Smart fitness products primarily consist of smartwatches, scales, fitness trackers, and connected gym equipment. Smartwatches allow users to track their fitness activities such as steps, calories burned, heart rate, and more. Fitness scales help monitor body weight changes while tracking body composition metrics. Fitness trackers are lightweight wearable devices that track various fitness metrics such as steps taken, calories burned, distance walked or run, and active minutes. They help users lead healthier lifestyles by facilitating exercise and monitoring progress. Connected gym equipment, such as treadmills, elliptical trainers, and stationary bikes connect with mobile devices through applications, allowing users to view exercise data and sync it with other devices and apps. The smart fitness market greatly benefits from the growing popularity of wearable devices and increasing adoption of IoT in healthcare and consumer electronics.
The global Smart Fitness Market is estimated to be valued at US$ 18979.05 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing adoption of remote fitness tracking and monitoring applications offers significant growth opportunities. Smart fitness devices are integrated with various fitness apps and platforms that allow users to access their exercise data from anywhere. The remote access and monitoring features enable individuals and coaches to conveniently track progress and schedule routines. With growing health awareness, the demand for remote fitness apps and services is increasing rapidly. The opportunity for developing advanced fitness applications integrated with AI and cloud technology has immense potential. Such innovative solutions will help drive further growth in the smart fitness market over the coming years.
Porter's Analysis
Threat of new entrants: The global smart fitness market has moderate threat of new entrants as it requires huge capital investment for R&D and huge infrastructure investment for production and distribution. However, the market growth provides opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as the market has large number of buyers and smart fitness products have presence of substitutes. Buyers can easily switch to substitute products based on pricing and other factors.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have differentiation in technologies and key components. Switching costs are low for suppliers.
Threat of new substitutes: Threat of new substitutes is moderate to high. Substitutes include traditional gym equipment and fitness apps. New technologies can disrupt existing products.
Competitive rivalry: The market has presence of few major global players resulting in high competitive rivalry.
SWOT Analysis
Strength: Wide range of innovative smart fitness products, growing health awareness, technological advancements in devices and apps.
Weakness: High prices of products, limited battery life, data security and privacy concerns.
Opportunity: Untapped regional markets, customized offerings, expansion of product portfolio.
Threats: Economic slowdowns, changing consumer preferences, stringent regulations.
Key Takeaways
Global Smart Fitness Market Size is expected to witness high growth driven by increasing health awareness, growing disposable income and technological advancements. The global Smart Fitness Market is estimated to be valued at US$ 18979.05 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
The Asia Pacific region is projected to grow at fastest CAGR during the forecast period supported by increasing spending on healthcare and fitness in countries like China and India.
Key players operating in the global smart fitness market are Celsius Design Limited, Delta Cooling Towers Inc., CFW Evapcool, Condair Group AG, ENEXIO Water Technologies GmbH, SPX Cooling Technologies, Bonaire, Baltimore Aircoil Company Inc., Phoenix Manufacturing Inc., Munters Group AB, and Colt Group Ltd. Innovation and customization of products coupled with expansion in emerging countries will be key focus areas for major players.
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The new Smart Home Fitness Equipment Market report offers a comprehensive study of the current scenario of the market including major market dynamics.
Also, it highlights the in-depth marketing research with the newest trends, drivers, and segments with reference to regional and country.
Further, this report profiles top key players and analyze their market share, strategic development, and other development across the world.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Smart Home Fitness Equipment Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/smart-home-fitness-equipment-market/download-sampleMarket DynamicsThe market is expanding due to the increased usage of smart home gym equipment, primarily due to the recent pandemic of COVID-19 in December 2019.
Furthermore, the advanced features of smart gym equipment, and online individualized training sessions that simplify the exercising routine at home, contribute to the high adoption rate of smart home gym equipment.
In addition, growth in the urban population, rising disposable income, growing health consciousness, a developing bodybuilding trend, and an expansion of government attempts to encourage a healthy lifestyle have spurred the adoption of smart home fitness equipment.
