According to the new market research report “Wearable Fitness Technology Market by Product,” the wearables market is expected to reach USD 12.44 Billion by 2022, at a CAGR of 13.7% between 2016 and 2022.
The wearable fitness technology market segments on the basis of product: smartwatch, wristband, smartshoe, smart shirt/jacket, headband/smartcap, others; product category: handwear, torsowear, legwear, headwear, others; component: display, processor, memory chip, power management components, networking components, user interface components, sensors, and mechanical components.
The driving factors for wearables market growth include:
- consumer preference for sophisticated gadgets,
- increasing popularity of wearable fitness and medical devices,
- increasing awareness about overall fitness,
- increasing health consciousness due to incidences of chronic diseases such as diabetes,
- ease of use; and
- the rise in disposable incomes in developing economies.
The report highlighted the following key findings:
Smartwatches. In 2015, smartwatch was the largest product segment. Smartwatches held the largest share of the total wearable fitness technology market because of many additional features in them, other than fitness tracking such as text messaging, phone calls, social media, and music. A smartwatch provides all features of a wristband along with many additional ones, thus it is expected that more consumers would prefer smartwatches over wristbands in the future. It is expected that wearable fitness technology companies would focus on the development of smartwatches focused on fitness applications. In January 2016, Fitbit, Inc. (U.S.) launched a fitness-focused smartwatch- Blaze at the Consumer Electronics Show (CES) 2016 in Las Vegas.
Handwear segment. The handwear segment expected to lead the wearable fitness technology market during the forecast period. The headwear product category includes smartwatch, wristband, and others (smart glove, and smart rings). More than half of the wearable fitness technology market is held by the handwear category, because it is easier to handle and monitor the devices that are worn on hand. Handwear fitness technology products are likely to explode in popularity in the coming years. The market is abuzz with the talk of smartwatches expected to be launched by leading players. Many leading companies have already launched smartwatches and wrist bands.
Growth Region: The Americas. The Americas accounted for the largest market share of the wearable fitness technology market in 2015, in terms of value and volume, due to several factors. One of the most important factors is technological innovations and advancements, which led to the introduction of new products. The increasing demand from consumers; and medical applications advancements, has also led to the growth of wearable fitness technology in the Americas.
Companies such as FitBit, Inc. (U.S.), Jawbone, Inc. (U.S.), Pebble Technology Corp. (U.S.), and many more are the major contributors in this market, in the Americas. Apple, Inc. (U.S.) recently launched its Apple Watch, which is the latest development in the wearable fitness technology market in the region.
Other major players in the wearable technology market are Adidas AG (Germany), AGarmin, Ltd. (Switzerland), LG Electronics Inc. (South Korea), Nike, Inc. (U.S.), Qualcomm, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), and Xiaomi Technology Co., Ltd. (China).
FOR MORE INFORMATION
Source: MarketsandMarkets (provides market research reports)
To view the Table of Contents, visit the link:
“Wearable Fitness Technology Market”.
MarketsandMarkets is world’s No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to multitude of clients across 8 different industrial verticals.
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India