Market Introduction
The global running gear market is anticipated to gain fast paced ascension over the forecast period of 2017-2023, as per the latest report titled ‘Running Gear Market’ over the forecast period. Changing lifestyle and increasing workload are some of the most significant factors that are driving the global running gear market over the forecast period. People want to invest their time in exercise and fitness activities. Running gears are the accessories that are used by people during running and fitness exercises. Footwear apparels, fitness trackers, and wearable technology in the medical sector is anticipated to drive the global running apparel market.
Advancements in technology have increased the adoption of smart wearables in the foreseeable future. Most people use a fitness tracker to track their exercise and health statistics and progress. Presently, hospitals, med-tech companies and pharmaceutical companies, including insurance companies have started to utilize these fitness trackers. The upsurge of the Internet of Things (IoT) is used for interconnecting the uniqueness identifiable embedded computing devices within the existing infrastructure. Several factors are expected to foster the adoption of fitness wearables in the medical sector, including the high rate of consumption of fast food and rising work pressure, especially in the private sector.
Furthermore, upscaling demand for smartphone within the developing economies of the world are anticipated to pose a challenge in the growth of the global running gear market. Fitbit designs and manufacturers consumer technology gadgets, wearable and health and wellness devices including wrist-based and clippable devices that routinely track daily steps of the user, calories burned, and distance traveled. This has attracted many new fitness conscious consumers to augment the demand for running gear market. The global running gear market is anticipated to gain a 12.97% CAGR through the review period.
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Market Segmentation
The segments in the global running gear market Analysis are based on product, market type, sensor type, and region.
Software dominates the product segment
The product is segmented into fitness wearable, software, footwear & apparels, and others. The software market size is the largest and is expected to increase at 14% CAGR during the assessment period.
Online retail to witness remarkable growth rate
The market type is segmented into specialty stores, department stores, online retail and others. The online retail stores segment is expected to grow at a remarkable rate of 14% due to the convenient shopping experience offered by online retail along with the availability of a vast range of products at economic prices.
3-axis accelerator segment to surge capturing a substantial market share
The sensor types are segmented into 3-axis accelerator sensor, gyroscope sensor, altimeter sensor, temperature sensor, bio-impedance sensor and others. The 3-axis accelerator sensor market is surging ahead at a phenomenal rate of 13% CAGR owing to increasing demand for consumer electronics, technological advancements and high growth of economy across the globe.
Key Players
The prominent players in the Running Gear Market Analysis are – Seiko Epson Corporation (Japan), Garmin International (U.S.), Adidas Germany), Apple Inc. (U.S.), Fitbit (U.S.), Sensoria Inc (U.S.), Suunto (Finland), Altra Running (U.S.), Stryd (U.S.), Lumo Bodytech (U.S.), among others.
Regional Analysis
The regions contributing to the global running gears market are North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America leading the global market
The market in North America is leading the global market on account of increasing number of celebrity endorsements and several modern marketing strategies adopted by vendors. Growing awareness of the resultant benefits of healthy lifestyle along with immense popularity of different running events in the region is presumed to fuel the market growth in North America by 2023.
APAC countries such as China, Japan and India are emerging markets and the region is expected to grow at the highest rate in the coming years. The accelerated use of advanced technologies to produce running apparel and footwear seems to work in favor of the market growth.
The running gears market in Europe is anticipated to observe rapid growth in the conjectured period. The market size in the region is influenced by increasing work pressure in the private sector coupled with growing adoption of fitness wearable in healthcare. Moreover, increasing options to choose from such as footwear, apparels and others, has fuelled the appeal of the market as well.
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TABLE OF CONTENTS
List of Tables
Table 1 Global Running Gear Market By Sensors, 2017–2023 (Usd Million)
Table 2 Global Running Gear Market, By Product, 2017–2023 (Usd Million)
Table 3 Global Running Gear Market, By Market Type, 2017–2023 (Usd Million)
Table 4 Global Running Gear Market, 2017–2023 (Usd Million)
Table 5 North America Running Gear Market By Country,2017–2023 (Usd Million)
Table 6 North America Running Gear Market By Sensors, 2017–2023 (Usd Million)
Table 7 North America Running Gear Market By Product, 2017–2023 (Usd Million)
Table 8 North America Running Gear Market By Market Type, 2017–2023 (Usd Million)
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