Market Size of Sports Electronics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 20.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Sports Electronics Market Analysis
The sports electronics market is expected to register a CAGR of 20%, during the forecast period 2021-2026. According to the World Health Organization, each week an adult should perform the moderate intensity of physical activities ( PA ) for 150 minutes. However, 25% of adults and more than 80% of adolescents fail to achieve the recommended PA targets. Thus, the need for monitoring the physical activities is increasing among the consumers, thereby increasing the adoption of the activity tracker.
- According to the Outdoor Industry Association, activewear was one of the most sold sports retail good in 2018. Activewear alone accounted for USD 53 billion in 2018. Observing the increasing demand for activewear, companies are investing in the segment and are introducing interactive activewear which is creating a positive outlook of the market.
- For instance, in November 2018, Pivot Yoga, a smart activewear company launched a smart activewear for yoga lovers which was equipped with artificial intelligence and motion sensor technology. This smart activewear helps in correcting yoga posture through the use of the Pivot app.
- Moreover, in a high-intensity interval training, injuries are common, owing to which the companies are working to design a device which directly identifies muscle strain thereby reducing any recurring injury. For instance, in 2017, the NFL Player's Association (NFLPA) formed a partnership with WHOOP to offer every player with a wearable device enabling monitoring features such as strain, recovery, and sleep.
- However, lack of awareness about the importance of the product, coupled with the high cost of smart sports electronics product is restraining the growth of the market.
