Smart Fitness Market Size, Share Global Analysis Report, 2023-2030

Industry Insights

[222+ Pages Report] According to Facts and Factors, the global smart fitness market size was valued at USD 16.90 billion in 2022 and is anticipated to reach USD 98.75 billion between 2023- 2030. The global smart fitness market is expected to grow with a CAGR of 25.18% during the forecast period.

The smart fitness industry report offers a holistic evaluation of the market. Furthermore, the report provides a comprehensive analysis of market drivers, restraints, and the competitive landscape expected to play a substantial role in the market.

Market Overview

Smart fitness refers to the integration of technology and digital capabilities into the fitness industry to improve the overall health and workout experience. These devices offer data-driven insights into human health parameters and monitor their health progress. The concept of technology is to offer more personalized and efficient products in the market.

Key Insights

• As per the analysis shared by our research analyst, the global smart fitness market size is estimated to grow annually at a CAGR of around 25.18% over the forecast period (2023-2030).
• In terms of revenue, the global smart fitness market size was valued at around USD 16.90 billion in 2022 and is projected to reach USD 98.75 billion by 2030.
• Virtual and online workouts are likely to drive the growth of the global smart fitness market.
• Based on the product, the smartwatch segment is anticipated to register high growth in the global market.
• Based on the end-user, the individual consumer segment is expected to dominate the global market.
• Based on distribution channels, the online platform holds the largest share of the global market.
• Based on the price range, the mid-range segment is expected to swipe the largest share of the global market.
• Based on the functionality, basic tracking is the fastest-growing segment in the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.           

Growth Drivers

• Virtual and online workouts are likely to open the growth of the global market.

Virtual classes and online workouts are increasingly becoming popular these days, which is the major reason for the growth of the global smart fitness market. The industry is expected to witness revolutionization due to the growing demand for virtual workouts that everyone can easily accommodate in their busy schedule.

The flexibility is attracting a much broader audience, which in turn is paving a positive growth trajectory for the market in the forthcoming years. Smart fitness devices not only track physical activity but also help monitor different health parameters like stress levels, Sleep patterns, heartbeat, etc. For instance, Garmin International came up with Vivosmart 3 in April 2017. The device is an activity tracker with an ultra-slim design.

Restraints

• Compatibility and accuracy are likely to limit the growth of the global market.

A wide range of manufacturers offer fitness devices that are not easily compatible with different devices and apps, which creates challenges for users to sync the data. Also, not all the available devices in the market undergo a standard validation method to offer accurate health data. Sometimes, these fitness devices offer misleading information, which is expected to slow down the group of the smart fitness industry.

Opportunities

• Growing partnerships in the fitness industry are likely to offer opportunities in the global market.

Growing collaborations between fitness centers and smart fitness device manufacturing companies are likely to widen the scope of the global smart fitness market. Fitness centers and enthusiasts are highly encouraging people to adopt smart fitness devices.

The data-driven approach of smart fitness devices is gaining attraction among a broader audience which is likely to propel the growth opportunities in the industry. For instance, Realme came up with Realme Watch T1 in October 2021. The launched watch is around 1.3 inches round AMOLED with a resolution of about 416*416.

Challenges

• Privacy concerns are a big challenge in the global market.

Smart fitness devices gather sensitive information like health metrics and biometric data. Security storing and handling such a huge amount of data creates a challenge in the industry, which is expected to deter the growth of the smart fitness industry in the forthcoming years.

Segmentation Analysis

The global smart fitness market can be segmented into product, end-user, distribution channels, price range, functionality, and region.

By product, the market can be segmented into bike computers, smart shoes, smart clothing, wristband, smartwatches, pedometer, sleep quality monitors, activity trackers, and others. The smartwatch segment is anticipated to register a high growth rate during the forecast period. The growth can be attributed to the increasing number of functions offered by smartwatch manufacturers when compared to their traditional counterparts.

Smartwatches are being integrated with advanced technology like deep learning, artificial intelligence, the Internet of Things, and several others, which enhance the potential of human connectivity globally. Furthermore, the manufacturers are partnering with technology to offer features that combine the functionalities of sensors and big data analysis to offer users more accurate and wide information regarding their health.

However, the fitness variable segment is expected to become a strong competitor in the coming years because of the launch of a new interface between human beings and the digital world, which holds the ability to replace smartphones and other portable connected devices.

By end-user, the market can be segmented into individual consumers, fitness centers & gyms, and corporate wellness programs. The individual consumer segment is expected to dominate the global market because of the growing awareness among people to track their health parameters and fitness level on a regular basis. Consumers are adopting portable smart devices for work purposes which is also likely to expand the scope of the segment in the forthcoming years.

By distribution channel, the market can be segmented into online channels and offline channels. The online platform holds the largest share of the smart fitness industry because a large number of international and national brands of premium to mid-range smartwatches are not available locally in every area.

Therefore, people look forward to the E-Commerce platforms to purchase these watches. However, another major reason for the growing preference for online retail is the convenience offered by the platform, in addition to attractive discounts and a wide range of products from the same category.

By price range, the market can be segmented into low-cost, mid-range, and high-end segments. The mid-range segment is expected to swipe the largest share because of the large consumer population belonging to that group. With increasing urbanization and disposable income, people are inclining more toward mid-range advanced devices.

By functionality, the market can be segmented into basic tracking, advanced fitness tracking, coaching & training, and health monitoring. Basic tracking is the fastest-growing segment in the global smart fitness industry due to the growing preference of people for these smartwatches that can track basic health parameters. However, the advanced fitness tracking segment is also expected to grow steadily in the market because of the growing health disorders among people all across the globe.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America accounts for the largest share of the global smart fitness market during the forecast period. The growth can be attributed to the ongoing technological advancement, increasing health consciousness, and growing popularity of fitness & wellness trends.

Fitness trackers, smartwatches, and other health monitoring devices have been gaining momentum in recent years in the region. These are in high demand because they offer users real-time data on their fitness activity level, sleep patterns, heart rates, and several others. Several leading companies are incorporating smart fitness solutions for employee wellness programs to stay healthy and active.

Asia Pacific is the fastest-growing region in the smart fitness industry due to the rising health consciousness among people. Rapid urbanization is responsible for the high demand for smart fitness devices in the region. The region is known to be the world's most tech-savvy talent powerhouse.

Manufacturers are investing heavily to expand their market in the region, which is expected to increase the total market revenue in the region. For instance, Realme launched Dizo Watch 2 in the Indian market in September 2021. The watch sizes around 1.69-inch screen.         

Competitive Analysis

The key players in the global smart fitness market include:

• OMsignal 
• Polar Electro 
• Sony Mobile Communications Inc. 
• Samsung Electronics Co. Ltd. 
• MAD Apparel Inc. 
• LG Electronics 
• Jawbone 
• Garmin Ltd. 
• Fitbit Inc. 
• Withings 
• NordicTrack 
• Huawei 
• Xiaomi 
• Fitbit 
• Apple Inc.

For instance, Honor revealed its new fitness band Honor Band 5i, in January 2020. The watch comes with a sleep tracking feature, a built-in USB port, and a watch face store.

The global smart fitness market is segmented as follows:

By Product Type Segment Analysis

• Bike Computers
• Smart Shoes
• Smart Clothing
• Wristband
• Smart Watches
• Pedometer
• Sleep Quality Monitor
• Activity Tracker
• Others

By End-User Segment Analysis

• Individual Consumers
• Fitness Centers & Gyms
• Corporate Wellness Programs

By Distribution Channels Segment Analysis

• Online Channels
• Offline Channels

By Price Range Segment Analysis

• Low Cost
• Mid-Range
• High-End Segment

By Functionality Segment Analysis

• Basic Tracking
• Advanced Fitness Tracking
• Coaching & Training
• Health Monitoring

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America