Smart wearable fitness and sports devices and services: Key market research findings
- Increasing popularity of healthy living fuels market growth
- Fitness devices account for a majority of the market’s revenue
- Key vendors – Adidas, Apple, Fitbit, Garmin, Jawbone, Nike, Samsung, Sony, AT&T, EE, Sprint, and Telefónica
Technavio’s market research analysts predict the global smart wearable fitness and sports devices and services market to grow at a CAGR of more than 25% and 28%, respectively. The growing emphasis on following a healthy lifestyle is spurring an upsurge in the demand for smart wearable fitness and sports devices and services globally. This trend is spurred primarily by the rising prevalence of obesity and health related disorders like diabetes, joint problems, high blood pressure, high cholesterol, cancer, gall bladder problems, breathing difficulties, and coronary artery diseases. The increased health awareness among people is reflected in the rapid growth in the demand for hygienic and nutritious food, gym memberships, and diet programs, and in the use of mobile health applications. During 2015, the global market for smart wearable fitness and sports devices and services was dominated by North America with a market share of around 64%. Early adoption of fitness and sports devices among youth and adults in the US is the major driving force behind the growth of the smart wearable fitness and sports devices and services market in North America.
The new market research report from Technavio presents a breakdown and analysis of the smart wearable fitness and sports devices and services segments based on the application.
“The introduction of cross-over products is a trend that will contribute to the growth of this market. Vendors in the market have started rolling out products that function primarily as a fitness device but also provide the basic functionalities of a smartwatch. Fitbit, one of the key vendors in the market, has launched Surge, a fitness device that comes with calling and texting functionalities and integrates smartwatch features in fitness devices,” says Rakesh Panda, Lead Analyst, ICT, Technavio Research.
During 2015, the smart wearable fitness devices accounted for approximately 90% of the overall market revenue to become the dominant shareholder in the global market. The inclusion of these devices in the fitness regime helps users monitor their day-to-day fitness activities and performance. The adoption of smart wearable fitness devices is very high in developed countries such as the US and Canada and in countries of Western Europe. The high demand for smart wearable fitness devices can be accredited to its easy availability and ability to monitor several heath concerns.
The key vendors in the market include Adidas, Apple, Fitbit, Garmin, Jawbone, Nike, Samsung, Sony, AT&T, EE, Sprint, and Telefónica. M&A will increase in the coming years because of the high potential of the market. The high growth potential has also attracted several large players such as Sony Mobile, LG, and Samsung to invest in this market.
A more detailed analysis is available in the Technavio report, Global Smart Wearable Fitness and Sports Devices and Services Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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