In a recently published report, Smart Wearables for Sports and Fitness Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Wearables for Sports and Fitness Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Fitness & activity trackers are a form of electronic fitness system that records and tracks health-related indicators such as distance walking or cycling, heart rate, calorie intake, and sleep quality. Fitness & fitness trackers typically come in the form of wristbands; they may also function as clip-on apps, earbuds, or smart cotton clothes. Wearable devices offer many benefits to professional athletes, amateur athletes, fitness consumers and wellness programs. Some of these benefits include player safety assessment tools, workout injury prevention, and metrics of physical conditioning and performance. Further, wearable devices encourage regular exercise and promote fitness. Market data show smartphone users between the ages of 18 and 54-years account for almost 77% of wearable fitness device ownership. This demographic embrace wearable sports technology and make it an integral part of their daily routine.
Beyond sports and fitness benefits, there is potential to elevate the sports fan viewing experience. Using wireless sensors embedded in player equipment or uniforms, sports viewers will have real-time access to movement tracking data and performance statistics like acceleration and top speed. With analytics and enhanced graphics, this technology can dramatically change live television broadcast of major sporting events. According to Statista Customer Surveys, 30 per cent of U.S. customers purchased a workout band and 44 per cent of U.S. consumers used their sport and exercise equipment every day. Moreover, the surging concerns regarding various health issues such as obesity and other chronic diseases has led to the penetration of wearables devices such as activity trackers and body monitors in order to access real-time information about the overall health of the body. According to Statista, the shipment of wristband in 2017 was about 36 million units and is expected to increase up to 51.73 million units by 2022.
Various manufacturers of smart wearables for sports and fitness market are adopting the strategy of product launch to enhance the consumer base and to increase the geographical outreach. For instance, in April 2020, Xiaomi has announced to launch a new Redmi fitness tracker alongside 22 new products in China. Moreover, in August 2018, Fitbit has launched Charge 3 fitness tracker. The product launch was aimed to improve the patented ‘PurePulse’ heart rate tracking system which can also predict improvements in blood oxygen rates which help detect emerging health metrics, such as sleep apnea or feminine wellbeing.
The regional analysis of global Smart Wearables for Sports and Fitness market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is projected to dominate the global smart wearable industry because the country has seen rapid technological change. Growing the degree of Internet penetration, a high level of technological competence and a rising e-commerce market may be responsible for fueling smart sports wearables in the country.
Major market player included in this report are:
Huawei Technologies Co. Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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Rest of the World
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