Wearable fitness technology concerns any kind of electronic product that have been designed to be worn by the person so that it can keep a track of its footsteps, heartbeat so that one can keep himself fit and fine and also give a real time information about the health of the overall body. The global Wearable Fitness Technology market is anticipated to witness a robust growth rate during the forecast period from 2017 to 2025 owing to the rise in disposable income in the developing economies that have led to the awareness about fitness among the common people
The global Wearable Fitness Technology market is expected to witness a progressive growth in the coming years due to the increasing consumer preferences regarding Wearable Fitness Technology. This wearable fitness help the consumer to track their footsteps and also display the notification of smartphone. In addition the growing awareness of chronic diseases and obesity have led to the adoption of such wearable devices so that it can give real time information about the overall health of the body. These wearables can provide information like, cholesterol levels, blood pressure, calorie intake and also other information that is required by the body for day to day activities.
However, the high initial cost and the limited battery life of the wearable devices is predicted to inhibit its adoption rate to some extent in the coming eight years. In spite of this challenges the increasing demand for connected devices have accelerated the growth of this market.
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For the purpose of providing detailed research report, the global Wearable Fitness Technology market is segmented on the basis of product type, component, technology, end use and geography. On the basis of product type the market is segmented into wrist wear, body wear, neck wear, eye wear and others. Among the different product types of wearable technology available in the market, the wrist wear is expected to grow at a higher rate owing to its facilities to track the footsteps, heartbeats and manage smartphone notification as compared to the other product types. On the other hand, based on component, the market has been classified into display, processor, memory chip, power management components, sensors and others. The display holds the largest market share compared to the other components due to the fact that day by day display technology is evolving like haptic touch/tactile, active matrix organic light emitting diode (AMOLED), organic light emitting diode(OLED). Thus it is one of the most expensive part of wearable device On the basis of technology the market has been classified into display technology, computing technology, positioning technology, sensor technologies and others.
Wearable fitness technology also finds its application across various end user segments including healthcare, consumer electronics, defense, fitness and wellness and others. Among various end user segment, fitness and wellness is expected to witness the growth rate at a highest CAGR during the forecast period. Attributes such growing concern of obesity and other chronic diseases have led to the adoption of Wearable Fitness Technology in the fitness and wellness
Geographically, the global Wearable Fitness Technology has been further divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America is expected to hold the largest share of the wearable fitness technology market among the different regions in 2016. The Wearable Fitness Technology market of North America is majorly driven by the U.S owing to increasing awareness about fitness. On the flip side, the Asia Pacific Wearable Fitness Technology market is expected to witness a high growth rate during the forecast period owing to the rise in disposable incomes in the developing countries.
Some of the key vendors operating in the global Wearable Fitness Technology includes Adidas (Germany), Apple, Inc. (The U.S.), Fitbit, Inc. (U.S.), Google, Inc. (The U.S.), LG Electronics Inc. (South Korea), Samsung Electronics Co., Ltd (South Korea), Xiaomi Technology Co., Ltd (China) and many more.