The smart sports fitness trackers market is expected to be worth $2,747.4 million in 2022 and rise at a CAGR of 4.6% to $4,290.6 million by the end of 2032.Until 2021, activity trackers contributed less than 1% of overall exercise equipment consumption, but current purchasing trends imply growing consumer spending and estimate that their proportion might reach 3% by 2032.
While wirelessly connected to computers or mobile devices, smart sports fitness trackers detect and monitor health habits such as heart rate, sleep time and quality, breathing, and calories spent or absorbed. While running or walking, it records the user’s steps and distance traveled.
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Competitive Landscape:
Manufacturers of smart sports fitness trackers are focusing their efforts on the manufacturing of technologically superior devices at competitive pricing by investing in the development of new fitness-tracking software and algorithms. Furthermore, manufacturers employ new sales and marketing tactics to persuade their target consumers to buy their products. For example, large businesses collaborate with notable global athletes or healthcare awareness programs to establish their market presence and support for their goods.
In September 2019, Apple released the Series 5 of its smart watch, which includes cutting-edge capabilities like GPS and built-in heart rate monitoring.
In July 2021, Gramin unveiled two new smartwatches for fitness monitoring that are equipped with an advanced AMOLED touchscreen and more than 25 sports apps for the Indian market.
Key Players:
- Apple Inc
- Huawei Technologies
- Google LLC
- Xiaomi Corporation
- Samsung Electronic
- Nike Inc
- Bonlala
- MOKO Smart
- Starmax
- Garmin
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Regional Analysis:
Progress in human physical health research and development is one of the market-driving elements for Europe’s expansion. The market for fitness trackers in Europe will also expand thanks to rising government support for investments in electrical and electronic commerce.
Smart Sports Fitness Tracker Is Anticipated To Reach US$ 4,290.6 Million By 2032Due to the aforementioned factors, Europe currently dominates the entire target market in terms of revenue and value share, and it is predicted that by reaching a market value of US$ 1,135.5 Million in 2032, it will gain more prospects.East Asia, a region with a developing economy, is expected to experience slow market expansion from 2022 to 2032, accounting for a compound annual growth rate of 4.2%.
Investments in high-tech developments in nations like China, Japan, and India have been predicted to provide industry participants with growth potential. In addition, the rising population combined with the use of fitness tracking devices, the massive influx of top market players, the rise in fitness enthusiasts, the proliferation and funding of sporting events, and the rise in health consciousness are all contributing to the market growth in East Asia.
Key Segments of Industry:
- by Product Type:
- Activity Tracking
- Sleep Monitoring
- Heart Rate Monitoring
- Augmenting Nutrition Plan
- Coaching
- Others
- by Distribution Channel:
- Hypermarket/Supermarket
- Departmental Stores
- Online Retail
- Sport Stores
- Others
- by Price-based:
- Economy
- Mid
- Premium
- Super-premium
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