ID: MRFR/SEM/2960-CR | February 2020 | Region: Global | 94 pages
Global Running Gear Market is projected to expand at 12.97% CAGR over the forecast period (2017-2023), according to Market Research Future (MRFR) in its latest report. Running gear refers to accessories and wearables used by fitness enthusiasts and athletes for increasing their performance in sports and other activities. The materials used in the manufacture of these gears are expected to prevent injuries and provide optimal comfort during use. Hectic lifestyles of customers and increasing workload are likely to drive the running gear market size to USD 22538.32 Million by 2023. The internet of things (IoT) can connect discrete devices with existing internet infrastructure for gaining data rapidly.
The COVID-19 pandemic is likely to negatively impact the global running gear market. Restrictions placed by governments for social distancing and cancellation of major sports events can influence the trend. The postponement of the Tokyo 2020 Olympics to 2021 is a prime instance. Closure of gyms and bad financial situations are likely to affect the global market growth.
However, the market can gain relief due to the e-commerce sector. Rise of online shopping and reliance on mobile applications for purchasing fitness apparel are likely to drive the demand for running gear. Social distancing measures undertaken by delivery agents and warehouse workers are expected to build consumer trust.
Adoption of Wearables
Adoption of wearables and fitness trackers are driving the demand of the global running gear market. The focus on running and other sports is likely to bode well for the market. Rising participation numbers due to health consciousness levels and discounts on online shopping apps can drive the demand. Acceptance of running and use of wearables for tracking performance will be fruitful for the market. For instance, ARION provides smart insoles to be inserted in your shoes for improving your running style and use analytics for assisting the wearer. Fitness bands are integrated with running gear for measuring heart rates, sleep cycles, and linear acceleration of walking and running cycles. Investment in health routines is likely to drive the global running gear market demand over the forecast period.
Expanding E-commerce Sector
The expansion of the e-commerce sector owing to relaxed levies on construction of warehouses and reliance on smartphone apps for online shopping is likely to be opportune for the performance apparel industry. Proliferation of social media channels as an influence on consumer purchasing behavior as well as their huge reach have convinced running apparel manufacturers to partner with influencers to sell their products. Rise in disposable income levels and appealing designs are likely to spur the sales of running gear over the forecast period.
Increasing Demand of Smartphones
The shortage of devices due to insufficient production of components and parts can pose a challenge to the running gear market. This is attributed to increasing reliance on smartphones by users for tracking their performance. The lack of devices can dampen the sales of running gear and apparel.
3-Axis Accelerometer Sensors to Dominate Global Market
The 3-axis accelerometer sensors segment is deemed to dominate the global running gear market owing to its contribution to functionality of smartphones and consumer electronic devices. It can monitor changes such as falling, vibration, and shock and find direction. The increasing numbers of the elderly and rising number of falls due to their deteriorating health can find demand for these sensors. Sales of wearables and detection of falls through the sensor can drive the segment demand in the market.
Gyroscope Sensors to Attract Demand
Gyroscope sensors are angular rate sensors able to sense the gait and rotational changes in motion in humans. The need for these sensors by sports scientists to improve running gear and their performance in real-time events can drive the segment demand. For instance, the SlimGyro is the smallest gyroscope sensor capable of surveying up to 80 hours on a single charge with high precision.
Fitness Apparel Tracker & Wearable to Gain Huge Demand
The fitness apparel tracker and wearable segment is estimated to grow at a robust pace over the forecast period owing to the trend of running and demand for running shoes. Rise of obesity levels and health conscious levels of customers gaining speed are indicators of the growth potential of the segment.
By Market Type
Online stores are expected to emerge as a reliable channel for selling running gear. This is attributed to convenience of mobile applications and the tie-ups of these companies with logistic firms for delivering goods swiftly. Moreover, the increasing screen time given by customers for online shopping can drive the segment’s growth in the running apparel market.
North America to Dominate Global Market
North America is touted to dominate the global running apparel market owing to the region hosting various sporting events and running marathons. Awareness of benefits of running and influence of athletes on customers can drive the demand for running gear in the region. Concerns for wellness and changes in consumer shopping behavior can bode well for the regional market demand. Presence of brands such as Under Armour, Nike, ASICS, Skechers, and Adidas Group and their ability to garner demand through websites can bode well for the market. Promotion of running and other fitness activities owing to organization of the Boston Marathon can drive the purchase of running tops, running shoes, and running accessories.
Global Running Gear Market contains the presence of international brands as well as regional players. Customizations on athletic and sports shoes as well as improving the product portfolio are main objectives of these players. Premiumization can provide growth avenues but affect pricing strategy. Players are making efforts to assist healthcare workers and bring the economic situation under control by making donations.
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.), and Sensoria Inc. (U.S.) are key players of the global running gear market.
Global Running Gear Market report by MRFR provides an in-depth analysis of changing fitness trends and technological developments embraced by industry leaders. It covers trends, opportunities, threats, and challenges to be faced by the industry over the forecast period. It is segmented in the following manner:
By Market Type
|Market Size||USD 22.53 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Sensors, Product, Market Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.), and Sensoria Inc. (U.S.)|
|Key Market Opportunities||Increasing reliance on smart phones and advancements in technology.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global running gear market is predicted to grow at a 12.97% CAGR between 2017- 2023.
The global running gear market is predicted to reach USD 22.53 million by 2023.
North America will lead the global running gear market.
Key factors driving the global running gear market include growing adoption of smartphones and burgeoning demand for running gears.
Key players profiled in the global running gear market include Seiko Epson Corporation (Japan), Garmin International (U.S.), Adidas (Germany), Apple (U.S.), Fitbit (U.S.), Sensoria Inc. (U.S.), Suunto (Finland), Altra Running (U.S.), Stryd (U.S.), Lumo Bodytech (U.S.) Samsung Electronics (south Korea) and Xiaomi (China) among others.