Market Highlights
Running gear refers to the accessories and wearables worn by individuals while running or being engaged in related activities. It primarily includes athletic wearables such as shoes, gloves, jackets, tights, smart watches and goggles. Among these, products such as gloves and jackets are usually skin fit and made from water-resistant materials to prevent chafing of the skin and rain or wind penetration. Running gear also provides a protective layer, thus reducing the chances of any injury and also aids in better air circulation while performing any physical activity. On the other hand, smart running gear devices enable consumers to track their fitness progress, thus helping in keeping an enhanced motivational spirit during formal fitness training.
The study reveals that running gears is trending in North America region. The increasing adoption of advanced technologies in running gears are factors driving for the market growth. The smart running gears are widely used in these region as it provides real time coaching that send the feedback via the headphones. In U.S, it is extensively used among sports person ast also helps to improve running form, reduce the chances of injury and among others. It also enhances the running skill, provide the information on pace, distance and time and others.
In North America region, the retail market is growing due to the growing need of user’s demand of running gears. The running shoes are inbuilt with sensors which helps to track the speed, calories burnt, distance covered, and others. The products offered by the companies such as Apple Inc. (U.S.), Fitbit (U.S.), Sensoria Inc. (U.S) have improved these gadgets for better customer experiences. The companies are investing in this market and is estimated to gain huge growth in the coming years.
According to the research reports of industrial experts, it is clearly stated that the global running gear market value will reach USD 62.03 Billion by 2030, with a CAGR of 15.4% during the forecast period 2020 to 2027.
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By accounting more than 22% of global shares, Fitbit is dominating the Running Gear market. Fitbit is the leading company in running gear market as it provides wide range of fitness related products. Fitbit Flex 2™ Fitness Wristband trackers is one of the popular product of the company helps to measure sleep duration and quality, and track heart rate and global positioning system-based information. It also offers a wireless fidelity connected scale. Fitbit is an established fitness wearable company located in U.S., Europe, Middle East & Africa and APAC Countries worldwide. Boston, San Diego, Dublin, Hong Kong, Shanghai, Seoul, New Delhi, Tokyo and Singapore are some of the headquarters globally. It has built strong corporate network by partnership with different companies to increase their sales and technical expertise. It has recently done partnership with Medtronic, a leading medical service & solution provider. This partnership is done to provide fitness solution to Medtronic customers. Fitbit has built strong market position and has large customer base which thereby supporting its hold on Running Gear Market in 2016.
Competitive Landscape- Running Gear
Global Running Gear market consist of several players, but the market is dominated by five leading companies namely Fitbit, Xiaomi, Garmin International, Apple Inc., and Samsung Electronics. These players are the foremost providers of surveillance systems for vehicle and accounted for over 60% of global shares in 2016.
Key Findings:
- The global running gears market is expected to reach USD 22.54 billion market value by 2023 growing with 12% CAGR during forecast period 2017-2023.
- By Product, Software accounts for the largest market share and is growing with 14% CAGR during forecast period.
- By Market Type, Online Retail is dominating the market and has generated USD 5.84 billion market in 2016 and is expected to grow with 14% CAGR.
- By Sensors, 3-Axis Accelerator Sensor is dominating the market in 2016 and is expected to grow with 13% CAGR during forecast period 2017-2023.
- Geographically, North America region has been projected to hold the largest market share in global running gears smarket followed by Europe region, while Asia Pacific is expected to drive the market in coming years
Key Players
The prominent players in the global running gears market 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.
Xiaomi and Garmin International are the some other major players which are contributing in increasing the market revenue of Running Gear worldwide. Xiaomi primarily involves in manufacturing and selling of smartphone. Tablets & laptops, external batteries, audio devices, watches, fitness bands, TV, smart devices, Wi-Fi router, electric bikes are some of the popular products offered by the company. The company has business in Taiwan, Hong Kong, Singapore, Malaysia, Philippines, India, Indonesia and Brazil and offices in Asia-Pacific, India. The company sells its products majorly through online channel. It also has its retail stores in Bengaluru, India; and Dubai, United Arab Emirates Whereas, Garmin International has specialties in GPS technology based products and consumer electronics. The company manufactures GPS based fitness trackers such as activity trackers named ‘wrist-based heart rate+’ used to count distance, steps etc. The company has strategic partnership with Mio Global. On May 2015, Mio Provides Heart Rate Technology to Garmin's First GPS Running Watch with Wrist-based Heart Rate.
Frequently Asked Questions (FAQ) :
- How has the global running gear market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global running gear industry?
- What has been the impact of COVID-19 on the global running gear industry?
Segmentation
The global running gears market is bifurcated on the basis of product, market type, sensor type, and region. The product is segmented into running footwear, fitness trackers, running apparel and others. The retail type is segmented into specialty stores, department stores, online retail and others. The sensors type is segmented 3-axis accelerator sensor, gyroscope sensor, altimeter sensor, temperature sensor, bio-impedance sensor and others. The region includes North America, Europe, Asia Pacific and rest of the world.
Market Research Analysis:
On geographic basis, global running gears market is studied in different regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region is leading with market share growth in the running gears market. The running gears is gaining huge demand due to the popularity of various kind of running events, the healthy lifestyle and others benefits of exercises in these regions. In this market, Europe is to be estimated to be the second largest market share for running gears during the forecast period.
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Intended Audience
- Running gears manufacturing companies
- Original equipment manufacturers
- Running gears providers
- Research and development companies
- Market research and consulting firms
- Solution providers
- Technology standards organizations
- Technology investors
- System Integrators
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