Pune, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The global wearable fitness products market size is expected to register a steady revenue CAGR during the forecast period. Key factors such as rapid advancements in fitness monitoring devices, increasing prevalence of chronic diseases, and growing popularity of fitness trackers, smartwatches, and bands are expected to drive global market growth during the forecast period. Download Sample PDF Copy of Report (Including Full TOC, List of Tables & Figures, and Chart): https://www.xcellentinsights.com/enquiry/sample/258859
The prevalence of chronic diseases and lifestyle-associated diseases such as diabetes, cardiovascular diseases, and obesity has drastically increased due to changing lifestyle patterns, hectic routines, and unhealthy eating and drinking habits. However, individuals are becoming aware of importance of fitness and are focused on maintaining good health.by using wearable monitoring devices such as smartwatches, wristbands, smartshoes, smart shirts, and headbands to monitor personal health and exercise.
Wearable technology is any kind of smart electronic device designed to be worn on the user’s body and is often linked to apps on smartphones, laptops, and computers via internet or Bluetooth. These devices have built-in sensors, data storage, and low-power microprocessors, that can monitor and track various biometric data and alert users for any slight changes in their reading. Some of the key features of these wearable products include heart rate, blood pressure, sleeping track, calories burnt, location tracker, fitness routines, steps taken, exercises, and scores.
Factors such as increasing awareness about various health benefits offered by wearable fitness products, steadily rising purchasing power in many parts of the world, and increasing investments in developing and launching innovative technologies to help advance healthcare and fitness are expected to drive global market revenue growth going ahead.
However, factors such as high cost of certain wearable products, power consumption and limited battery life, and rising risks of data privacy are expected to hamper overall market growth during the forecast period.
List of Key Companies Operating in the Market:
- Apple
- Samsung Electronics
- Huawei
- Sony Corporation
- Xiaomi Technology
- LG Electronics
- Fitbit
- Garmin
- Jawbone
- Pebble Technology
- Qualcomm
Wearable Fitness Products Industry Recent Developments:
- In March 2019, Fitbit announced the launch of four wearable products, viz. Fitbit Versa Lite Edition, Fitbit Inspire HR, Fitbit Inspire and Fitbit Ace 2 designed to make fitness and health accessible to customers across the globe.
- In October 2022, a LA-based start-up, Hyfit announced the launch of new compact exercise tool that features proprietary resistance bands, connected to user’s wrists and ankles and has more than 250 exercise options.
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Market Segment by Type:
- Smartwatch
- Wristband
- Smartshoe
- Smart Shirt/Jacket
- Headband/Smartcap
- Others
Smartwatch Segment To Register Rapid Revenue CAGR:
The smartwatch segment is expected to register rapid revenue CAGR over the forecast period owing to increasing physical fitness activities among all age groups, growing preference for smartwatches to monitor and track fitness activities, and rising availability of various types of smartwatches with different functions.
Market Segment by Application:
- Children
- Adults
- Old People
Adults Segment to Account for Largest Revenue Share:
The adults segment is expected to account for largest revenue share during the forecast period. This can be attributed to increasing awareness about importance healthy lifestyle, rising disposable income, and high usage of different wearable products such as smartwatches, wristbands, smartshoes, smart shirt/jacket, and headbands.
Regional Analysis:
- North America (USA, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South Columbia)
- Middle East & Africa (Saudi Arabia, U.A.E, Egypt, Nigeria, South Africa, Rest of MEA)
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share during the forecast period owing to rapid adoption of advanced technologies, rising prevalence of chronic diseases, rising availability of various types of wearable fitness products, and increasing awareness about fitness and healthy lifestyle. In addition, presence of robust key players and increasing investments in developing advanced wearable fitness products are expected to drive North America market growth during the forecast period.
Key Questions Addressed in the Report:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global wearable fitness products market?
- What is the expected market size of the global wearable fitness products market between 2023 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
Key Reasons to Purchase the Report:
- Estimates 2023 to 2028 wearable fitness products market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the wearable fitness products market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global wearable fitness products market
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