Wearable Devices in Sports Market

Global Wearable Devices in Sports Market Size (2024 to 2029)

The global wearable devices in sports market was worth USD 92.71 billion in 2023 and is anticipated to reach a valuation of USD 225.66 billion by 2029 from USD 107.53 billion in 2024 and is predicted to register a CAGR of 19.47% from 2024 to 2029.

Wearable devices have remained an important part of the sports industry, assisting athletes in sticking to daily routines and providing vital information on the parameters they are programmed to control. The necessity for wearable devices in the sports business has been sustained by the integration of analytics tools for better evaluating and analyzing this data to improve performance or manage overall personal fitness. Wearable devices in sports are used to track a player's physical fitness. Wearable gadgets in sports are a collection of different goods that are intended to aid users. Wearable devices are designed to aid athletes in their use of technology. Wearable gadgets use the Internet of Things (IoT), Bluetooth and Wi-Fi to offer data on an individual's overall performance. Wearable technologies are becoming more popular because of their dependability and ease of use in monitoring fitness. These gadgets are being modified with simple attachments to carry the user's weight, as well as improved user clothing stability.

In the sports industry, wearable gadgets are goods that use technology to deliver information such as step count, calorie burning, running distance and other metrics. Because of the rise in health consciousness, products utilized in sports such as smartwatches, smart cameras, pedometers, and shot trackers have gained a lot of popularity in recent years. These devices provide real-time data for tracking daily activities. In recent years, fitness trackers and smartwatches have gained a lot of interest among wearable devices. New technologies, including as smartwatches, fitness trackers and Bluetooth-enabled cameras, have opened new growth opportunities for the market. Manufacturers have opted for materials and design innovations in addition to smart devices. Consumers are increasingly looking for cost-effective solutions for wearable gadgets in sports, in addition to lightweight, water resistance, and durability.

Global Wearable Devices in Sports Market Drivers:

The expansion of the wearables sports devices market is expected to be driven by the rising demand, as well as the spread and applicability of enhanced communications protocols and sensor downsizing. Because of their compressed or compact size and superior integration technologies, sensors and wearable devices can be integrated into a variety of accessories such as wristwear, clothing, shoes, and eyeglasses. The introduction of major companies, portable and comfortable usage, increased healthcare awareness, rising production costs, and technical advancements are driving the wearable devices market in sports market. Wearable technologies have become more popular because of these crucial factors. Customers favour wearable devices such as activity trackers, smartwatches, and smart clothes because of their multiple benefits, including portability and the most recent and advanced technological breakthroughs.

The widespread availability of wearable devices in sports on a variety of platforms ranging from modern trade to online sales channels are further boosting the growth rate of the global market. Furthermore, the rise of wearable devices in the sports industry is aided by increased retail sales penetration. The availability of sporting devices on e-commerce platforms, on the other hand, provides consumers with the convenience of purchasing goods without any physical limits.

Global Wearable Devices in Sports Market Restraints:

The limited battery life and high initial cost are expected to be the key restraints for the growth of global wearable devices in sports market. However, concerns about data privacy are also a hurdle for the wearable devices sector in sports. On rare occasions, some wearables have been reported to measure data incorrectly. When measuring data such as heart rates, this can be especially dangerous. This incorrect reading may cause overexertion and subsequent health problems for people with cardiac disease. This makes people hesitant to purchase wearable devices and hinders the global wearable devices in the sports market growth.

REPORT COVERAGE:

This research report on the global wearable devices in the sports market has been segmented and sub-segmented based on component, product, application, and region.

Global Wearable Devices in Sports Market - By Device Type:

• Fitness & Heart Rate Monitors
• Smart Clothing
• GPS Trackers
• Others

For the forecast period of 2024 to 2029, the fitness & heart rate monitors segment is expected to dominate the market. This can be attributed to the various features offered to athletes. Heart rate, calorie consumption, sleep, and blood pressure are just a few of the characteristics that may be controlled and monitored in fitness and sports wearable devices. Users can monitor health-related information on their smart wearables easily.

Global Wearable Devices in Sports Market - By Site:

• Headband
• Handheld
• Arm & Wrist
• Shoe Sensor
• Others

For the forecast period of 2024 to 2029, arm & and wrist devices are anticipated to dominate the sector. This is because they are much easier to carry and convenient to wear. One can wear it while doing any kind of activity like bathing, walking, eating, etc. They are small and compact and look like an addition to the complete outfit.

Global Wearable Devices in Sports Market - By Distribution Channel:

• Independent Retail Store
• Hypermarket/Supermarket
• Brand Store
• Online Sales Channel

Brand store or brand online website is expected to witness the highest sales. People generally prefer to buy such devices from renowned brands as it gives them a sense of quality and trust. As these devices track health parameters, accuracy is a very important factor and thus people prefer to choose top-quality brands.

Global Wearable Devices in Sports Market – By Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa

Over the forecast period, because of the growing popularity of professional athletes, the software category in North America is predicted to increase at the fastest rate over the forecast period of 2024 to 2029. The use of sports technology in North America, particularly in the United States, is being driven by the penetration of the Internet and cloud technologies, the growth of professional leagues, and the digitalization of sports. Wearables are already widespread in soccer culture in the United States. For many years, US Soccer athletes have worn them while playing. Companies in the GPS tracking arena, such as STAT Sports and Catapult Sports, have benefited immensely from these trends.

Because of rising smartphone penetration, China is the most dominant country in the Asia-Pacific market and the software area.

Because of the advantages of wearable electronics, Germany's software segment is dominating the European market.

KEY MARKET PLAYERS:

Companies playing a key role in the global virtual machine market include Adidas, Nike, Under Armor Inc., Apple, Garmin Ltd., Zepp Labs, Inc., Catapult Sports Pty Ltd, StretchSense, Misfit Inc., Alphabet Inc., Qualcomm Technologies, Inc.

RECENT HAPPENINGS IN THE MARKET:

• Kinexon, a maker of wearable technology, has secured $130 million in a Series A round to expand its automated innovations in both its industrial and sports sectors, which already include performance tracking and data analytics. Following the sale of 1 million Oura rings, the smart ring company revealed that it has raised $2.55 billion in funding. Research and development, product and science innovation, and personalized and guided content will all benefit from the additional financing.