The global sports electronics market is anticipated to record USD 28.19 billion in 2024 and USD 53.56 billion by 2029, growing at a CAGR of 13.7% during the forecast period.
Sports Electronics are considered an important part of the sports industry, as they help the athlete track their physical activities and also help to provide relevant information on the various parameters. With the commercialization of the sports industry, manufacturers are innovating and launching new products to meet all the demands of the industry.
According to the World Health Organization, each week an adult should perform moderate intensity physical activity (PA) for 150 minutes. However, 25% of adults and more than 80% of teens do not meet the recommended AP goals. Therefore, the need for monitoring several physical activities is expanding among users, which is improving the implementation of the activity trackers.
According to the Consumer Technology Association, the sale of the smart watch in the United States increased from 12.1 million units in 2017 to 15.3 million units in 2018. Smart watches are capable of monitoring physical activities such as heart rate.
Athletes and sportspersons use heart rate monitors extensively to improve their performance. This fame has generated several new avenues for the major players to increase funding in the worldwide market. For example, in September 2018, Polar released an improved heart rate monitor with the company's portable series, Vantage.
In addition, with the increasingly competitive nature of players, smart watches are now used to collect various data, such as running power, blood pressure and calories burned, etc., during the game, which can be analyzed more in detail.
For example, in October 2018, Huawei launched the GT smartwatch, which collects and analyzes data and transforms it into personalized feedback to improve fitness and wellness. Such innovations have a positive view of smart watches worldwide.
Besides, governments in the Asia-Pacific region are increasing the sports budget allocation, thus creating more opportunities for different sports in the region. As a result, the increase in sporting activity in the region will have a positive impact worldwide.
The fitness and sportswear market is in its early stages of growth, which is why sportswear manufacturers have great potential in this market. Technological innovation is essential, but to drive adoption, wearables will need to provide devices that offer rich services aimed at helping a specific user. The group achieves a specific objective. Sports and fitness monitors or devices will benefit from demand from multiple user groups, including professional athletes, recreational fitness consumers, military and clinical research, corporate wellness programs, etc. Several government initiatives and the increase in athletes is creating an extensive development condition in the global sports electronics market. For instance, the government initiative "Made in India" helps many start-ups to present innovative products, which is boosting the market in the region.
The COVID-19 pandemic has changed lives and is challenging the business landscape on a global scale. It is estimated that the industry will witness new developments in the coming years with the strict government regulations to avoid the spread of this pandemic.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
13.7% |
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Segments Covered |
By Product Type, End User, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Fitbit, Inc., Garmin Ltd, Apple, Inc., Catapult Sports, Under Armor and Others. |
The Asia-Pacific is expected to experience the fastest growth due to the presence of two highly populated countries, namely China and India in the global sports electronics market. According to a survey conducted by Aegon in India, 46% of respondents believed that health goal tracking tools were beneficial in 2018. Therefore, it can be inferred that people in this region prefer smart wearable devices to monitor your health. health goal, which in turn creates an opportunity for the eSports market.
In addition, the favorable business start-up laws act as catalysts for the growth of many new wearable medical device companies and, seeing the huge market base, many global players are expanding their geographic base in the region.
The global sports electronics market is fragmented due to the presence of global players such as Fitbit, Inc., Garmin Ltd, Apple, Inc., Catapult Sports, Under Armor, etc. Additionally, according to the Consumer Technology Association, revenues from sales of wearable products increased globally. Therefore, companies are working on various strategies, such as expansions, new product launches, partnerships, agreements, joint ventures and acquisitions, among others, to increase their presence in this market.
In November 2018, Pivot Yoga, a smart sportswear company, launched smart sportswear for yoga enthusiasts, equipped with artificial intelligence and motion sensor technology. These smart sportswear helps correct yoga posture by using the Pivot app.
In June 2019, Garmin India released an update to the Forerunner series, namely Forerunner 245 and Forerunner 245 Music. This lightweight smart watch comes with advanced features like incident detection, body battery, race predictor and is available in various colors.
In June 2019, Garmin International, Inc. launched the Approach X10, a comfortable golf group that comes preloaded with data from more than 41,000 courses worldwide. Golfers of all skill levels can easily see precise distances in front, behind and in the middle of the green, as well as hazards on the touch screen.
By Product Type
1) Wearable devices:
Pedometers
Activity monitors
Smart fabrics
Physical activity and heart rate monitors
Other portable devices
2) Standalone devices:
Electronic scales
Cameras
Bike computers
Other independent devices
By End-User
By Region
Frequently Asked Questions
Advancements in AI and machine learning have led to the development of sports analytics platforms, personalized training programs, and real-time performance monitoring systems, enhancing the overall user experience and driving market growth.
Factors such as accuracy and reliability of data, compatibility with existing devices and platforms, battery life, durability, and design aesthetics play crucial roles in influencing consumer purchasing decisions.
Sustainability is becoming a key focus area for manufacturers, leading to the development of eco-friendly materials, energy-efficient devices, and initiatives for product recycling and waste reduction to minimize the environmental footprint of sports electronics.
Sports electronics provide athletes with valuable insights into their performance metrics such as heart rate, speed, and technique, enabling them to optimize training regimens, identify areas for improvement, and prevent injuries through proactive monitoring and feedback loops.
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