The global Smart Fitness Market revenue totaled USD 13,122.3 million in 2022, according to Future Market Insights (FMI). The overall smart fitness market size is expected to reach USD 46,934.8 million by 2033, growing at a CAGR of 12.4% from 2023 to 2033.
The rising demand for features such as keeping track of heart rate, workout time, distance covered, and calories burned offered by smart fitness watches and fitness tracker is likely to propel smart fitness product sales.
Due to the COVID-19 outbreak, the adoption of smart wearables has increased. Thanks to improved consciousness regarding health and wellness, digital fitness is gaining traction around the world. Smart fitness device sales are around 30% of digital fitness device sales globally.
| Attribute | Details |
|---|---|
| Base Year (2022) Smart Fitness Market Value | USD 13,122.3 million |
| Projected Year (2033) Smart Fitness Market Value | USD 46,934.8 million |
| CAGR% (2023 to 2033) | 12.4% |
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Moving ahead of conventional fitness gadgets and trackers, manufacturers and players in the smart fitness devices market are engaging in adding greater connectivity to the devices.
The launch of new products such as the Act HR Smart Band introduced by RiverSong, which not just provides fitness tracking but allows a huge stack of benefits including prompt message and call notifications to camera control with gestures, is indicative of manufacturers’ keenness to offer advanced and more interactive features.
Some of the leading smart fitness gadget brands are thinking beyond the basic capabilities of smart fitness devices to gain a competitive advantage over the other providers in the market.
The smart fitness market is estimated to rise at a 12.4% CAGR between 2023 and 2033 in comparison with the 10.3% CAGR registered during 2018 to 2022. The global smart fitness products sales are anticipated to increase from USD 14,539.5 million in 2023 to USD 46,934.8 million by 2033.
Sales of Various Digital Accessories to Propel the Market Growth
The home fitness revolution is been going on for decades, but recent events have caused a huge surge in home fitness. People have started using various apps, devices, and services to get their fitness fix.
An increasing number of them are moving towards digital fitness as people are looking for a fitness environment that can be easily managed and controlled.
Busy schedules and long working are key factors helping digital fitness is gaining traction. As modern society’s desire for flexibility and convenience in fitness increases, the sales of various digital fitness accessories will pick up the pace.
More number of people are moving towards at-home fitness, which is fuelling the demand for wearable devices, inbuilt with advanced technologies to optimize individual performance and exercise. Consequently, the demand for smart fitness trackers and smart fitness band watches is rising.
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High Investment by Key Players to Drive The Market Growth in United Kingdom
Europe is predicted to remain one of the most attractive markets during the forecast period. According to the study, the United Kingdom is expected to account for nearly 22% of the Europe market share in 2023.
The pandemic in the United Kingdom has caused people to rethink their normal workout routines and to focus on how they can exercise in limited space with limited equipment.
To stay healthy and safe and to reduce the spread of the virus, people are opting for digital fitness so that they can maintain social distancing while maintaining a healthy lifestyle.
Demand for smart fitness in the United Kingdom is increasing owing to investments by European companies in building systems and solutions in the area of fitness wearables for health and well-being.
Hence, the demand for smart fitness would increase across the country, during the forecast period. The market in United Kingdom is estimated to increase at an impressive rate of around 18.5% CAGR between 2023 and 2033.
Presence of Huge Consumer Base in United kingdom to Drive The Market Growth
Smart fitness device sales in the United States is expected to rise at an impressive CAGR over the forecast period. The demand for smart fitness is increasing in the United States owing to the large consumer base and presence of major players.
Smart fitness brands operating in the United States are focusing on innovating new products to strengthen their foothold. Increasing utilization of connected devices and health apps for the management of chronic diseases and the presence of major companies in the United States is driving the market in the North American region.
In 2022 the United States accounted for a market share of 15.4%
Increasing Awareness about Chronic Disease to Boost the Indian Market
The sales in India are estimated to increase at an impressive rate of around 18.5% CAGR between 2023 and 2033. During increasing awareness regarding chronic diseases and other diseases in India the demand for smart fitness increased.
The adoption of smart wearables increased for monitoring health conditions. People have started exercising at home by watching videos and through online training to save on expenses that they spend at the gym. During the pandemic, video workouts became popular in India.
India had the largest lockdown in the world and so the gyms and fitness centers were closed for a long period. Therefore, fitness through online training or video has surged during the pandemic in India.
Implementation of Smart Accessories to Raise the Segment Growth
Based on components, the demand for smart accessories is expected to increase at a robust CAGR over the forecast period. The adoption of smart accessories like bands, watches, and activity trackers is increasing as there is more awareness regarding health and fitness among people.
Innovative Characteristics of Smart Watches to Raise its Market Expansion
The smart watches segment is expected to contribute the highest revenue share in 2023 and is expected to showcase a strong CAGR over the forthcoming years owing to the number of functions offered by smartwatches compared to wrist bands.
Smart watches are integrated with artificial intelligence, IoT, and sensors to provide users with more data about their health, thereby increasing the demand for smart watches. In 2022 the the smart watches segment accounted for a market share of 20.1%.
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With the advancement in technology, players in the smart fitness industry are focusing on bringing new products to the market. The growth of the smart fitness devices market is accelerated by the growing demand for smart fitness gadgets such as smart wrist bands and fitness trackers.
The increasing significance gained by health and fitness lately, is providing opportunities for the manufacturers to capitalize on.
Companies are growing their business year-over-year owing to the growing rising demand for smart fitness devices. Besides this product launches remain a chief strategy to offer advanced features and gain a competitive edge.
According to a June 1, 2023 story, English Premier League soccer player Harry Kane became the very latest athlete to make an investment in OxeFit, an at-home fitness gadget driven by artificial intelligence. OxeFit recently secured more than USD 45 million in total capital, and the organization's revenues have surged 200% year over year.
According to a story released on May 1, 2023, The Exercise Coach in Virginia is being billed as the state's first AI-enabled gym. The Virginia smart studio employs bio adaptive automated gym equipment that produces and adapts workouts based on a person's fitness levels.
| Attribute | Details |
|---|---|
| Market value in 2023 | USD 14,539.5 million |
| 2023 to 2033 growth rate | 12.4% CGAR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East & Africa |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, France, Italy, Spain, China, Japan, South Korea, India, Indonesia, Singapore, Thailand, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Segments Covered | Component, Smart Accessories, Region |
| Key Companies Profiled | Fitbit; Pebble Inc.; Adidas; Samsung Electronics; Sony Corporation; Shanda Group; Nike Inc.; Xiaomi; Garmin International; Jawbone |
| Customization & Pricing | Available upon Request |
The market is estimated to achieve USD 46,934.8 million by 2033.
The market is forecast to register a CAGR of 12.4% through 2033.
From 2018 to 2022, the global market exhibited a 10.3% HCAGR.
A 15.4% market share belongs to the United States.
Between 2023 and 2033, sales in India are expected to cultivate at a stellar pace of 18.5% CAGR.
Through 2033, the smartwatches segment is predicted to acquire a share of 20.1%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component 5.1. Smart Accessories 5.2. Strength Training Equipment 5.3. Cardiovascular Equipment 5.4. Cross-training Equipment 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Smart Accessories 6.1. Smart Watches 6.2. Smart Bands 6.3. Activity Trackers 6.4. Heart Monitor 6.5. Pedometer 6.6. Sleep Quality Monitor 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. South Asia 7.5. East Asia 7.6. Oceania 7.7. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Fitbit 17.2. Pebble Inc 17.3. Adidas 17.4. Samsung Electronics 17.5. Sony Corporation 17.6. Shanda Group 17.7. Nike Inc 17.8. Xiaomi 17.9. Garmin International 17.10. Jawbone 18. Assumptions & Acronyms Used 19. Research Methodology
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Smart Fitness Market
