The wearable technology and devices market is evolving at a rapid pace, with the industry moving towards a focal point companies are prioritizing enhancing quality of service, apart from adding additional features to the device itself. Wearable devices have remained a crucial part of the sports industry, helping the athlete to stick to daily routines and providing crucial information regarding the different parameters it is programmed to monitor. Integration of analytics tools for better assessing and analyzing this data to improve the performance or managing overall personal fitness has bolstered the demand for wearable devices in the sports industry.
Smart Fabrics Set to be a Major Contributing Factor Towards the Growth of the Market
Wearable apparels in the smart fabrics market are expected to register a strong growth over the next decade, and a majority of the demand is expected to be generated from the professional and amateur sports sector. While electronic gadgets, such as watches and bands have garnered the limelight in the wearable devices market space, smart fabrics are emerging as a new favorite in the industry, with the segment set to witness the highest growth among the different products being considered within the scope of the study.
US and Japan to Remain Key Markets
The US and Japan have constantly emerged as the pioneers in wearable technology, with constant innovation and highly skilled manufacturing ability. The presence of major players in the region, has further reinforced their ability to develop highly established products, with the ability to transform the industrial use of technology. The sports industry has welcomed the use of technology to improve the performance levels of the athletes, with coaching staff and the administrative authority by itself encouraging the use of technology to accomplish the task of improving the overall fitness and bolster the productivity of the athlete, and helps them reach optimal performance levels.
With growing importance on performance and increasing levels of competition in the sporting industry, the market is poised to witness a robust growth over and beyond the forecast period.
Key Developments in the Market
- April 2018 - Fitbit introduced Fitbit Versa, the smartwatch for all. The light metal smart watch offers a comfortable design and a new dashboard that simplifies how you access your health and fitness data
- April 2018 - Garmin International, Inc. announced the Approach X10, a comfortable golf band that comes preloaded with data for over 41,000 courses around the world. Golfers of all levels can easily see precise distances to the front, back and middle of the green, as well as hazards on the touch-screen display
Reasons to Purchase this Report
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segments that are expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identifying the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in excel)
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1.1 Scope of the Study
1.2 Executive Summary
2. Research Methodology
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Research Methodology
2.4 Research Phases
3. Market Insights
3.1 Market Overview
3.2 Porter's five forces Analysis
3.2.1 Threat of New Entrants
3.2.2 Bargaining Power of customers
3.2.3 Bargaining Power of Suppliers
3.2.4 Threat of Substitute products
3.2.5 Intensity of Competitive Rivalry
3.3 Industry Policies
4. Market Dynamics
4.2 Factors Driving the Growth of the Market
4.2.1 Decreasing size of the devices
4.3 Factors Challenging the Growth of the Market
4.3.1 Reliability issues
5. Global Wearbles Devices in Sports Market Segmentation and Forecast
5.1 by Component
5.2 by Device Type
5.2.2 Activity Monitors
5.2.3 Smart Fabrics
5.2.4 Sports & Running Computers
5.2.5 Fitness & Heart Rate Monitors
5.2.6 Others (Cycling Computers, Pursuit Monitors)
5.3 By Region
5.3.1 North America
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.3.4 Rest of the World
6. Competitive Landscape - Key Vendor Profiles (List not Exhaustive)
6.1 Adidas AG
6.2 Nike, Inc.
6.3 Under Armour, Inc.
6.4 Fitbit, Inc.
6.5 Apple, Inc.
6.6 Garmin Ltd.
6.7 Zepp US Inc.
6.8 Catapult Sports Pty Ltd.
6.9 StretchSense Ltd.
*List not exhaustive
7. Investment Analysis
8. Future Market Outlook