The global smart fitness market has witnessed significant growth in recent years owing to increasing focus on health and wellness among individuals. Smart fitness equipment incorporates advanced technologies that provide accurate metrics to users and enable high level of customization in workout routines. Growing popularity of wearable devices that track physical activity, heart rate, calories burned etc. has augmented demand for smart fitness products. Devices such as smartwatches, fitness trackers, heart rate monitors allow users to remain connected to their fitness regimes and also facilitate virtual coaching and assistance. Growing health consciousness coupled with rising disposable income has encouraged uptake of premium smart fitness solutions among consumers.
The global Smart Fitness Market is estimated to be valued at US$ 18,979.05 million in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends gaining momentum in the global smart fitness market is growing preference for connected workout experiences. Many players are focusing on integrating their equipment with augmented reality and virtual reality to offer immersive experiences to users. This allows people to follow along dynamic workouts from the comfort of their home gyms. Furthermore, technology leaders are collaborating with popular fitness studios and coaches to deliver live and on-demand virtual classes. Such experiences aim to facilitate social interaction and motivation even during isolated home workouts. Advancements in AI and analytics are also enabling collection of vast workout data that can provide personalized insights and guidance to users. This emerging area of predictive fitness promises to further optimize user experience and outcomes in the smart fitness industry over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the global smart fitness market is moderate due to the high capital requirement for R&D and manufacturing of smart fitness devices.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of various fitness brands offering different products and features.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components used in smart fitness devices such as sensors and processors are available from multiple suppliers globally.
Threat of new substitutes: The threat of new substitutes is moderate as smartwatches and other wearable devices can replace certain smart fitness devices.
Competitive rivalry: The competitive rivalry in the global smart fitness market is high due to the presence of established players offering a variety of technologically advanced products.
Key Takeaways
The Global Smart Fitness Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The global Smart Fitness Market is estimated to be valued at US$ 18,979.05 million in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
The North America region dominates the global smart fitness market and is expected to continue its dominance during the forecast period. This is attributed to growing health concerns among the population and increasing adoption of smart devices in the region.
Key players
Key players operating in the Smart Fitness market are Bank of China, China Development Bank, European Investment Bank, Natixis, Societe Generale, Iberdrola, Banco Santander, Abu Dhabi Islamic Bank, KfW, BNP Paribas, UniCredit, Credit Agricole and DBS Bank. Standard Chartered and NatWest Group are also among the prominent players in the market. Key players are focusing on developing advanced products with new features to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
