Smart Fitness Market
Consumers are engaging more and more with fitness and wellness brands to live a healthier life. While the need for fitness is obvious, businesses have had to pivot their services to deliver their offerings in a remote and socially-distant way. This has paved the way for a new era of smart fitness. One of the driving factors behind the smart fitness industry is the growing awareness of health and fitness. During lockdown, the news and media provided almost daily reminders for regular exercise, especially as poor cardiovascular health is a risk factor for severe illness from the coronavirus. Governments from all over the world encouraged nations to move more in a bid to improve public health. This will have a lasting effect on consumer’s minds to stay fit and healthy. The home fitness revolution has been going on for decades, but recent events have caused a massive spike in home-fitness. In March, gyms closed all over the world. Many people turned to apps, fitness streaming services, YouTube, and Zoom to get their fitness fix. Consumers are getting serious about smart fitness.
Virtual workouts, streaming, and on-demand fitness existed before the COVID-19 crisis. However, that changed as the fitness businesses have had to shift quickly to smart fitness to generate income. This will shape the future of fitness both in the short-term and long-term.
Smart Fitness Market: Outlook
The smart fitness market may witness a sea change in the growth rate over the assessment period of 2020-2030 on the back of the escalating awareness among the global populace regarding health. The COVID-19 lockdown is helping to burnish the growth rate of the smart fitness market as a considerable populace now has time to focus on achieving their fitness goals. Hence, this aspect may enable the smart fitness market to flourish greatly during the forecast period.
This report provides an extensive analysis of the factors inviting immense growth opportunities for the smart fitness market. The report also focuses on growth parameters such as competitive landscape, key trends, regional assessment, etc. The study helps the stakeholders to grasp the diverse growth factors of the smart fitness market conscientiously. The report also brings substantial information about the COVID-19 impact on the smart fitness market
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Smart Fitness Market: Competitive Trends
The smart fitness market comprises numerous players that engage in stiff competition for establishing dominance. Novel startups are sprouting up in the smart fitness market with cutting-edge smart fitness products. These fitness products are attracting considerable attention from a substantial populace. Well-established players in the smart fitness market are also coming up with modern and tech-infused products that gain attention from fitness freaks to a great extent.
The increasing inclination of people toward fitness has led to a spike in activities such as mergers, acquisitions, collaborations, joint ventures, and partnerships in the smart fitness market. The acquisition of Firstbeat Analytics by Garmin is a recent development. Garmin has acquired Firstbeat analytics to gain more control over the development of health-tracking technology.
Such developments help the players in the smart fitness market to strengthen their foothold. Thus, this factor is directly proportional to an increase in the growth rate of the smart fitness market.
Mergers and acquisitions may sometimes lead to hampering of the growth of the smart fitness market. The acquisition of Fitbit by Google last year has come under the lens of the European Commission over the concerns about the data collection by the internet giant and its use for targeted advertising.
Though Google has assured to create a ‘data silo’ in which the data stored from Fitbit devices will be sorted out and will not be applied for targeted advertising, the European Commission considers this data silo as insufficient and feels that this will give an illicit competitive advantage to Google over other competitors. Such developments may hinder the growth of the smart fitness market.
Some major players in the smart fitness market are Garmin Ltd., Samsung Electronics Co., Xiaomi Inc., Under Armour, Inc., LG Electronics, and OMsignal.
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Smart Fitness Market: Recent Developments
Cutting-edge smart fitness products bring immense growth opportunities for the smart fitness market. Here are some recent developments in these specific categories that have the potential of bringing good growth for the smart fitness market.
Smartwatch: Affordable smartwatches are gaining considerable momentum in the smart fitness market. For instance, Xiaomi’s Amazfit brand recently launched the Bip S Lite smartwatch at INR 3799. Aimed at beginners, it is lightweight and has a 30-day on-battery time.
Smart Clothing: Smart apparel is making great advancements. Nadi X yoga pants are a classic instance. These pants use haptic feedback to create tiny vibrations on the body parts that need to be adjusted while performing yoga poses. The pants are connected to an iOS app that offers instructions on optimizing the yoga poses.
Shoes: Connected footwear, though in its infancy now, has great potential to bring good growth prospects. Altra IQ sports shoes are an ideal example of the growing influence of extensive technologies in footwear. These smart shoes have a multi-sensored system within the length of the midsole to track fitness data.
Smart Fitness Market: Regional Perspective
The smart fitness market is spread across North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific. North America may turn out to be a considerable growth contributor due to a large consumer base and the presence of key manufacturers. Asia Pacific may also gain good growth during the forecast period due to the rise in disposable income.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.