Smart Fitness Global Market Report 2024

The smart fitness market size has grown exponentially in recent years. It will grow from $21.12 billion in 2023 to $26.71 billion in 2024 at a compound annual growth rate (CAGR) of 26.5%. The increase in the historical period can be attributed to factors such as rising technological advancements, increasing health awareness, the prevalence of lifestyle diseases, the growing shift towards personalized fitness, and the rising convenience and accessibility of smart fitness solutions.

The smart fitness market size is expected to see exponential growth in the next few years. It will grow to $67.53 billion in 2028 at a compound annual growth rate (CAGR) of 26.1%. The anticipated growth in the forecast period can be attributed to a shift towards preventive healthcare, the integration of health and fitness ecosystems, an emphasis on mental well-being, the incorporation of gamification elements, and increasing health awareness. Key trends expected in the forecast period include the rise of home fitness, increasing usage among individuals, growing institutional use, the emergence of virtual fitness communities, and the integration of IoT-enabled fitness devices.

The anticipated growth in the smart fitness market is fueled by the increasing demand for self-monitoring devices. These devices, designed for individuals to autonomously track and manage various aspects of their health and behavior, are experiencing rising popularity due to the growing emphasis on personal health and wellness. Individuals are seeking greater control and insights into their well-being, driving the demand for self-monitoring devices in the smart fitness sector. These devices are instrumental in tracking physical activity, monitoring performance metrics, setting goals, and providing personalized feedback to users, enhancing motivation and supporting informed decision-making about their health and fitness routines. For example, the Ministry of Justice reported a 20% increase in the total number of individuals utilizing electronic monitoring devices, including radio frequency and alcohol monitoring devices, reaching 19,878 in December 2023 from 16,602 in December 2022. Thus, the surging demand for self-monitoring devices is a key factor driving the growth of the smart fitness market.

Major companies in the smart fitness market are introducing intelligent solutions such as wearable smart bands. These bands, worn on the wrist and equipped with sensors, monitor physical activity, heart rate, sleep, and other health metrics. Xiaomi Inc., for instance, launched the Smart Band 8 in September 2023. This wearable fitness tracker not only monitors various health and fitness metrics such as heart rate, steps taken, calories burned, and sleep quality but also provides additional features such as notification alerts, music control, and weather updates. The Smart Band 8 distinguishes itself with real-time monitoring and conditioning statistics, delivering precise workout data for optimized fitness routines. It also introduces the innovative 'Pebble Mode' for runners, attachable to a shoe buckle, offering detailed running analytics and evaluating running posture for performance enhancement.

In January 2021, Google LLC made a strategic acquisition by acquiring Fitbit Inc., a US-based consumer electronics and smart fitness company, for an undisclosed amount. This move aligns with Google's goal to enhance accessibility to health and wellness by leveraging Fitbit's technology and product expertise alongside Google's AI, software, and hardware capabilities.

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.

North America was the largest region in the smart fitness market in 2023. 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. The countries covered in the smart fitness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Smart fitness refers to the integration of technology into traditional fitness practices, enhancing and optimizing the overall fitness experience through various technological devices, applications, and platforms designed to monitor, track, and improve physical activity, health, and wellness.

The primary types of smart fitness products include smartwatches, wristbands, smart clothing, smart shoes, bike computers, and others. Smartwatches are multifunctional wearable devices typically worn on the wrist, featuring a digital display for timekeeping, health tracking, notifications, and various smart functionalities, thereby enriching the overall fitness experience. These products are categorized into types such as head-wear, torso-wear, hand-wear, leg-wear, and bike mounts, serving various functionalities such as basic tracking, advanced fitness tracking, coaching and training, as well as health monitoring. The diverse end-users encompass individual consumers, fitness centers and gyms, as well as corporate wellness programs.

The smart fitness research report is one of a series of new reports that provides smart fitness market statistics, including the smart fitness industry's global market size, regional shares, competitors with a smart fitness market share, detailed smart fitness market segments, market trends and opportunities, and any further data you may need to thrive in the smart fitness industry. This smart fitness market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart fitness market consists of revenues earned by entities providing services such as coaching, virtual training sessions, subscription-based fitness apps, and online fitness communities. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart fitness market also includes sales of wearable fitness trackers, heart rate monitors, jump ropes, resistance bands, and home exercise equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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