Global Wearable Devices in Sports Market – Industry Trends and Forecast to 2030

Global Wearable Devices in Sports Market, By Component (Hardware, Software), Product Type (Pedometers, Fitness, and Heart Rate Monitors, Smart Fabrics, Smart Camera, Shot Trackers, Others), Site (Headband, Handheld, Arm and Wrist, Clip, Shoe Sensor, Others), Application (Step Counts, Calorie Burnt, Heart Rate Monitoring, Sleep Tracking, Others), End User (Sports Centers, Fitness Centers, Homecare Settings, Others), Distribution Channel (Independent Retail Store, Hypermarket/Supermarket, Brand Store, Online Sale Channel) – Industry Trends and Forecast to 2030.

Wearable Devices in Sports Market Analysis and Size

A growing number of young people actively participating in sports-related activities leads to the help of health indicators that accelerate market growth. Also, with the increasing awareness of health issues, athletics has gained acceptance as a convenient means of maintaining physical fitness and protecting against lifestyle disorders. These tools withstand the user's training-related physical activity and protect against overtraining. All these factors are undergoing a huge boost in market growth.

Data Bridge Market Research analyses that 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. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Wearable Devices in Sports Market Scope and Segmentation

Market Definition

Sports-related wearable technology is a group of items intended to help and support users. These wearable gadgets were manufactured to help athletes through technology. These wearable devices use Bluetooth, IoT, and Wi-Fi to provide individual performance data. These wearable gadgets have GPS trackers that help collect data on the user's pace, heart rate, number of steps taken, number of calories burned, etc.

Global Wearable Devices in Sports Market Dynamics

Drivers

• Increasing Incidence of Sports-Related Injuries

Sports injuries are very common worldwide. For instance, there were about 288 new injuries in 209 athletes, with an occurrence rate of 45.5 injuries per 1,000 athletes exposed to the Guangzhou Summer Asian Games. This increasing occurrence is surging the demand for wearable devices in sports rapidly. Thus, this factor boosts market growth.

• lncreasing Demand for Wearable Devices

The growing use of wearable devices such as fitness bands and other sensors helps monitor stress load and prevent fatigue-induced injuries in athletes, which has supported the growth of the market for wearable devices in sports. For instance, Athletigen Technology, Inc., a performance-based company in Nova Scotia, works with many sportsmen to use the collected information on their DNA to improve their performance and health and reduce the prevalence of sports-related injuries. Such instances are anticipated to boost market growth over the forecast period.

Opportunities

• Increasing Partnerships by Market Players

The increasing number of partnerships between market players is also boosting the market's growth. For instance, in 2022, the pitching-focused company KineticPro Performance partnered with Nextiles, a maker of smart fabric technology. Real-time biomechanical analysis of the arm would be offered by the KineticPro Sleeve using thread-based sensors that have been carefully positioned directly over the elbow. Thus, this factor creates more opportunities for market growth.

• Growing Demand for Smart Clothing/Textiles

Smart clothing/textiles are manufactured and designed to incorporate technologies that increase the wearer's functionality. These textiles have numerous applications, such as communicating with other devices, transforming into different materials, conducting energy, and protecting the wearer from environmental hazards. Growing R&D activities towards wearable textile-based personal systems, such as health monitoring, protection, safety, and healthy lifestyle, gained strong interest over the last few years. Thus, this factor enhances the market growth.

Restraints/Challenges

• High Cost of Wearable Devices

The initial high cost of wearable devices and the cost required for the maintenance of the devices, and repair of the same, as there are several issues with the battery, altogether hamper the market growth. As a result, it is a major restraint in the market.

This wearable devices in sports market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the wearable devices in sports market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In 2022, the human performance business WHOOP and Penn State Intercollegiate Athletics partnered to use WHOOP wearable technology and personalized health insights to enhance student-athlete wellness. This new multi-year cooperation includes a WHOOP 4.0 rollout across the athletic department and a comprehensive student-athlete health and engagement program.

Global Wearable Devices in Sports Market Scope

The wearable devices in sports market is segmented on the basis of component, product type, site, application, end user, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Hardware
• Software

Product Type

• Pedometers
• Fitness and Heart Rate Monitors
• Smart Fabrics, Smart Camera
• Shot Trackers
• Others

Site

• Headband
• Handheld
• Arm and Wrist
• Clip
• Shoe Sensor
• Others

Application

• Step Counts
• Calorie Burnt
• Heart Rate Monitoring
• Sleep Tracking
• Others

End User

• Sports Centers
• Fitness Centers
• Homecare Settings
• Others

Distribution Channel

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

Wearable Devices in Sports Market Regional Analysis/Insights

The wearable devices in sports market is analysed and market size insights and trends are provided by component, product type, site, application, end user, and distribution channel as referenced above.

The countries covered in the wearable devices in sports market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America is expected to dominate wearable devices in the sports market due to the increasing popularity among professional athletes. Also, the rising cases of sports injuries among athletes and the growing number of research activities in this region boost the market growth.  

Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to the lower costs of smartphones, which are expected to increase market growth. The growing demand from numerous target customer groups allows manufacturers to decrease product prices with improved production volumes.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data. 

Competitive Landscape and Wearable Devices in Sports Market Share Analysis

The wearable devices in sports market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to wearable devices in sports market.

Some of the major players operating in the wearable devices in sports market are:

• 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)