Smart fitness wear market size is predicted grow at more than 30% CAGR from 2016 to 2023 and is likely to hit $4.5 billion by 2023, according to a new report from Global Market Insights. Rising consciousness regarding health and fitness among individuals is anticipated to drive industry growth over the forecast period. The wearable technology market size was approximately $25 billion in 2015.
High price associated with these products may hamper the smart fitness wear market demand over the forecast period. Moreover, recreational fitness popularity accompanied by corporate wellness programs is projected to widen the customer base. Apart from smart training these products are also predicted to help in injury prevention while and after training as they generate and provide information online as well as offline.
Insurance firms are now looking at smart fitness wear as a tool to improve and plan members’ health. Numerous insurance companies offer reduced premium plans to the members using specified wearable technology market products.
High disposable income accompanied by rising innovative projects in healthcare & electronics industry is projected to offer massive growth prospects over the next seven years. Based on product, the smart fitness wear industry can be segregated in to shirt, t-shirt, leggings, bras, jackets, shoes and in-soles.
Various companies are now making leggings and shorts equipped with resistance panels to a smart fabric that help to boost calorie burn during an exercise session.
Increasing use of these products by athletes as well as trainers due to enhanced level and quality of exercise also has driven consumption. They help the wearer stay on course during a workout regime through haptic alerts.
Escalating adoption of GPS equipped smart sports vest is expected to further provide a fillip to smart fitness wear market growth from 2016 to 2023. These wearables collect data such as distance and speed. Features including body stress measurement also help prevent potential injury.
U.S. smart fitness wear market size is expected to demonstrate considerable growth from 2016 to 2023. Asia Pacific is predicted to experience significant growth prospects owing to low production cost across the region. Europe expected to exhibit moderate growth rates owing to presence of leading industry participants across the region.