The global smart fitness wear market’s valuation is expected to cross billions in the next couple of years as it rises exponentially. The rising millennial population that is a sucker for modern sophisticated technologies in their day-to-day lives is at the forefront of driving demand. Smart fitness products that can track heart rate, workout time, distance covered, and calories burned are just the products the fitness obsessed, health conscious generation dig for. However, this does not mean, the other demographic segments are a not-so-crucial customer base in the global smart fitness wear market. The middle-aged and the elderly are also seen adopting such products to keep a tab on their health.
Launch of Newer Smartwatches and Smartbands Filliping Sales
The global smart fitness wear market is currently inundated with products that include smartwatches, smart clothing, smart wristband, smart shoes, and others. Among these, the smart watches and smart bands have become considerably popular. This is because of the range of the products being launched by both established and startup companies. With big and deep-pocketed players such as Asus, Samsung, Apple, Huawei, and others betting big on smart watches, those have become rapidly become mainstream. The smart bands market, on the other hand, is being boosted by both startups and established players.
Addition of Better Features and Functionalities to Products Catalyzes Growth in Smart Fitness Wear Market
Manufacturers in the smart fitness wear market are increasingly adding more features and functionalities to their products to make them more cutting edge. They are focusing on sleeker designs, built-in GPS trackers, and more accurate readings, among other things. Take for example Samsung’s Gear Fit 2 Pro. It comes with a GPS built-in so that one can afford to leave one’s phone at home. It is also equipped with a super-sophisticated heart rate sensor that is capable of providing accurate readings from a wrist based tracker. Additionally, it can track your swimming too. Players are also trying to outfit their products with an improved battery having longer life. They are pulling out all stops to integrate their products with newer technologies such as deep learning and artificial intelligence and internet of things (IoT).
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Presence of Key Manufacturers Makes North America Leading Smart Fitness Wear Market
From a geographical standpoint, currently North America is a leading region in the smart fitness wear market because of the large customer base with substantial spending capacity. Presence of key manufacturers has also boosted the market in the region. The region generates most of the revenue in the market. Europe is another key market owing to the large spends on research and development of smart textiles and fitness wearbles. Meanwhile, Asia Pacific is expected to emerge as a high growth smart fitness wear market because of the several manufacturers setting up units in the region owing to abundant availability of highly skilled professionals. The large populations of China and India along with their increasing spending capacities have also helped the market in the region.