Running Gear Market is Anticipated to reach USD 62.3 billion, grow at a CAGR of 15.40% from 2022 to 2030
Research Reports
Sep 11, 2023
Running Gear Market Insights:
The Running Gear Market industry is projected to grow from USD 22.8 billion in 2022 to USD 62.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.40% during the forecast period (2022 – 2030). One of the primary market drivers boosting market expansion is the large rise in the proportion of customers who are health-conscious due to the growing understanding of the benefits of physical activity and fitness.
Running is no longer just a pastime; it’s a global phenomenon. The surge in participation in marathons, half-marathons, and various other running events has contributed significantly to the growth of the running gear market. People of all ages and fitness levels are taking to the streets, parks, and trails to reap the numerous physical and mental benefits of running. This widespread enthusiasm for running has created a vast consumer base with diverse needs, paving the way for innovation and market expansion.
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Key Players:
- Apple Inc. (U.S.)
- Samsung Electronics Co Ltd. (South Korea)
- Suunto (Finland)
- Altra Running (U.S.)
- Adidas (Germany)
- Garmin International (U.S.)
- Seiko Epson Corporation (Japan)
- Stryd (U.S.)
- Xiaomi Inc. (China)
- Lumo Bodytech (U.S.)
- Fitbit (U.S.)
- Sensoria Inc. (U.S.),
are the notable vendors in the Running Gear market.
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Running Gear Market Regional Analysis:
Health and fitness market based companies in the running gear market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The expansion of the e-commerce sector will be a key growth driver for regional markets. However, the supply and demand gap will turn out to be a threat. For the forecast period 2017 to 2023 each of these regional markets are studied in the report. Starting from North America, the regional market and health and fitness vertical based companies are spread across the United States, Canada, and Mexico.
The shifting preference for cheaper alternatives will turn out to be a major challenge from 2017 to 2023. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by running gear for measuring heart rates as well as the shortage of devices due to insufficient production, suggests the report. Similarly, the health and fitness sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the running gear market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2023.
Running Gear Market Segmentation:
The health and fitness sector has seen growth across sensors, market type, and products segments owing to the focus on running and other sports and the rising participation numbers due to health consciousness. To study the market, analysts have further segmented sensors, market type, and products into sensors based on 3-axis accelerometer sensor, altimeter sensors, bioimpedance sensor, gyroscope sensor, and temperature sensor. The market is further segmented into products sub segment which is split into fitness tracker & wearable, footwear and apparel, and software. Additionally, the running gear market based on market type is segmented into departmental stores, online retail, and specialty stores.
The segmental analysis presented in the report provides health and fitness field-based organizations insights into key growth factors such as reliance on smartphone apps for online shopping as well as challenges such as increasing reliance on smart phones the market will face from 2017 to 2023. Investment in health routines and the global running gear market demand are some of the key factors having an influence on health and fitness industry-based companies, suggest analysts as per the running gear market report. But the report also identifies concerns regarding high cost and the shortage of professional services as major threats companies in health and fitness will face till 2023.
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The global market for running gear has witnessed remarkable growth and transformation. As more people across the world embrace the benefits of running as a fitness activity and lifestyle choice, the demand for high-quality running gear has surged. This market expansion is driven by a combination of factors, including increased awareness of health and wellness, technological advancements, and changing consumer preferences.
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