Smart Sport Accessories Market Size, Share, Growth, And Industry Analysis By Type (Smart Wristband, Sports Watch, Sports Camera, Chest Strap, Shoes, Earpiece/Headphone, Sunglasses, Clothing’s, Bottles And Backpack, And Others) By Application (Cycling, Running Sports, Golf, Swimming Sports, Trekking And Mountaineering Sports, And Others) Regional Forecast To 2031

Updated On: 08 April 2024

Smart Sport Accessories Market Report Overview

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The global smart sport accessories market size was USD 37.01582 billion in 2021. As per our research, the market is expected to reach USD 245.94 billion in 2031, exhibiting a CAGR of 20.12% during the forecast period.

The global covid-19 pandemic has been unprecedented and staggering, with smart sport accessories market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Sports have existed since dawn, ever since man first became aware of engaging in sports. Since then, sports have developed and increased, leading to various sports and the demand for more sports equipment. The advent of smart sport accessories has raised sports since they bring focus and care to running, swimming, cycling, and a few other similar activities. Sports accessories today are also more sophisticated and essential in sports. Smart sport accessories can be anything from a smartwatch to a smart wristband to headphones, a sports camera, and more.

Due to everyone’s increased awareness of the importance of physical fitness, the market for smart sport accessories is experiencing a boom in sales across all markets worldwide. Smart sport accessories are a wonderful way to track fitness and sporting objectives. The smart sport accessories market growth has been aided by including features such as GPS tracking, gyroscopes, and accelerometers. The market is developing effectively into the future as smart sports accessories also offer each owner of the product tailored feedback based on their preferred sports and exercises.

Covid-19 Impact: Product Growth Impeded Due To Lockdown Rules During The Pandemic

The slowdown in production during the unique covid-19 pandemic had a negative impact on markets all across the world. As a result of the pandemic and the shutdown of the manufacturing sector, manpower shortages and a lack of raw materials further slowed market expansion. Due to the restrictions on outdoor activity during covid-19, the market for smart sport accessories suffered. Since so many individuals remained inside their houses during the covid-19 shutdown, there was less demand for smart sports gear, which immediately affected market revenues. Adopting an unhealthy lifestyle during the work-from-home period is projected to cause the market of smart sport accessories to expand quickly after the pandemic.

Latest Trends

"Newly Integrated Features Help The Market Growth"

Numerous sports accessories now come equipped with cutting-edge functions such as a heartbeat monitor, motion sensors, Bluetooth calling, a gyroscope, a GPS, and more, which is anticipated to fuel the market expansion of the smart sport accessories both now and in the future. The market for smart sport accessories has increased steadily over the years, and the inclusion of cutting-edge and necessary features will only help the market expand. Due to the inclusion of innovative technologies in the accessories, the market of smart sport accessories will experience rapid growth over the forecast period.

Smart Sport Accessories Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into smart wristband, sports watch, sports camera, chest strap, shoes, earpiece/headphone, sunglasses, clothing’s, bottles and backpack, and others. In the market years of 2021–2031, the smart wristband segment is anticipated to lead the market by type.

• By Application Analysis

The market can be segmented into cycling, running sports, golf, swimming sports, trekking and mountaineering sports, and other sports according on the application. During the forecast year, the swimming segment is expected to expand the market by application.

Driving Factors

"Rapid Growth Of Sports Market Drives Product Demand"

Athletes have grown in number along with the popularity of various sports activities, and as a result, sophisticated smart sport accessories have become standard. Sports motivate consumers as they have made them a part of their lifestyle. Consequently, the demand for smart accessories has grown significantly over a short period.

"Rising Awareness Of Physical Fitness Proliferate Market Expansion"

Consumers are now more aware of their overall well-being and outward attractiveness than before the pandemic-related health fear and prolonged leisure during the lockdown. People participate in sports and join gyms or fitness clubs to attain their health goals. A smart accessory would be very helpful in assisting them in better achieving their goals. As a result, the market for smart sport accessories is expanding due to the rapid increase in demand for these products.

Restraining Factors

"Security Concerns Relating To Data Tracking Could Impede Market Progress"

The smart sport accessories market is filled and flooded with many products ranging from high-end to cost-effective products. However, consumers are raising concerns over the device's tracking and storage of their data. The consumers' ignorance of fake and counterfeit smart sport accessories could be a hindrance to the business. The market contains many products, which has led to the entry of counterfeit goods, which could impede market expansion since data privacy may be violated more frequently by imitation goods.

Smart Sport Accessories Market Regional Insights

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"North America Dominates Global Market Due To High Expenditure"

The north American area, including the united states and Canada, accounts for most of the market customers of smart sport accessories. The industry is expanding quickly due to the region's growing population of athletes and their demand to advance their sports. Most sporting events occur in the north American region, aiding the market's continued expansion over the forecast period.

Europe region holds the second most smart sport accessories market share after north America. The expansion of sports teams and leagues is driving growth in the European market for smart sport accessories. Due to the increased focus on physical fitness and overall well-being in the region due to the pandemic, the industry is also expanding. Europe is a lucrative industry, and the market for smart sport accessories will expand over the predicted years primarily due to the sheer number of sports leagues in the various European nations.

Key Industry Players

"Key Players Focus On Partnerships To Gain A Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List Of Market Players Profiled

• Pebble (India)
• Garmin (U.S.)
• Fitbit (U.S.)
• Swatch Group (Switzerland)
• Polar (Finland)
• Apple (U.S.)
• Seiko (Japan)
• Citizen (Japan)
• Samsung (South Korea)
• Lg (South Korean)
• Xiao Mi (China)
• Gopro (U.S.)
• Ezon (China)
• Casio (Japan)
• Huawei (China)
• Sony (Japan)
• Suunto (Finland)
• Timex (U.S.)
• Wahoo Fitness (U.S.)
• Richemont (Switzerland)
• Zepp (China)
• Fossil (U.S.)
• Motorola/Lenovo (U.S./China)

Report coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors such as segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.