Global Running Gears Market estimated to be worth US $ 22.54 bn by the end of 2023 due to increasing adoption of fitness wearable
With the growing awareness regarding health and fitness, running gears are witnessing a rise in their market. Market Research Future (MRFR) has published a research report about the global running gears market that estimates raise for this market at 12% CAGR (Compound Annual Growth Rate) between 2017 and 2023. In terms of value, this market has been anticipated to be worth the US $ 22.54 bn by the end of forecast period.
The major factor supporting the running gear market growth is the increasing adoption of fitness wearable among the users. The increasing work pressure in the private sector can also boost market growth.
The running gear market size can be segmented on the basis of market type, product, sensor type, and lastly, region. Based on market type segmentation, this market has been segmented into departmental stores, online retail, and specialty stores. As per segmentation based on product, the market has been segmented into fitness wearable, footwear & apparels, software, and others. Fitness wearables are devices that are worn on the body to measure pulse rate, heartbeat, etc.
By sensor type, the market has been segmented into 3-axis accelerator sensor, altimeter sensor, bioimpedance sensor, gyroscope sensor, temperature sensor, and others. An altimeter or an altitude meter is an instrument useful for measuring the altitude of an object.
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The regional segmentation of the running gear market size segments the market into regional markets namely The Americas (North America & South America), Asia Pacific, Europe, and the rest of the world (RoW). The Americas is the leading regional market because North America alone holds the potential anyway to be the biggest regional market. In this region, the market is growing due to the healthy lifestyle, popularity of various kind of running events, and others benefits of exercises in these regions. In North America, the primary contributors to market revenue are the United States of America (USA) and Canada. Many key market players are based in North America, especially in the USA. South America is a smaller market compared to North America as the purchasing power of people is low. However, Argentina and Brazil are two strong economies in this region that can emerge as big markets in the near future.
Europe has been expected to emerge as the second most important regional market due to people adopting a healthy lifestyle. The strongest economies in this region, contributing to the revenue and market growth are France, Germany, Italy, and the United Kingdom (UK).
In the Asia Pacific region, the market is expected to grow during the forecast period due to population growth, increasing urbanization and growing awareness about healthy lifestyle among people. Therefore, the relevant country-specific markets in this region are China, India, and Japan.
Key Players
The key players in the global global running gears market include Adidas (Germany), Altra Running (USA), Apple (USA), Fitbit (USA), Garmin International (USA), Lumo Bodytech (USA), Samsung Electronics (South Korea), Sensoria Inc. (USA), Seiko Epson Corporation (Japan), Stryd (USA), Suunto (Finland), and Xiaomi (China).
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Latest Industry News
- Xiaomi-backed fitness brand Huami is all set to release its new smart wearable Amazfit Verge on Amazon.in from 15 JAN 2019. 10 JAN 2019
- Released by Fitbit, Charge 3 is a new wearable that can track exercise in 15 different sports modes, including distance, heart rate, and pace. It also has a sleep-tracking function. It also features women’s health tracking, water resistance up to 50 meters, and a blood oxygen sensor that can track disruptions in breathing during sleep. 12 DEC 2018
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