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.
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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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