Market Highlights
The study reveals that running gears is trending in North America region. The increasing adoption of advanced technologies in running gears are factors driving for the market growth. The smart running gears are widely used in these region as it provides real time coaching that send the feedback via the headphones. In U.S, it is extensively used among sports person ast also helps to improve running form, reduce the chances of injury and among others. It also enhances the running skill, provide the information on pace, distance and time and others.
In North America region, the retail market is growing due to the growing need of user’s demand of running gears. The running shoes are inbuilt with sensors which helps to track the speed, calories burnt, distance covered, and others. The products offered by the companies such as Apple Inc. (U.S.), Fitbit (U.S.), Sensoria Inc. (U.S) have improved these gadgets for better customer experiences. The companies are investing in this market and is estimated to gain huge growth in the coming years.
The global Running Accessories Market is growing rapidly over ~16% of CAGR and is expected to reach at USD ~ 15 Billion by the end of forecast period.
Key Players
The prominent players in the global running gears market are – Seiko Epson Corporation (Japan), Garmin International (U.S.), Adidas (Germany), Apple Inc. (U.S.), Fitbit (U.S.), Sensoria Inc (U.S.), Suunto (Finland), Altra Running (U.S.), Stryd (U.S.), Lumo Bodytech (U.S.), among others.
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Market Segmentation
The segments in the global running gear market are based on product, market type, sensor type, and region.
Software dominates the product segment
- The product is segmented into fitness wearable, software, footwear apparels, and others. The software market size is the largest and is expected to increase at 14% CAGR during the assessment period.
Online retail to witness remarkable growth rate
- The market type is segmented into specialty stores, department stores, online retail and others. The online retail stores segment is expected to grow at a remarkable rate of 14% due to the convenient shopping experience offered by online retail along with the availability of a vast range of products at economic prices.
3-axis accelerator segment to surge capturing a substantial market share
- The sensor types are segmented into 3-axis accelerator sensor, gyroscope sensor, altimeter sensor, temperature sensor, bio-impedance sensor and others. The 3-axis accelerator sensor market is surging ahead at a phenomenal rate of 13% CAGR owing to increasing demand for consumer electronics, technological advancements and high growth of economy across the globe.
Regional Analysis
The regions contributing to the global running gears market are North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America leading the global market
The market in North America is leading the global market on account of increasing number of celebrity endorsements and several modern marketing strategies adopted by vendors. Growing awareness of the resultant benefits of healthy lifestyle along with immense popularity of different running events in the region is presumed to fuel the market growth in North America by 2023.
APAC countries such as China, Japan and India are emerging markets and the region is expected to grow at the highest rate in the coming years. The accelerated use of advanced technologies to produce running apparel and footwear seems to work in favor of the market growth.
The running gears market in Europe is anticipated to observe rapid growth in the conjectured period. The market size in the region is influenced by increasing work pressure in the private sector coupled with growing adoption of fitness wearable in healthcare. Moreover, increasing options to choose from such as footwear, apparels and others, has fuelled the appeal of the market as well.
Industry News
July 2018 - Nike has launched Nike Zoom Pegasus Turbo, an advanced running shoe that is extremely light and is highly responsive to force. The material enables athletes to run faster and efficiently, with more features such as immense support and properly cushioned. It is a remarkably comfortable technical shoe that will assist Nike to gain further foothold in the footwear industry as well as global running gears market.
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Intended Audience
- Running gears manufacturing companies
- Original equipment manufacturers
- Running gears providers
- Research and development companies
- Market research and consulting firms
- Solution providers
- Technology standards organizations
- Technology investors
- System Integrators
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