicators, set objectives, and receive customized feedback, which can enhance their motivation and assist them in making well-informed decisions about their health and fitness plans. For example, data from the Ministry of Justice, a UK government department, showed that in January 2024, the total count of individuals using electronic monitoring devices, inclusive of radio frequency and alcohol monitoring devices, was 19,878 in December 2023. This showed a growth of 20% from the previous total of 16,602 recorded in December 2022. Hence, the rising popularity of self-monitoring tools is indeed propelling the expansion of the smart fitness market.
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What Trends Will Shape the Smart Fitness Market Through 2029 and Beyond?
Leading businesses in the smart fitness market are focusing on creating sophisticated and high-tech solutions like wearable smart bands to cater to the increasing customer demand for novel and personalized fitness tracking options. These wrist-worn health and fitness monitors are embedded with sensors that keep track of physical exertion, heart rhythm, sleep patterns, and further health indicators. For example, Xiaomi Inc., an electronics company from China, unveiled the Smart Band 8 in September 2023. This wearable fitness monitor is constructed to track multiple health and fitness parameters, such as heart rhythm, steps walked, calories consumed, and sleep quality. It also features perks like notification alerts, music controls, and weather forecasts. The Smart Band 8 stands out with its live tracking and performance stats, providing accurate workout data to refine fitness regimens. Moreover, the unique 'Pebble Mode' for runners, which can be attached to a shoe buckle, supplies comprehensive running statistics and scrutinises running form for performance improvement.
What Are the Main Segments in the Smart Fitness Market?
The smart fitnessmarket 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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Which Top Companies are Driving 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.
Which Regions Will Dominate the Smart Fitness Market Through 2029?
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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