Wearable Devices in Sports Market Size

Sports Wearable Devices Market Analysis

The Wearable Devices in Sports Market size is estimated at USD 90.39 billion in 2024, and is expected to reach USD 110.92 billion by 2029, growing at a CAGR of 4.18% during the forecast period (2024-2029).

• The wearable technology and devices market is unfolding at a rapid pace. With the industry going towards a focal point, businesses are prioritizing service enhancement, apart from adding additional new features to the device itself.
• Wearable devices have remained a significant part of the sports industry, supporting the athlete to stick to daily routines and giving important information on various parameters it is programmed to control. Integration of analytics tools for better evaluating and analyzing this data to improve the performance or handling of overall personal fitness has sustained the need for wearable devices in the sports industry.
• The growth in the wearables market can be attributed to increasing demand coupled with the propagation and suitability of improved communications protocol and miniaturization of sensor technology. Sensors and wearable devices can be combined into multiple accessories such as wristwear, garments, shoes, and eyeglasses because of their compressed or compact size and superior integration technologies.
• The factors influencing wearable devices in the sports market include the entry of big players, portable and comfortable usage, elevated healthcare awareness, the soaring cost of manufacturing, and technological progressions. These essential factors have encouraged the adoption of wearable devices. Wearable devices such as activity trackers, smartwatches, and smart clothing are preferred among customers owing to their numerous advantages, including portable usage and the most modern and advanced technological advancements.
• The increasing number of sports events, both online and offline, has indeed been a significant driver for the wearable devices market in sports. The rise in sports events, including professional competitions, amateur tournaments, and community-driven activities, has created a demand for wearable devices to enhance the sports experience, provide real-time data, and track performance metrics.
• Wearable electronic devices find various applications in fitness and sports for controlling and monitoring parameters such as heart rate, calorie consumption, sleep, and blood pressure. Wearable devices permit a user to check health-related information on their smart wearables.
• One of the main obstacles anticipated to restrain the market's expansion during the forecast period is the high cost of innovative wearable technology. Most firms in this sector are releasing their products under the category of premium products, which are not affordable for many users and restrict the products from reaching economies of scale.
• The COVID-19 pandemic positively impacted wearable devices in the sports market. By incorporating artificial intelligence (AI) technology into fitness, COVID-19 accelerated the creation of fitness apps for athletics. Apple updated the Cardiogram app, which analyzes users' heart rates, with a new sleeping beat per minute (BPM) feature for users with COVID-19 to monitor heart rate changes.