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Smart Fitness Market growing at a CAGR of 12% by the end of 2031 | Data analysis by FMI

The overall smart fitness market pay amounted to ~US$ 13 Bn in 2020, according to Future Market Insights (FMI). The general smart fitness market size should show up at ~US$ 50 Bn by 2031, creating at a CAGR of 12% for 2021 – 31.

According to the smart fitness industry assessment by Future Market Insights (FMI), the premium signed up for the market will increase at a sound CAGR of 12% from 2021-2031.

The report similarly gauges that the market will beat a valuation of ~US$ 15 Bn close to the completion of 2021. As per FMI, headways in wearable recognizing advancements and ship off of pocket-obliging wearable fitness trackers for prosperity checking and watching out for clinical issues will remain supervisor improvement drivers.

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In the past two or three years, the rising omnipresence of wearable fitness trackers has encouraged makers to focus in on cultivating the new plans and models in kind of gatherings and looks as well as seeming to be rings, pendants, and recognizable pieces of proof that can be actually passed or associated on to clothing.

Key Takeaways: Smart Fitness Market

  • By component, the smart accessories segment is anticipated to account for the leading share in the global demand for smart fitness. The segment is estimated to grow at a robust CAGR through 2031.
  • The adoption of smart accessories like smart watches is expected to rise at maximum pace. As per FMI, demand in this segment will increase by a 2X between 2021 and 2031.
  • North America is expected to lead the market followed by Europe in 2021.
  • South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031.
  • The market in U.K. is expected to progress at a CAGR of around 15% through 2031.
  • In the India, sales are expected to increase at a CAGR of nearly 18% over the next ten years.

Demand for Wearable Devices is Bolstering the Market Growth

The demand for wearable devices such as smart bands, smart watches, activity trackers integrated with AI capabilities is increasing as these devices help in detecting irregularities in health data and give early warnings for condition like heart disease or diabetes. AI-enabled wearable devices are gaining traction as they help in monitoring the health and give alerts about movements, incorrect posture, and other vital health factors.

Wearable device provides fitness, sleep, and recovery data to help an individual adopt a healthy lifestyle. Many smart watch vendors are adding blood oxygen sensors in their device as standard, ECG monitors, and other functionalities to provide warnings or early signs of potential ailment and make suggestions about improvement in health.

Demand for Wearable Devices is Bolstering the Market Growth

The demand for wearable devices such as smart bands, smart watches, activity trackers integrated with AI capabilities is increasing as these devices help in detecting irregularities in health data and give early warnings for condition like heart disease or diabetes. AI-enabled wearable devices are gaining traction as they help in monitoring the health and give alerts about movements, incorrect posture, and other vital health factors.

Wearable device provides fitness, sleep, and recovery data to help an individual adopt a healthy lifestyle. Many smart watch vendors are adding blood oxygen sensors in their device as standard, ECG monitors, and other functionalities to provide warnings or early signs of potential ailment and make suggestions about improvement in health.

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More Valuable Insights on Smart Fitness Market

FMI’s report on the smart fitness industry research is segmented into three major sections – component (smart accessories, strength training equipment, cardiovascular equipment, cross-training equipment), smart accessories (smart watches, smart bands, activity trackers, heart rate, monitor, pedometer, sleep quality monitor), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the smart fitness demand outlook.

Smart Fitness Outlook by Category

By Component:

  • Smart Accessories
  • Strength Training Equipment
  • Cardiovascular Equipment
  • Cross-training Equipment

By Smart Accessories:

  • Smart Watches
  • Smart Bands
  • Activity Trackers
  • Heart Monitor
  • Pedometer
  • Sleep Quality Monitor

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa