The growing awareness of people for health and fitness is one of the main factors driving the global smart wearable band market growth. As a result, the demand for fitness accessories like smart bands has significantly increased. The need for reminders that promote healthy living, optimal sleep patterns, and connectedness has also been prompted by changing lifestyles and stressful schedules. Additionally, the market is being stimulated by expanding Internet of Things (IoT) and better internet accessibility, which have inspired customers to incorporate smart wearable bands into their daily lives. In addition, smart band prices have fallen in recent years, making them more accessible to the general public.
Due of the increase in COVID-19 cases, the market for smart wearable bands saw increased sales. The sales of fitness tracking equipment grew due to greater health awareness brought forth by COVID-19. Revenue for businesses like Apple and Garmin increased by 20% in 2020 compared to the prior fiscal year. Even though COVID-19 has impacted a number of enterprises and there is still uncertainty regarding the economy and client demand, manufacturers are creating cutting-edge goods and services to assist customers in these trying times.
Growing Interest in Fitness and Health will Increase Demand for Smart Wearable Bands
The market is expected to develop as there is a growing awareness of the need to maintain fitness and health. These bands have advanced significantly from being merely simple pedometers to becoming intelligent gadgets with a colored display that track sleep patterns, measure heart rates, activity monitor, and others. The fitness business in India, which is still in its infancy, anticipates significant growth, particularly among the younger population. In order to reduce the negative impacts of a busy lifestyle, people are now more likely to frequent health clubs and gyms. Additionally, frequent exercise lowers tension, anxiety, and sadness. People are being pushed toward exercise activities as well as a nutritious diet by rising health concerns. They can track their workouts using smart wearable bands, which is driving up demand for fitness-tracking goods. Thus, it is projected that rising health consciousness will propel market expansion.
Security and Privacy Issues Could Restrain Market Expansion
Smart wearable bands primarily capture personal data about their users, such as their weight, date of birth, photographs, GPS coordinates, social media accounts, steps, heart rate, and background data that the gadget uses. Data theft is the main worry, in addition to the extremely personal information. Leaving them vulnerable to invasions of their privacy that could hurt them. However, users of smart wearable bands are probably unaware of the privacy implications of how the data may be mishandled if gathered over time or combined with other data. For instance, in 2018, Strava posted a heat map of anonymous user fitness tracking data to its website. Therefore, the market's expansion is anticipated to be hampered by the above security concerns.
By Product Type
Based on product type, the smart wearable bands market is segmented into with screens and without screens. The with-screen category dominated the market in 2021 due to the rising demand for Bluetooth smart watches and fitness-tracking devices. This device resembles a computerized smartwatch phone with screens and functions for making calls, using the internet, and keeping track of health data for the user.
By Operating System
By operating system, the market is segmented into android, windows, iOS and others. The android category dominated the market in 2021. Due to a concentration of manufacturers on a wider range of customers and the manufacturing of a variety of products available on the market, even to those with limited discretionary means, the android market is expanding. Some Android wearable bands are considerably less expensive than iOS ones, making them more affordable.
By Distribution Channel
By distribution channel, the market is segmented into specialist retailers, company outlets, online and others. The online category dominated the market in 2021. Over the next few years, it is anticipated that the expansion of this market will be fueled by the increasing saturation of smartphones and the internet, as well as the rising adoption of e-commerce platforms because of their high expediency and quick service. Most firms concentrate on internet sales as a way of promoting because consumers are more and more favoring online shopping. Online sales are significant since most consumers want their products at their fingertips.
North America is projected to hold the largest share of the smart wearable bands market over the forecast period, driven by a high adoption rate of the newest smart wearable technology and increased disposable income. North America is regarded as a hub for technological innovation worldwide. The demand for cutting-edge, multi-functional devices has expanded due to the inclusion of unique technologies. Additionally, the presence of well-known firms like Apple, Garmin, and Fitbit is advancing the U.S. market for smart wearable bands. The popularity of Apple, Inc.'s smartwatch series among millennials has significantly increased demand for wearable bands in the U.S. Additionally; it is anticipated that increased sedentary lifestyle-related health issues may increase product demand.
On the other hand, Europe's smart wearable bands market is anticipated to grow significantly over the forecast period. The smart wearable band is becoming increasingly popular since it allows for hands-free operation and quick access to information throughout the day. Additionally, the wearable bands include unique features, including biometric functionality, GPS and mapping capabilities, and independent smartphone functionality. These are expected to drive the market in European countries due to rising disposable income. In Germany, a large senior population and important key players are additional reasons influencing demand for smart wearable bands. The incidence of chronic diseases and other ailments and rising healthcare costs are also impacting the industry.
LIST OF KEY COMPANIES PROFILED:
- Samsung Electronics
KEY INDUSTRY DEVELOPMENTS:
- June 2022: One of the first GPS-running smartwatches in the world, the Garmin 955 with solar charge and Forerunner 255 series, was unveiled in India. The newest models in Garmin's Forerunner series, the go-to choice for runners everywhere, are triathlon-ready smartwatches with training features for elite and mid-level runners and athletes.
- April 2021: Fitbit unveiled the Fitbit Luxe, a stylish fitness tracker. Using this tracker will help create a wellness and health strategy that is more all-encompassing. This tracker has a modern appearance, a five-day battery life, a color touchscreen, and a wide variety of lovely accessories.
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Product Type, By Operating System, By Distribution Channel and By Geography|
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|By Operating System||
|By Distribution Channel||