Market Trends of Sports Electronics Industry
This section covers the major market trends shaping the Sports Electronics Market according to our research experts:
Smartwatch is Expected to Register a Significant Growth
- According to the Consumer Technology Association, the sale of the smartwatch in the United States increased from 12.1 million units in 2017 to 15.3 million units in 2018. Smartwatches are capable of monitoring physical activities such as heart rate.
- Heart rate monitors are being widely used by sportsperson and athletes to improve their performance. This popularity has opened new avenues for industry players to invest in the competitive market. For instance, in September 2018, Polar introduced an enhanced heart rate monitor with the company’s wearable series, Vantage.
- Further, with the increasingly competitive nature among the players, smartwatches are now being used to collect different data such as running power, blood pressure, and calories burned, etc., during the match, that can be analyzed further.
- For instance, in October 2018, Huawei launched GT smartwatch which gathers and analyzes data, and transforms it into personalized feedback for improving fitness and well-being. Such innovations have a positive outlook on smartwatches globally.
- Moreover, governments across the Asia-Pacific region are increasing the sports budget allocation, thus creating more opportunity for different sports in the region. As a result, increasing sports activity in the region will have a positive impact globally.
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Asia-Pacific to Witness Fastest Growth
- Asia-Pacific is expected to witness the fastest growth because of the presence of two highly populated countries i.e. China and India. According to a survey by Aegon in India, 46% of respondents believed that the tools to monitor health goals were beneficial in 2018. Therefore, it can be inferred that the people in this region are preferring smart wearable to monitor their health goal which in return is creating an opportunity for the sports electronic market.
- Moreover, favorable laws for setting up a business is acting as catalysts for the growth of many wearable medical device startups and witnessing the huge market base, many global players are expanding their geographical base in the region.
- For example, "Made in India" initiative by the government is supporting many startup to come up with innovative products, which is driving the market in the region.
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