Sports Electronics Devices Market Expected to Reach $73.6 Billion By 2031: Allied Market Research
Increase in investment by market players in next-generation fitness and sports centers, rise in investment in technologies such as hawk-eye, ultraedge, and others in new stadiums, and increase in the usage of wearable technology by athletes drive the growth of the global sports electronics devices market. By end user, the fitness centers segment would maintain its leadership through 2031.
Portland, OR, Jan. 24, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global sports electronics devices market generated $19.6 billion in 2021, and is estimated to reach $73.6 billion by 2031, witnessing a CAGR of 14.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report Coverage and Details:
|Market Size in 2021||$19.6 Billion|
|Market Size in 2031||$73.6 Billion|
|No. of Pages in Report||251|
|Segments Covered||Product Type, End-User, and Region|
|Drivers||Increase in investment by market players in next-generation fitness and sports centers|
|Rise in investment in technologies such as hawk-eye, ultra-edge, and others in new stadiums|
|Increase in the usage of wearable technology by athletes|
|Opportunities||Rise in demand for biosensor solutions due to advanced technologies being used in fitness and sports facilities to monitor athletes' biorhythms|
|Restraints||High initial investment, low budgets, and data privacy and cybersecurity concerns|
- The outbreak of the COVID-19 pandemic impacted the sports electronics devices market negatively, owing to a significant impact on the market players.
- The market faced several challenges, such as a lack of skilled workforce availability and delay or cancelation of projects, owing to lockdowns globally.
- However, increase in investment in the sports industry globally is a prime driver of the market growth during the COVID-19 pandemic. Moreover, increase in deployment of biosensor solutions to monitor various activities of athletes is strengthening the sports electronics devices market globally post-COVID-19.
The report offers a detailed segmentation of the global sports electronics devices market based on product type, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on product type, the smart camera segment held the largest share of nearly one-fourth of the global sports electronics devices market in 2021, and would maintain its leadership in terms of revenue through 2031. The pedometers segment, however, is estimated to witness the largest revenue growth in 2031. On the other hand, the fitness or heart rate monitors segment is expected to grow at the fastest CAGR of 18.36% during the forecast period. The report also analyzes the smart fabrics, shot trackers, and others segments.
Based on end user, the fitness centers segment was the largest in 2021, capturing more than two-fifths of the global sports electronics devices market share, and would lead the trail through 2031. However, the sports centers segment is estimated to witness the fastest CAGR of 15.27% during the forecast period. The report also mentions the homecare settings segment.
Based on region, the market in North America was the largest in 2021, accounting for nearly two-fifths of the global sports electronics devices market share and is likely to maintain its leadership status during the forecast period. However, the market in Asia-Pacific is expected to manifest the highest CAGR of 16.64% from 2022 to 2031. The other regions analyzed in the study include Europe and LAMEA.
Get Detailed COVID-19 Impact Analysis on the Sports Electronics Devices Market:
Leading players of the global sports electronics devices market analyzed in the research include Garmin Ltd., Polar Electro, Zepp Labs, Inc., Blast Motion, Fitbit (Google), Hawk-Eye Innovations (Sony Corporation), Apple, Inc., Catapult, Panasonic Corporation, and Adidas.
The report analyzes these key players of the global sports electronics devices market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the sports electronics devices market size, market segments, current trends, estimations, and dynamics of the sports electronics devices market analysis from 2021 to 2031 to identify the prevailing sports electronics devices market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the sports electronics devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes sports electronics devices market share analysis of the regional as well as global sports electronics devices market trends, key players, market segments, application areas, and market growth strategies.
Sports Electronics Devices Market Key Segments:
By Product Type:
- Fitness or Heart Rate Monitors
- Smart Fabrics
- Smart Camera
- Shot Trackers
- Sports Centers
- Fitness Centers
- Homecare Settings
- North America (U.S., Canada, and Mexico)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East and Africa)
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