April 14, 2024

Global Smart Fitness Market Set to Grow Rapidly with Key Focus on Connected Equipment

They utilize technologies like heart rate monitors, GPS trackers and other sensors to analyze the health and fitness activities of users. These devices are fitted with interactive capabilities that allow users to access live workout classes, match their performance with friends as well as receive tailored feedback on form and progress. The rising trend of digital connectivity and increased health awareness among people have boosted the demand for smart fitness products in recent years. Additionally, the availability of low-cost smart fitness equipment and growing internet penetration are also catalyzing market growth.

The Global Smart Fitness Market is estimated to be valued at US$ 21,863.87 Million in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the Global Smart Fitness Market are Polar, Fitbit, Inc, Nike, Inc., Garmin Ltd., Apple Inc., Samsung Electronics Co., Ltd.

The increasing health consciousness among people coupled with rising disposable income in developing countries has augmented the sales of smart fitness equipment globally. Advanced technologies are empowering exercise machines and gear with interactive digital features to make workouts more efficient and enjoyable for users.

Technological developments are also enabling smart fitness devices to monitor more health vitals, offer customized training programs, and integrate with other digital platforms and apps for a seamless user experience. This has augmented their demand across hospitals, gyms and households.

Market Trends

Increased Adoption of AI and Cloud Computing – Artificial intelligence and cloud computing are being integrated into smart fitness devices to provide more personalized coaching, intuitive tracking, and cloud-based storage of health data. This isemerging as a key trend.

Popularity of wearables – The growing popularity of affordable smartwatches and fitness bands equipped with advanced sensors is fueling the demand. Versatility and easy portability offered by wearables is propelling their adoption.

Market Opportunities

Integration with VR and AR – Augmented and virtual reality technologies can enhance at-home workouts and motivate users with lifelike coaching and gamification features. This presents lucrative opportunities.

Enhanced Focus on Digital Therapeutics – Growing application of smart fitness devices for managing chronic conditions through digital therapies will open new growth prospects over the forecast period.

Impact of COVID-19 on Global Smart Fitness Market Growth

The COVID-19 pandemic has negatively impacted the growth of the Global Smart Fitness Market Size. During the peak months of the pandemic in 2020 and early 2021, gyms and fitness centers were closed in many countries due to lockdowns. This led to a slowdown in sales of smart fitness equipment such as treadmills, elliptical machines, stationary bikes, and strength training equipment embedded with technologies. However, as people were confined to their homes, the demand increased for at-home smart fitness solutions to help people stay fit while following social distancing norms. Many shifted to using digital fitness apps and online workout videos featuring yoga, cardio, strength training and more.

With restrictions now easing in 2022, the market is regaining momentum. While some consumers continue choosing digital and outdoor workout options, many are returning to gyms and fitness centers with added focus on health and wellness. Going forward, manufacturers are expected to focus on developing innovative connected devices and solutions offering virtual training, real-time feedback as well as integration with health tracking apps and devices. The market is also witnessing increasing popularity of smart watches, sensors and wearables that monitor metrics like heart rate, calories burned and provide exercise routines. Hybrid business models combining digital and in-person services will play a key role.

In terms of geographical regions, North America currently accounts for the largest share of the global smart fitness market value-wise, led by countries such as the United States and Canada. This is owing to rising health awareness, growing consumer spending on fitness gadgets and technologies, early technology adoption as well as presence of key players. Asia Pacific region is projected to be the fastest growing market during the forecast period, driven by increasing focus on fitness among younger populations in countries such as China, India and South Korea along with growing middle class incomes. Rising lifestyle diseases and desire for frequent progress tracking and motivation are also contributing factors.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it