The Smart
Fitness Wear Market is expected to grow at a CAGR of 30% over the
forecast period from 2016 to 2024. Smart fitness wear are gaining popularity at
a rapid pace. The major drivers identified for this growth are increasing
demand for smart watches, smart wristbands, fitness & activity trackers,
smart garments and clothing owing to surging consciousness regarding health and
physical fitness, demand for technologically advanced products along with
increasing need for innovative features and cost reduction of the key enabling
technologies.
Surging demand for technologically
advanced products with revolutionary features is prescribed to propel smart
fitness wear market. Increasing usage of the products by athletes, trainers as
a result of enhanced quality of workout, haptic alerts for workout regime
driven the market consumption. Smart-textiles like t-shirt, leggings and socks
are gaining popularity owing to accuracy of body workout on Smartphone. Advent
of smart shoes and in-soles are further expected to boost market demand.
Smart fitness wear market is multi-industry
market having varied applications in healthcare, sport, fashion, safety and
military. Dominant sector for wearable is healthcare sector which merges
wellness, fitness and medical for effective treatment of personnel.
High price associated with smart
fitness wear may scale down the market over the forecast period. Variable
operating system platforms for different manufacturers, less integration with
universal platforms, and difficult-to-use interface are expected to further
curb demand. As low cost copies start to flood the market, competitive pressure
will make it more difficult to sustain the current market pricing which
subsidises the backend services and development.
Disruptive technology in
smart-textiles is expected to establish major demand from industrial,
commercial and military applications over the forecast period. Rising
innovative projects in electronics & healthcare industry is forecasted to
provide massive growth prospects. Insurance firms are using smart fitness wear
as a tool to improvise and outline member’s health is expected to propel market
growth.
Social clothing lets a user to feel
and share physical experience with the use of haptic sensors linked to an
athlete’s or trainer’s clothing. Social clothing for sports fans is expected to
be a key downstream smart textile market for manufacturer’s partnered with a
sports club, fan club globally.
The smart fitness wear market can be
segregated by end-use, product and region.
Based on end-use, market is further
segmented into sports and fitness, personal medical and assisted living, kids
and pets, fashion, and augmented realty. Sports and fitness industry
constructed highest market share among the wearables and is likely to be
typical high profile sector with lucrative growth opportunity. Personal medical
and assisted living involves evolution of standard, connected medical devices
such as thermometer, blood pressure meters for well and independent living. Low
cost devices for kids and pets such as baby monitors, child trackers for monitoring
the location or health constitute market opportunity for manufacturers.
Based on product, the smart fitness
wear industry can be segmented in to shoes, in-soles, leggings, shirt, t-shirt,
jackets, and bras. Major challenges in the product segment is the need
for a good fit so that the sensor remains in contact with the body means that
multiple sizes for both genders will need to be supplied in any item of smart
fitness sports clothing. Companies looking for long term revenue in
this area will need to find ways of developing compelling service models.
On the basis of region, smart wear
market is segmented into Europe, Asia Pacific, the U.S and the U.K. Integration
of smart wearable with wide platforms such as health data, diagnostic and
virtual health trainer is expected to be lucrative opportunity for growth in
the U.S market. Presence of leading industry participants is expected to
exhibit moderate growth rate in Europe.
Asia Pacific is forecasted to
experience significant growth owing to low production cost, prospering
economies and rising consciousness among the masses. China owing to increasing
commoditisation of wearable infotainment of basic electronic wristwatches and
fitness wear is expected to gain market over the forecast period.
Adoption of GPS-enabled smart sports
vests, smart watches directly connected to internet and accuracy in wearable’s
data such as speed, distance are new technologies to look out for over the
forecast period.
Apple, Samsung Electronics, Sony
Corporation, Fitbit, Goqii, Garmin, Jawbone, Misfit, Sensoria, Xiaomi, ProtoGeo
Oy (acquired by facebook) are global vendors of smart fitness wear market.
Fitbit gained a significant market
share in smart watches vertical owing to its robust technology and accuracy in
fitness tracking.
Qualcomm introduced a new processor
for smart wearable targeted towards functions such as fitness trackers, smart
headsets, and location aware gadgets for elderly and kids.
Sensoria, a smart-textile vendor,
designed a pair of smart socks with embedded pressure sensors on the sole
connected to the smart phone tracks pressure, speed, running style, ankle bend
and distance of the trainer.
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TOC of this Report @ https://www.hexaresearch.com/research-report/smart-fitness-wear-market
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