NEWARK, Del, Sept. 07, 2023 (GLOBE NEWSWIRE) -- According to the market research industry, the wearable fitness technology market is expected to reach US$ 12.4 billion by 2023 and US$ 33 billion by 2033 at a CAGR of 10.2%. A wide variety of styles and preferences are available for wearable devices. Fitness tracking and wellness monitoring may be seamlessly integrated into everyday attire with the use of fashion-forward designs and interchangeable bands.
A hiker's physical activity and health are tracked using wearable devices like fitness trackers and heart rate monitors. Improved performance and injury prevention can be achieved with this information. Coaches and personalized feedback are notable advancements in wearable technology. With the inclusion of coaching functionality in many wearable devices, users are now able to optimize their workout routine better and prevent injury during workouts. As a result, the devices are equipped with coaching features that use data collected by the devices to tailor recommendations based on the performance and fitness goals of each individual.
Varieties of home fitness devices and apps have been developed that provide users with instant feedback during their workouts. With the advent of wearable technology, countless advancements have been made in patient well-being. The development of wearable devices that monitor vital signs, promote physical activity, and support overall wellness is revolutionizing the healthcare sector's approach to self-care and fitness.
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Fitness-related data tracking and analysis have been significantly enhanced by wearable technology. Fitbits and smartwatches can monitor fitness at a broad level, going beyond simply counting steps. Users can determine their overall health and make informed fitness decisions when using these devices, which use advanced sensors to gauge heart rate, the amount of sleep they get, the amount of calories they burn, and even their stress levels.
Key Takeaways
- Display component sales for wearable fitness technology are projected to grow by 10.1% CAGR by 2033.
- With the advancement of technology, China's wearable fitness technology demand is anticipated to grow at 11.3% CAGR by 2033.
- The wearable fitness technology market in the United States is expected to grow at a CAGR of 9.1% by 2033.
- The South Korean wearable fitness technology market is driving growth, forecast to reach 10.7% CAGR by 2033.
- According to industry forecasts, smartwatches will grow at a CAGR of 10% in the next few years.
“A growing fitness awareness and demand for health trackers contribute to the demand for wearable fitness technology. As the internet grows and innovative devices become available, wearable fitness technology demand is expected to rise in the coming years,” says an FMI analyst.
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Competitive Landscape
Fitness wearables have become extremely competitive globally over the past decade. Having a cost-effective and broad product line will help the company thrive in a highly competitive market.
Market Developments Include:
- In June 2023, BODY BIKE International established a new company, BODY BIKE Asia Pacific – dedicated to supporting the growing indoor cycling market in Asia. In addition to embracing the company's sustainable agenda, they also share the same values. BODY BIKE Smart+ OceanIX and Forest Green have already been launched as sustainable models, and APAC customers are showing a lot of interest in them. Further strengthening the desire to be a part of a market like this, the company intends to expand and support it.
- In July 2023, Bandai Namco Toys & Collectibles America will release a game-enabling wearable wristband that can be used on NFC-enabled smartphones or game consoles to initiate battles with other gamers. Through real-world fitness activities such as walking, sprinting, and jumping, users can add strength and skills to the digital version of DC Comics superhero Batman in the second version of Bandai's Vital Hero wristband.
Drivers and Opportunities:
The market's upward trajectory is driven by the diverse range of wearable fitness devices available to consumers. These encompass fitness trackers, smartwatches, heart rate monitors, GPS tracking devices, and even smart clothing. These devices meticulously track steps taken, distances covered, heartbeats, sleep patterns, and calorie expenditures. As a result, users gain real-time insights into their overall health and wellness, empowering them to make informed lifestyle choices. The market is poised for substantial growth, projected at a robust CAGR of 10.2% from 2023 to 2033.
Restraints:
While the outlook is positive, challenges do exist. Data privacy and security concerns continue to be prominent issues, with users demanding more robust safeguards for their personal health information. Additionally, the cost of advanced wearable fitness technology can be prohibitive for certain segments of the population, potentially limiting market penetration.
Wearable Fitness Technology Market by Category
By Component:
- Displays
- Processors
- Memory Chips
- Power Management Components
- Networking Components
- User Interface Components
- Sensors
- Mechanical Components
- Others
By Product:
- Smartwatch
- Wristband
- Smartshoe
- Smartshirt/Jacket
- Headband/Smartcap
- Others
By Product Category:
- Handwear
- Torsowear
- Legwear
- Headwear
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
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Author
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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