Smart Sports Wearables Market Size, Share & Trends Analysis Report By Device Type (Smartwatches, Headwear), By Component (Hardware, Software), By Application (Fitness And Activity Tracking), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Smart Sports Wearables Market Trends

The global smart sports wearables market size was estimated at USD 1.52 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 14.0% from 2023 to 2030. The growth is aided by the rising health & fitness consciousness among people, along with the increased consumer disposable incomes globally. Moreover, the increased product demand driven by continuous technological advancements and the growing wearable ecosystem, comprising app development, data analytics, and third-party accessories, are also contributing to the growth of the smart sports wearables industry.

The market growth is being further proliferated by the increased focus of leading technology players to deliver highly innovative, personalized, and aesthetically appealing accessories in the health and sports segment. In September 2023, Huawei Technologies Co., Ltd. conducted an event in Barcelona named "Wearable Strategy and New Product Launch" to unveil its plans to introduce wearables that can take the integration of fashion and technology to the next level. The company launched HUAWEI WATCH GT 4, HUAWEI WATCH Ultimate Gold Edition, HUAWEI Eyewear 2 smart glasses, HUAWEI FreeBuds Pro 3 high-fidelity TWS earbuds, and the HUAWEI PaperMatte tablets. Such strategies by key players are expected to propel market growth over the forecast period.

Furthermore, the expansion of the market is fueled by the growing awareness and adoption of the product amid the ongoing collaborations between wearables manufacturers and sports organizations, teams, and athletes. For instance, in January 2023, the renowned football league XFL partnered with Catapult Sports Pty Ltd. As a part of this agreement, the company will provide the former with its advanced wearable technology powered by football-specific algorithms to gather player-specific data to help increase players’ performance, improve health, and promote safety throughout the league.

Component Insights

The hardware segment accounted for the largest revenue share of more than 45.0% in 2022. Several hardware components are used in sports wearables to track and monitor athletic performance. Some of the common components include GPS modules for tracking location and distance, sensors for measuring heart rate, accelerometers for detecting movement and speed, microcontrollers for processing data and communicating with other devices, displays for showing performance metrics, batteries, wireless communication modules, etc. The continuous developments in the hardware components to design lightweight, efficient, and durable devices are contributing to the segmental growth further.

The software segment is projected to grow at the highest CAGR of 14.2% from 2023 to 2030. The growing significance of software used in smart sports wearables to provide convenience through a user-friendly interface is contributing to segmental growth. These solutions are designed to provide connectivity, privacy, security, integration with healthcare systems, etc. Moreover, it empowers sports enthusiasts and athletes through advanced analytics, performance optimization tools, and training regimens. In addition, technological developments, including artificial intelligence and machine learning capabilities in sports wearables software, are expected to accelerate the market expansion further.

Device Type Insights

The wristwear segment accounted for the largest revenue share of over 45.0% in 2022. The wrist-worn devices such as smartwatches, fitness bands, or other athletic wearables are gaining massive traction among health-conscious individuals as well as athletes to track and improve their performance. For instance, GPS watches are largely used by cyclists, runners, swimmers, and other athletes, requiring in-depth data to train optimally. These devices also track steps, sleep, and heart rate and provide more accurate metrics for pace and distance. The growing usability of wristwear devices is expected to drive segmental growth in the coming years.

Application Insights

The fitness & activity tracking segment accounted for the highest market share of over 39.0% in 2022 on account of growing health consciousness among people. Fitness tracking devices help increase users’ awareness of their activities throughout the day. They also serve as a reminder to move, allow users to set personal fitness goals, and suggest personalized workouts. Users can access information on workout recovery metrics, including heart rate variability, breathing rate, skin temperature, VO2 max (an indicator of aerobic endurance), and the impact of sleep on their exercise routines. The wide number of advantages offered by these devices is expected to accelerate segmental growth over the coming years.

The health monitoring segment is expected to grow at the highest CAGR of over 14% from 2023 to 2030 owing to an increased consumer demand driven by the growing necessity to lead a healthy lifestyle. The health monitoring wearables provide immediate health feedback and allow users to analyze the data to identify patterns. Patients with type 1 or type 2 diabetes can make use of a continuous glucose monitoring (CGM) device that is integrated with a fitness tracker to efficiently manage blood sugar levels. This device consists of a small sensor that is placed under the patient’s skin, and it transmits the glucose data to an insulin pump and a compatible fitness tracker. These developments and applications will favor segmental growth over the forecast period.

End-use Insights

The amateur athletes segment accounted for the largest market share of over 80.0% in 2022 and is projected to dominate the market over the forecast period. This is attributed to the growing popularity of amateur sports across the globe. Several amateur sports clubs and communities are being funded and supported to gain physical, mental, and social benefits offered by sports activities. In February 2023, Sport Wales and Crowdfunder partnered to support community clubs and activities to raise funds for facility improvements. Such initiatives are encouraging the participation of amateur athletes, which is expected to create lucrative opportunities for the segment.

The professional athletes segment is anticipated to grow at the highest CAGR of around 14% from 2023 to 2030. This is attributed to the ongoing proliferation of professional sports events with increased viewership, sponsorship, and participation. Growing fan engagement through various sports platforms, social media platforms, and streaming services is also contributing to the immense popularity of professional sports.  In addition, favorable measures by the government authorities, such as introducing new schemes, improving the sports infrastructure, training facilitation, and talent scouting, are also encouraging professional sports activities, thereby driving segmental growth over the forecast period.

Regional Insights

North America dominated the market with a revenue share of around 33.0% in 2022 owing to greater consumer tendency toward technologically advanced gadgets and increasing disposable incomes. Moreover, the strong presence of various major technology companies that are focusing on introducing innovative solutions to meet changing consumer demands is favoring the growth of the regional market further. In addition, increased engagement of the regional ovulation in the sports and fitness activities is also providing lucrative opportunities for the market.

Asia Pacific is expected to record a CAGR of around 16.6% from 2023 to 2030. The growth is attributed to the increasing consumer expenditure on sports and fitness activities, especially across China and India. Several factors, such as e-commerce, online marketing, digital workouts that can be done at home, fitness apps, fitness influencers, and the proliferation of online fitness communities, are also impelling the product demand in the region. Supportive initiatives led by government authorities are also impacting the market statistics positively. In March 2022, the Chinese government unveiled its goals as a part of the National Fitness Plan, which aims at having 45% of the population participate in physical exercise regularly by 2035.

Key Companies And Market Share Insights

The companies operating in the market are focusing on forming strategic alliances and launching new products to strengthen their foothold in the competitive business environment. In September 2023, Apple Inc. introduced the Apple Watch Series 9, equipped with new features. It comes with an S9 SiP to enhance its capabilities and performance, a brighter display, a new double tap gesture, and faster on-device Siri. It also offers the ability to access and log health data, precision finding for iPhone, etc. The launch of such innovative offerings will positively influence the market growth over the coming years.

Smart Sports Wearables Market Report Scope

Global Smart Sports Wearables Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global smart sports wearables market report based on device type, component, application, end-use, and region:

• Device Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Wristwear

    • Smartwatches

    • Smart Wristbands

  • Headwear

  • Smart Bodywear

  • Smart Shoes

  • Others

• Component Outlook (Revenue, USD Million, 2018 - 2030)

  • Hardware

    • Sensors

    • Memory

    • Battery

    • Display

    • Others

  • Software

    • Operating System

    • Device Applications

  • Services

• Application Size Outlook (Revenue, USD Million, 2018 - 2030)

  • Fitness & Activity Tracking

  • Sports & Performance Enhancement

  • Health Monitoring

  • Navigation & Location Tracking

  • Biometric Analysis

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Professional Athletes

  • Amateur Athletes

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • Latin America

    • Brazil

    • Argentina

  • Middle East & Africa (MEA)

    • UAE

    • Saudi Arabia

    • South Africa