Smart Sports Wearables Market Size, Share & Trends Analysis Report By Device Type (Smartwatches, Headwear), By Component (Hardware, Software), By Application (Fitness And Activity Tracking), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Smart Sports Wearables Market Size, Share & Trends Analysis Report By Device Type (Smartwatches, Headwear), By Component (Hardware, Software), By Application (Fitness And Activity Tracking), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Smart Sports Wearables Market Growth & Trends

The global smart sports wearables market size is estimated to reach USD 4.17 billion by 2030, registering a CAGR of 14.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is attributed to the impact of wearable technology on the sports industry. It has made it highly seamless and efficient to track player’s performance, create effective training plans, and monitor the improvement in players’ or teams’ performance through data analytics. The increasing number of sports events and tournaments that are significantly promoting public health messages, and increasing physical activity is expected to drive the growth of the market.

The rising awareness among people about health and fitness is increasing the growth of the smart sports wearables industry. It has increased the demand for wearables that can help track physical activities, monitor vital signs, and provide insights into overall well-being. The growing consumer interest in technological solutions for weight management, workout guidance, sleep improvement, heart health monitoring, stress management, etc., is providing lucrative growth opportunities for market expansion.

Several market players are focusing on introducing innovative sports wearables equipped with advanced technologies to gain a competitive edge in the market. In May 2023, Catapult Sports Pty Ltd. launched Vector Core, a highly effective and intuitive athlete monitoring solution that provides data and insights to teams with limited resources that were earlier accessible only to advanced teams. This new wearable device offers a comprehensive set of live metrics and post-session analysis with greater accuracy. The introduction of such innovative solutions is positively influencing the outlook of the market.

Smart Sports Wearables Market Report Highlights

• Based on device type, the wristwear segment is estimated to record a CAGR of nearly 15.0% from 2023 to 2030 owing to increasing product demand among sports personnel to track their performance as well as individuals seeking to improve their fitness and health
• Based on component, the hardware segment accounted for the largest revenue share of more than 45.0% in 2022 owing to increasing demand for physical sports equipment and gadgets to track the performance of a team or an individual
• Based on application, the fitness & activity tracking segment accounted for the largest revenue share in 2022 owing to growing health consciousness and inclination toward advanced tech gadgets among people
• Based on end-use, the amateur athletes segment is expected to record the highest growth rate of nearly 14.0% over the forecast period owing to increasing demand for sports wearables among these players to track and improve their performance
• North America captured the highest revenue share of around 33.0% in 2022 due to greater consumer inclination toward smart devices and technologically advanced solutions in the region

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