Smart
fitness equipment are used for physical exercises that help in managing overall
weight, improve physical stamina, and develop muscular strength. These devices
are wont to track information including sleep, steps, calories, pulse , and
other physical status, which further help in improving the general fitness of
the physical body .
Rising
awareness among people associated with health and fitness is one among the main
driving factors for growth of the worldwide smart fitness market. The factor
attributed to growth of the market is rising health issues like obesity,
diabetics, attack , which further increases demand for fitness equipment.
For
instance, in 2013, consistent with the Institute for Health Metrics and Evaluation
analysis, nearly 30% of the planet population was affected by obesity or
overweight, globally. Moreover, consistent with the diabetics.org, the entire
number of individuals within the U.S. affected by diabetics was 7.2 million in
2014, and in 2015, 1.5 million new cases were reported which was 6.7% per 1,000
persons. Therefore, increasing awareness among people will proportionally
demand for such fitness equipment, which can help them to trace health related
information like pulse , amount of calories burned and workout time. this is
often expected to further help to enhance their overall fitness of the body,
successively aiding in growth of the worldwide smart fitness market.
Furthermore,
growing government initiative programs associated with health awareness is
another factor propelling growth of the market. as an example , in May 2004,
within the 57th World Health Assembly (WHA) endorsed the planet Health
Organization's (WHO), Global Strategy on Diet, Physical Activity, and Health.
The aim of this strategy is to market and protect health by guiding at each
individual, community, national, and global level such it helps in reducing
disease and death rates associated with unhealthy diet and physical inactivity.
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High
price of smart fitness equipment is major factor that limits growth of the
market. This pushed start-up gyms & fitness centres and in-house users to
shop for second-hand equipment. Therefore, high prices of those equipment may
be a major factor hampering purchase of latest equipment for commercial
purposes. this is often expected to negatively affect sales of latest smart
fitness equipment.
Global
Smart Fitness Market: Segment Trends
On
the idea of product type, the smart watch segment accounted for the most
important market share in 2017 and is predicted to retain its position during
the forecasted period. this is often due to high demand for wireless health
monitoring devices. as an example , consistent with the Coherent Market
Insights' analysis, the entire unit of smart watches sales in 2016 was US$ 36
million and it increased to US$ 76 million in 2017, globally. These smart
watches perform multiple functions like real-time pulse monitoring, fitness
monitoring, tracking footsteps, tracking number of calories burnt, overall
sleep statistics, tracking exercise training, and tracking of user's daily
routine to supply valuable insights on their health. This further helps doctor
to diagnose their patient's health remotely. this is often expected to assist
in growth of the segment over the forecast period.
Global
Smart Fitness Market: Regional Insights
North
America held a dominant position within the global smart fitness market in
2017, and is predicted to retain its dominance throughout the forecast period
(2018-2026). This growth is attributed to increasing number ofhealth issue
associated with obesity like heart condition , type 2 diabetes, et al. , which
directly affects adults, youth, and youngsters . as an example , consistent
with the National Centre for Health's analysis, in 2017, in the U.S. 40% of
adults and 19% of youths were affected by obesity. Therefore, growing concern
among people about health related issues is resulting in increasing demand for
fitness equipment, so as to manage their fitness. Hence, of these factors will
help in propelling growth of the smart fitness market during this particular
region.
Global
Smart Fitness Market: Competitive Landscape
Major
players operating within the global smart fitness market are 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 within the market like Apple Inc., Fitbit Inc.,
Samsung, et al. are that specialize in adopting mergers and acquisitions
strategy, so as to strengthen their foothold within the market. as an example ,
in February 2018, Fitbit, Inc. acquired the Twine Health. The aim of the
acquisition is to extend their offerings within the healthcare sector, which
further helped the corporate to realize a competitive edge up the market.
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