May 23, 2024

Global Smart Fitness Market Growth Is Driven By Growing Popularity Of Connected Devices

Some of the key features and advantages of smart fitness equipment include real-time heart rate and calorie tracking, activity tracking, sleep monitoring, integration with fitness apps, and other health metrics. With rising health awareness and busy lifestyles, there is increasing demand for smart devices that facilitate remote health monitoring. The need to make fitness activities more engaging through connected experiences has also boosted market revenues.

The Global Smart Fitness Market is estimated to be valued at US$ 21863.87 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period from 2024 to 2030.

Key Takeaways

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. Some of these leading players are focusing on new product launches and partnerships to expand their global footprint.

The demand for smart fitness devices has increased tremendously over the past few years owing to rising health awareness and increasing per capita incomes worldwide. With growing health consciousness, many consumers are opting for high-tech fitness devices that facilitate remote monitoring. Smart features such as activity tracking, heart rate monitoring and more are fueling sales.

The smart fitness equipment market is expanding aggressively across regions. Key players are investing heavily in brand building and marketing activities to strengthen their position in emerging nations. Countries in Asia Pacific and Latin America are expected to showcase high growth potential during the forecast period due to growing consumer electronics industries and improving rural connectivity in these regions.

Market drivers

One of the key drivers propelling the global smart fitness market growth is the increasing popularity of connected devices. Continuous technology advancements have enabled high levels of data integration between fitness devices and smartphones/apps. Advanced sensors, improved battery lives, and simplified connectivity options are enhancing user experience with connected gym equipment and wearables. This has made tracking fitness metrics more convenient compared to traditional methods, driving their demand steadily. The industry is expected to grow at a significant pace in the coming years, supported by increasing research into related fields of remote health monitoring, AI-based solutions, and biometric sensors.

Impact of Geopolitical Situation on Global Smart Fitness Market Growth

The current geopolitical instability across some regions is impacting the Global Smart Fitness Market Size. Rising political tensions and economic uncertainties in parts of Asia Pacific and Europe has weakened consumer confidence and spending power in the short term. This has temporarily slowed down market expansion into these territories. However, countries with relatively stable political conditions such as the United States, Canada and Japan continue to provide solid growth opportunities. Meanwhile, the shifting global supply chain dynamics caused by geo-political issues are also disrupting equipment manufacturing and distribution networks to some extent. Overall, a prolonged period of global instability could dampen the market outlook. However, the long term demand for smart fitness solutions driven by growing health awareness and increasing Internet penetration is expected to remain strong. For sustained growth, market players must explore effective strategies to mitigate supply chain risks and plan for resilient distribution systems less dependent on politically volatile regions. Expanding manufacturing capacity and supplier bases across multiple stable global locations would make operations more adaptive to changing geopolitics.

The global smart fitness market remains highly concentrated in a few developed economies in terms of value. North America currently accounts for over 40% of the global market revenue led by the U.S., owing to fast adoption of new technologies and high disposable income levels. Western European countries such as Germany, UK and France form another major regional cluster accounting for around 30% of the total market value. However, Asia Pacific is poised to be the fastest growing regional market for smart fitness during the forecast period on account of rising health consciousness among urban populations and increasing discretionary spending power particularly in China, Japan and India. Emerging Latin American nations and Middle Eastern countries are also expected to fuel above average market expansion through new product introductions and growing penetration of connected devices.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it