New York, May 10, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Running Gear Market” information by Sensors, by Product, by Market Type and Region – Forecast to 2030” market size to reach USD 62.03 billion, growing at a compound annual growth rate of 15.4% by 2030.
Market Scope:
Market expansion would be affected by factors such as customization & personalization of running footwear and apparels. Customers can acquire custom-made running sneakers by selecting their own designs, colors, and styles. Nike, for example, sells the Nike Air Zoom Pegasus 34 GPX Id Running Shoe, which can be readily customized and personalized. Additionally, customers can personalize goods by adding their own text and pictures to the shoes. This trend may contribute to the market's significant expansion during the forecast period. Vendors are stressing such tactics in order to expand their customer base.
Dominant Key Players in Running Gear Market Covered are:
- Apple Inc. (U.S.)
- Suunto (Finland)
- Samsung Electronics Co Ltd. (South Korea)
- Altra Running (U.S.)
- Seiko Epson Corporation (Japan)
- Adidas (Germany)
- Xiaomi Inc. (China)
- Garmin International (U.S.)
- Stryd (U.S.)
- Lumo Bodytech (U.S.)
- Sensoria Inc. (U.S.)
- Fitbit (U.S.)
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Market USP Exclusively Encompassed:
Market Drivers
People have become more health concerned as a result of the growing number of health concerns and issues. To combat this, consumers are actively adopting a variety of exercise practices and measures. As a result, demand for fitness devices such as fitness bands, & fitness software that keeps track of one's health, and running gear has increased. The increased health awareness of consumers around the world is expected to drive the Running Gears Market in a positive way.
Advances in Technology to Fuel Running Gear Market Growth
Technology improvements have had a favourable impact on the growth of the smart wearable industry in recent years. The IoT is rapidly being used to connect the easily identifiable embedded computing devices that make up today's internet infrastructure. The implementation of IoT in wearable devices has broadened the market's reach by allowing functions such as body tracking and monitoring. In addition, the growing popularity of electronic gadgets is propelling the worldwide running gears market forward.
Availability of Counterfeits to act as Market Restraint
The increased availability of low-quality items and counterfeits may act as market restraints over the forecast period.
Browse In-depth Market Research Report (94 Pages) on Running Gear Market:
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Segmentation of Market Covered in the Research:
The running gear market has been bifurcated based on market type, product, and sensors.
By sensors, the 3-axis accelerometer sensor will lead the running gear market over the forecast period.
By product, software will dominate the running gear market over the forecast period.
By market type, online retail will spearhead the running gear market over the forecast period.
Regional Analysis
North America to Command Running Gear Market
North America held a large part of the market and is expected to continue to do so over the forecast period. This is because this is widely utilized by athletes. A blend of casual and sporty styles for the production of running apparel is one of the most recent trends in the region, and it is positioned to give the market a considerable boost. During the projected period, increased awareness about adopting healthy lifestyles is expected to add to the demand for various running apparel in the country, encouraging customers to buy and participate in fitness/strength activities. According to the IHRSA, the number of fitness center/health club memberships in the United States reached 60.87 million in 2017, up from roughly 50.2 million in 2012. The market's major participants are investing in e-commerce in order to make online purchases more convenient for buyers by providing a user-friendly interface and enhanced websites. Sensors are embedded into the running shoes, allowing them to track speed, calories burned, distance travelled, and other metrics.
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Companies like Apple Inc. (U.S.), Sensoria Inc. (U.S.), and Fitbit (U.S.), have developed these gadgets to provide better consumer experiences. Companies are investing in this industry, which is expected to grow dramatically over the next few years. Because North America alone possesses the potential to be the largest regional market, the Americas is the top regional market. Due to the healthy lifestyle, popularity of many types of running events, and other benefits of exercise in these regions, the market is rising in this region. The USA and Canada are the biggest contributors to market revenue in North America. Many of the major market players are based in North America, particularly in the United States. South America is a lesser market than North America since people's purchasing power is lower. Argentina & Brazil, on the other hand, are two strong economies in the region that are poised to become major markets in the near future.
APAC to Have Admirable Growth in Running Gear Market
The APAC region will have admirable growth in the running gear market over the forecast period. India, Japan, and China, and other countries in Asia Pacific are growing markets for running gear, with India, China, Japan, and other countries in the region expected to see the highest growth in the forecast period for the growing awareness of the benefits of living a healthy lifestyle & the high popularity of different running events. Increased awareness of the benefits of leading a healthy lifestyle and the enormous popularity of various running events, India, Japan, China, and other Asia Pacific countries are growing markets for running gear and are expected to grow at the quickest rate throughout the forecast period. The market in the Asia Pacific region is predicted to rise during the forecast period as a result of population growth, urbanization, and increased awareness of healthy lifestyles among people. As a result, China, India, and Japan are the most important country-specific marketplaces in this area.
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COVID-19 Impact on the Global Running Gear Market
Consumers all over the world are adjusting to the new normal, and there is a significant gap in consumer behavior. COVID-19 has influenced consumer purchasing patterns, behavior, and attitudes. People are shopping more mindfully, with a focus on fundamental requirements and purchases made locally. To control isolation and adhere to social distancing policies, consumers are turning to digital commerce to play, learn, and connect. The covid-19 has continuously influenced the shopping habits of 9 out of 10 people.
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