Wearable devices in sports are compact electronic gadgets equipped with sensors and communication capabilities, worn by athletes to monitor and analyze various aspects of their physical performance and health. These devices, such as fitness trackers and smartwatches, provide real-time data on vital signs, movement, and biomechanics. Athletes use this information to optimize training, prevent injuries, and enhance overall performance. The integration of wearable technology in sports enables informed decision-making for athletes concerning their training regimens and overall well-being.
According to Data Bridge Market Research analyses Global Wearable Devices in the Sports Market, which was USD 90.73 billion in 2022, would rise to USD 249.88 billion by 2030 and is expected to undergo a CAGR of 13.5% during the forecast period 2023 to 2030.
"Increasing incidence of sports-related injuries boosts the market growth"
The escalating incidence of sports-related injuries, exemplified by 45.5 injuries per 1,000 athletes during the Guangzhou Summer Asian Games, highlights a pressing global concern. This surge in injuries propels the demand for wearable devices in sports, driven by a collective need for injury prevention and enhanced performance monitoring. As athletes increasingly turn to technology for support, the growing market for wearable devices reflects a pivotal response to the rising challenges in sports injury management and prevention.
What restraints the growth of global wearable devices in the sports market?
“High costs hamper the market growth”
The global wearable devices in the sports market face a significant restraint due to the high initial cost and ongoing expenses for maintenance and repairs, especially related to battery issues. This financial burden hampers widespread adoption as consumers are deterred by substantial upfront investments and potential additional costs. The high-cost factor limits the accessibility and affordability of wearable technologies in sports, acting as a major constraint to market growth.
Segmentation: Global Wearable Devices in the Sports Market
The global wearable devices in the sports market are segmented on the basis of component, product, site, application, end-user, and distribution channel.
- On the basis of component, the global wearable devices in the sports market is segmented into hardware, and software
- On the basis of product type, the global wearable devices in the sports market is segmented into pedometers, fitness, and heart rate monitors, smart fabrics, smart camera, shot trackers, and others
- On the basis of site, the global wearable devices in the sports market is segmented into headband, handheld, arm and wrist, clip, shoe sensor, and others
- On the basis of application, the global wearable devices in the sports market are segmented into step counts, calorie burnt, heart rate monitoring, sleep tracking, and others
- On the basis of end-user, the global wearable devices in the sports market are segmented into sports centers, fitness centers, homecare settings, and others
- On the basis of distribution channel, the global wearable devices in the sports market is segmented into independent retail store, hypermarket/supermarket, brand store, and online sale channel
Regional Insights: North America is expected to dominate the Global Wearable Devices in the Sports Market
North America is expected to dominate wearable devices in the sports market due to widespread adoption among professional athletes. The region's focus on optimizing performance and preventing injuries, driven by real-time monitoring, contributes to the popularity of these devices. The increasing incidence of sports-related injuries further boosts demand. North America's commitment to sports technology research adds momentum, making the region a key player in shaping the future of wearable devices in the sports industry.
Asia-Pacific is expected to witness significant growth during the forecast period (2023-2030) in the wearable devices market due to lower smartphone costs. This affordability expands the consumer base, allowing manufacturers to competitively price wearable devices. Diverse demand from various customer segments, coupled with higher production volumes, drives economies of scale and cost efficiencies. Consequently, manufacturers can reduce overall product prices, making wearable devices more accessible across the region.
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Recent Developments in Global Wearable Devices in the Sports Market
- In 2022, the human performance company WHOOP joined forces with Penn State Intercollegiate Athletics in a strategic partnership. The collaboration involves the integration of WHOOP wearable technology and personalized health insights to elevate the wellness of student-athletes. As part of this multi-year initiative, the athletic department is implementing a WHOOP 4.0 rollout, accompanied by an extensive student-athlete health and engagement program
The Prominent Key Players Operating in the Global Wearable Devices In The Sports Market Include:
- Apple Inc. (U.S.)
- Huawei Technologies Co., Ltd. (China)
- Fitbit Inc. (U.K.)
- Nike, Inc. (U.S.)
- Under Armour, Inc (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Zepp Health Corporation (China)
- StretchSense (U.S.)
- Catapult (U.S.)
- Withings (France)
- Guangdong Transtek Medical Electronics Co., Ltd (China)
- Abbott (U.S.)
- Medtronic (Ireland)
- Apple Inc. (U.S.)
- Virtual-Realties, LLC (U.K.)
- Google LLC (U.S.)
- Xiaomi (China)
- Sony Corporation (Japan)
- Garmin Ltd. (U.S.)
- Honeywell International Inc. (U.S.)
- LG Electronics (South Korea)
Above are the key players covered in the report, to know about more and exhaustive list of global wearable devices in the sports market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Wearable Devices in the Sports Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
