The global smart fitness market comprises a wide range of fitness equipment and devices that help people track their workout routines, health goals, and overall wellness. Smart fitness products include smartwatches, heart rate monitors, smart gym equipment, fitness apps, and more. These interconnected devices enable users to monitor metrics such as calories burned, distance covered, heart rate, sleep patterns, and other biometric data. Their data is synced with companion apps allowing people to gain greater insights into their bodies and stay motivated in their fitness journey. The growing culture of health and wellness coupled with rising sedentary lifestyle among masses has fueled the demand for smart and connected fitness solutions in recent years.
The global Smart Fitness Market is estimated to be valued at US$ 18979.05 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trends driving the global smart fitness market include growing investments in R&D of enhanced fitness trackers, rising popularity of wearable technologies, and increasing automation in gyms and fitness centers. Major manufacturers are focusing on integrating advanced features such as heart rate monitoring, sleep tracking, activity analysis, and menstrual cycle monitoring into smart watches and bands. This is helping users gain deeper insights regarding their workouts and physical well-being. Furthermore, growing automation in gyms through smart cardio equipment, strength machines, and virtual training systems are attracting more users, especially millennials.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant capital is required to enter the market and develop innovative products to compete against established brands.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes. However, customers preferring smart fitness devices have fewer alternatives.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many component manufacturers and new suppliers can enter the market easily.
Threat of new substitutes: The threat of new substitutes is moderate as virtual fitness classes and traditional gym equipment are alternatives but don’t provide similar functionalities as smart fitness devices.
Competitive rivalry: The competitive rivalry is intense as key players compete on the basis of product features, pricing, and brand presence.
Key Takeaways
The Global Smart Fitness Market Size is expected to witness high growth. The global Smart Fitness Market is estimated to be valued at US$ 18979.05 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the market holding the largest share owing to high consumer adoption of smart fitness devices. Europe follows next due to increasing health consciousness. Asia Pacific is expected to grow at the fastest rate with China and India emerging as lucrative markets.
Key players
Key players operating in the Smart Fitness Market are Celsius, Garmin Ltd., Fitbit Inc., Apple Inc., Xiaomi, Polar Electro, and Samsung Electronics Co. Ltd. Key players focus on developing advanced products integrated with the latest technologies and competitive pricing to strengthen their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it