Intelligent Fitness Market Outlook Strategies, Sales Revenues
Smart fitness equipment is employed for physical exercise that aid in reducing weight overall increasing physical stamina and building muscle endurance. These devices can be used to monitor information like sleep, step count and energy levels, heart rate as well as other physical parameters that aid in increasing the overall fitness of our body. Rising awareness among the population regarding fitness and health is among the main drivers for the expansion of the global market for smart fitness. The factor that is responsible for the growth in the industry is the rising incidence of health concerns like overweight, diabetes, and heart attacks, which boosts the demand of fitness gear.
For example 2013 was the year that according to Institute for Health Metrics and Evaluation analysis, more than 70% of population was overweight or overweight. Moreover, according to diabetics.org database, the number of people in U.S. who were suffering from diabetes is 7.2 million during 2014 as well in the year 2015 1.5 million people were diagnosed with diabetes,. This was 6.7 percent for every 1,000 people.
Therefore, an increase in awareness among the population will result in a greater demand for fitness equipment that will enable them to monitor the health-related information like heart rate, calories burned, and time spent exercising. This is likely to assist in enhance the overall fitness of their bodies and will aid in expansion of the global market for smart fitness.
In addition, the growing number of government-sponsored programs pertaining to health awareness is another factor driving the growth of this market. For instance in May 2004, at the 57th World Health Assembly (WHA) adopted the world health organization’s (WHO), Global Strategy on Diet and physical Activity as well as the Health. The aim of this strategy is to improve and safeguard health through guiding every individual, group or national scale to assist in reducing the number of deaths and diseases rate due to unhealthy diet and inactivity.
The price of high-end fitness equipment is a major reason which hinders the growth in this market. This pushed new gyms and fitness centers and users in-house to purchase new devices. Therefore, the cost of these machines is one of the main factors that hinder the purchase of new equipment for commercial use. This is expected to impact the sales of intelligent fitness equipment.
Global Smart Fitness Market: Segment Trends
Based on the type of product the smart watch segment held the biggest part of 2017’s market and is predicted to maintain its position throughout the anticipated time. This is due to an increased demand for health monitoring devices that are wireless. For example, as per coherent Market Insights’ analysis, the overall smart watches sold for 2016 was US36 million, and it grew to US$ 76 million by the year 2017 across the world.
These watches can perform various functions, including real-time monitoring of heart rate fitness monitoring, recording footsteps, tracking the number of calories burned, total sleeping statistics and tracking exercise, and tracking the users’ daily activities to provide useful information about their health. It also assists doctors to determine the health status of their patients via remote. It is anticipated to help in the growth of this segment in the coming years.
Global Smart Fitness Market Regional Information
North America held a dominant place in the global market for smart fitness in 2017 and is predicted to continue its lead through the forecast time (2018-2026). This increase is due to an increasing prevalence of health issues associated with obesity, such as heart disease and type 2 diabetes and more, which directly affects youth, adults and children. For example, as per the National Center for Health’s study 2017 data across the U.S. 40 percent from adults, and 19.9% of children were affected by overweight. This is why the increasing awareness among people of health issues has led to a growing demands for fitness equipment in order to control their fitness. Therefore, all of these factors are increasing the growth of the market for smart fitness this particular area.
Global Smart Fitness Market The A Competitive Landscape
The major players in the world’s smart fitness market include Apple Inc., Fitbit Inc., Garmin Ltd., Jawbone, LG Electronics, MAD Apparel, Inc., Samsung Electronics Co., Ltd., Sony Mobile Communications Inc., Polar Electro, and OMsignal. Major players in the marketplace such including Apple Inc., Fitbit Inc., Samsung, and many others are using a mergers and acquisitions strategy in order to improve their presence on markets. For instance in February of the year 2018, Fitbit, Inc. bought Twine Health. The purpose of the acquisition was to broaden their options in the field of healthcare which enabled the company get a competitive edge on the marketplace.