Smart Fitness Market By Component (Smart Accessories, Strength Training Equipment, Cardiovascular Equipment), Smart Accessories (Smart Watches, Smart Bands, Activity Trackers, Heart Monitor, Pedometer) & Region - Forecast to 2021 - 2031
Smart Fitness Market - Analysis, Outlook, Growth, Trends, Forecasts
- November 2021
- 325 pages
Smart Fitness Industry Snapshot
[325 Pages Report] The global smart fitness market revenue totaled ~US$ 13 Bn in 2020, according to Future Market Insights (FMI). The overall smart fitness market size is expected to reach ~US$ 50 Bn by 2031, growing at a CAGR of 12% for 2021 – 31.
The rising demand for features such as keeping track of heart rate, workout time, distance covered, calories burned offered by smart fitness watches and fitness tracker is likely to propel smart fitness product sales.
Due to COVID-19 outbreak, the adoption of smart wearables has increased. Thanks to improved consciousness regarding health and wellness, digital fitness is gaining traction around the world. The smart fitness devices sales are around 30% of digital fitness device sales globally.
Base Year (2020) Smart Fitness Market Value
US$ 13 Bn
Projected Year (2031) Smart Fitness Market Value
US$ 50 Bn
How Will Smart Fitness Market Outlook for 2021-2031 Compare to Historic Growth in 2016-2020?
Moving ahead of the conventional fitness gadgets and trackers, manufacturers and players in the smart fitness devices market are engaging in adding greater connectivity to the devices.
The launch of new products such as the Act HR Smart Band introduced by RiverSong, which not just provides fitness tracking but allows a huge stack of benefits including prompt message and call notifications to camera control with gestures, is indicative of manufacturers’ keenness to offer advanced and more interactive features.
Some of the leading smart fitness gadget brands are thinking beyond the basic capabilities of the smart fitness devices to gain competitive advantage over the other providers in the market.
The smart fitness market is estimated to rise at 12.0% CAGR between 2021 and 2031 in comparison with 9.8% CAGR registered during 2016-2020. The global smart fitness products sales is anticipated to increase from ~US$ 15 Bn in 2021 to ~US$ 50 Bn by 2031.
How is Digital Fitness Trend Affecting Demand for Smart Fitness Solutions?
The home fitness revolution is been going on for decades, but recent events have caused huge surge in home-fitness. People have started using various apps, devices and services to get their fitness fix. An increasing number of them are moving towards digital fitness as people are looking for fitness environment that can be easily managed and controlled.
Busy schedule and long working are key factors helping digital fitness is gaining traction. As modern society’s desire for flexibility and convenience in fitness increases, the sales of various digital fitness accessories will pick up pace.
More number of people are moving towards at-home fitness, which is fuelling the demand for wearable devices, inbuilt with advanced technologies to optimize individual performance and exercise. Consequently, the demand for smart fitness tracker and smart fitness band watch is rising.
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What Is the Impact of COVID-19 Crisis on Smart Fitness Devices?
The unprecedented outbreak of the novel coronavirus compelled countries to enter into lockdown, putting economic activities and daily life of millions on hold. During lockdown the media provided almost daily reminder for regular exercise as poor cardiovascular health is a risk factor for severe illness from the coronavirus. Governments across the globe encouraged to move in a bid to improve the public health.
In March 2020, gyms and fitness centers were closed across the globe. During this time, several shifted to novel fitness tracking apps and streaming services. Health and fitness apps gained traction during the first quarter 2020.
To minimize the risk of transmission and reduce the spread of COVID-19, people moved towards digital fitness programs. Technology has given many fitness brands the ability to stay connected with their members and help them reach their fitness goals through pandemic. Gyms are providing an immersive fitness experience to their customers.
Smart watches adoption increased during the pandemic as these watches help users in keeping track of their health. Other wearables like smart bands, activity trackers also gained traction during the pandemic. Increasing focus on staying fit and healthy during pandemic resulted in higher sales of smart fitness devices.
How big is the U.K. Fitness Market?
Europe is predicted to remain one of the most attractive markets during the forecast period. According to the study, U.K. is expected to account for nearly 21% of the Europe market share in 2021.
The pandemic in U.K. has caused people to rethink their normal workout routines and to focus on how they can exercise in limited space with limited equipment. To stay healthy and safe and to reduce the spread of virus, people are opting for digital fitness so that they can maintain social distancing, while maintaining a healthy lifestyle.
Demand for smart fitness in U.K. is increasing owing to investments by European companies in building systems and solutions in the area of fitness wearable for health and well-being. Hence, the demand for smart fitness would increase across the country, during the forecast period.
How Will the U.S. Smart Fitness Market Fare?
The smart fitness device sales in the U.S. is expected to rise at an impressive CAGR over the forecast period. The demand for smart fitness is increasing in U.S. owing to the large consumer base and presence of major players.
Smart fitness brands operating in the U.S. are focusing on innovating new products to strengthen their foothold. Increasing utilization of connected devices and health apps for management of chronic diseases and presence of major companies in U.S. is driving the market in the North America region.
How will the Sales Rise in India Smart Fitness Market?
The sales in India is estimated to increase at an impressive rate of around 16% CAGR between 2021 and 2031. During increasing awareness regarding chronic diseases and other diseases in India the demand for smart fitness increased. Adoption of smart wearable increased for monitoring the health condition. People have started exercising at home by watching videos and through online training to save expenses that they spend at the gym. During the pandemic video workouts became popular in India.
India had largest lockdown in the world and so the gyms and fitness center were closed for long period. So the fitness through online training or through video have surged during the pandemic in India.
Why is the Demand for Smart Accessories Increasing?
Based on component, the demand for smart accessories is expected to increase at a robust CAGR over the forecast period. The adoption of smart accessories like bands, watches, and activity trackers is increasing as there is more awareness regarding health and fitness among people.
What is Fuelling demand for Smart Watches?
The smart watches segment is expected to contribute highest revenue share in 2021, and is expected to showcase a strong CAGR over the forthcoming years owing to number of functions offered by smartwatches compared to wrist bands. Smart watches are integrated with artificial intelligence, IoT, sensors to provide users with more data about their health, thereby increasing the demand for smart watches.
With the advancement in technology, players in the smart fitness industry are focusing on bringing new products to the market. The growth of the smart fitness devices market is accelerated by the growing demand for smart fitness gadgets such as smart wrist band and fitness trackers.
The increasing significance gained by health and fitness lately, is providing opportunities for the manufacturers to capitalize on.
Companies are growing their business year-over-year owing to the growing rising demand for smart fitness devices. Besides this product launches remain a chief strategy to offer advanced features and gain competitive edge.
Scope of Report
Market value in 2021
~US$ 15 Bn
2021 to 2031 growth rate
Share of top 5 players
Historical Data Available for
USD Million for Value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, India, Malaysia, Indonesia, Singapore, Australia & New Zealand, GCC Countries, North Africa and South Africa
Key Segments Covered
Component, Smart Accessories and Region
Key Companies Profiled
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
Key Points Covered in Smart Fitness Industry Survey
Which region is expected to showcase high growth in Smart Fitness demand?
South Asia & Pacific is projected to register strong growth in the market, exhibiting a CAGR of nearly 17.5% during the forecast period.
Who are some of the leading companies offering Smart Fitness accessories?
Some of the leading companies are Fitbit, Samsung, Garmin International, Xiaomi, Pebble among others. As per Future Market Insight, nearly 40%-45% of the market share is currently covered by the top 15 players.
Which is the top-selling smart fitness accessory?
Smart watches segment is expected to dominate the market over the forecast period. Demand in this segment is estimated to grow by a CAGR of 13% during the forecast period.
How much is the global Smart Fitness demand worth?
The smart fitness industry was valued at around ~US$ 12 Bn in 2020 and is estimated to grow at a CAGR of 12.0% to reach ~US$ 50 Bn in 2031.
What is the demand outlook/ sales forecast for Smart Fitness market?
The sales of Smart Fitness are expected to total ~US$ 15 Bn by the end of 2021, and is likely to reach ~US$ 50 Bn by 2031.
At what rate did the demand for smart fitness grow in the last five years?
The market in last 5 years (2016 – 2020) grew by a CAGR of 9.8%.
What are the key trends shaping the Smart Fitness industry?
Key trends shaping growth in the market is the high sales of smart wearable and integration of artificial intelligence in smart fitness devices.
What is driving demand for Smart Fitness?
Adoption of smart watches is increasing for monitoring the health and due to awareness regarding importance of maintaining health and fitness amidst pandemic.
Which countries are key providers of Smart Fitness?
The U.S., China, Japan and India are key providers in smart fitness market.
At what rate will the demand for smart fitness grow in Japan and South Korea?
The Smart Fitness demand in Japan and South Korea is projected to grow by 13% and 15% CAGR, respectively between 2021 and 2031.
Smart Fitness Outlook by Category
- Smart Accessories
- Strength Training Equipment
- Cardiovascular Equipment
- Cross-training Equipment
By Smart Accessories:
- Smart Watches
- Smart Bands
- Activity Trackers
- Heart Monitor
- Sleep Quality Monitor
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa