ID: MRFR/SEM/2960-CR | February 2020 | Region: Global | 94 pages
According to the research reports of industrial experts, it is clearly stated that the global running gear market value will reach USD 62.03 Billion by 2030, with a CAGR of 15.4% during the forecast period 2020 to 2030.
The running gear provides secure & safe layers which can reduce the possibilities of any injuries. It also assists you in having perfect ventilation while performing any sports activities. Normally, a smart running gear device supports consumers in tracking their physical fitness conditions. Those who are very much conscious of the fitness schemes depend on this equipment that proves one of the essential instruments. From all the above statements, it is clear that the global running gear market has been significantly increasing during the last forecast quarters. This equipment generally includes strap gloves, smartwatches, goggles, or sports jackets. Despite this, all the running gear products fit the skin, whether a glove or any sports jacket.
According to the running gear market analysis, one of the leading materials that lead to the industry growth completely depends on one reason: the increasing of health consciousness. As a result of increasing the knowledge about exercise & physical fitness advantages, many people love to buy this product. Running is also one of a kind of exercise & this device gain a lot of popularity on providing comfortness. Moreover, the product manufacturers are also designing high-quality fabric patterns & they are continuously improving some of the trending design skills in this device to attract new customers. According to the income levels, people are becoming more motivated to use modern technology.
Manufacturers from the running gear industry combine trendy designs and high-quality materials into running clothing to attract new customers. As a result of increasing the knowledge about the benefits of exercising & physical fitness, one of the most important reasons for the market expansion is increasing a huge number of health conscious customers.
Due to the increase of e-commerce facilities and smartphone users, online retailers’ growth is likely to boost throughout the estimated forecast period. Competitive rates, big discounts, and quick delivery services are aspects that can easily attract any customer to purchase online. These things also lead to an increase in sales via the internet channel. Meanwhile, the increase of internet expansion in the developing economies indicates a sign of rising online sales during the projected period, which would also assist the growth of the global running gear market during the forecast period.
On the other hand, the customization and personalization of running gear might be a challenging part of the market growth. Customers may acquire these types of custom-made running items according to their designs, styles, and colors. These types of modern & latest trends may set a huge contribution to the expansion of running gear market size during the estimated forecast time. All the vendors are using such kinds of techniques in order to build a huge customer-based platform.
During the pandemic, almost every country performs lockdown & shutdown their entire region. International & domestic commercial flairs have also been ceased for a long time. Many companies give their employees extra benefits & allow them to work from their own house. For this global epidemic, every market, even the government sectors, have performed a ceased options for their employee. Many start-up sectors were bound to close their company permanently.
Many investors face a huge loss during the business sectors during the stoppage or ceased procedures applied stock market & international commercial activities during the stoppage procedures of international cargo shipment & cargo tonnage plains. Almost every company faces a huge loss during this pandemic period. Such type of situation also happens in the global running gear market sectors. The global study reports outcomes that the competitive tactics & strategies have been planned & implemented by the key business sectors in the running gear market, which are used to counter all the negative effects and the advantages of new possibilities created by the COVID- 19 pandemic crisis. The projection period of the running gear market is based on several scenarios, which completely depend on the prediction of viral control in the medium to long term situation.
The Chief Factors Existing in the Market:
The rising position of people’s incomes, population growth, health consciousness, growing awareness of exercise & the availability of high quality comfortable equipment designed by the product manufacturers are projected to boost the business expansion.
The global running gear market has been facing many challenges during the epidemic. The major challenging part is during the covid-19, how to attracts more & more customers towards the product. That’s why the product manufacturer plans to set some different kinds of stylish & designing patterns in their every product.
The increasing health issues & hectic work schedules have been captivating people to go for exercise. On the other hand, this running gear market has significantly increased demand for these useful running accessories & equipment.
The running gear is considered as a cost-sensitive process & thus, the price cost has been increasing on the raw materials like aluminum, bronze cast iron etc. To overcome these restraints, the most prominent companies modernize the product design, shape, size & ratio.
As a result of increasing the health consciousness, maximum people want to bring the physical activities in their life. According to this, a number of advanced exercise products have also been made which helps them to maintain & balanced their physical activities life so securely. During the epidemic, we have seen that the entire running gear market shows its original abilities via the online process. Using this pattern, this market has increased significantly due to the production of advanced features in the rising products.
The running gear market has been categorized based on the three patterns. The patterns are listed below.
A group of marketing experts analyzes the basic & most important trends in each segment of the global running gear market, along with the forecast period of 2022-2027, based on the regional level. The running gear market has been classified as several other sections like footwear, sports gear, fitness accessories, software, and others in the production category. Based on the distribution platform, the market is segmented into two major categories; online & offline services. According to the different regions, the market has been divided into several forms. The region is North America, Europe, Asia Pacific, Middle East & Africa and South America. But according to the region basis, it can be well-estimated that North America & Asia Pacific would be the maximum sales investors on the global running gear market since the estimated forecast period.
Whenever considering the market share, North America is one of the leading regions in the running gear market as the sportsmen tremendously use in India, Japan, China & some other Asia Pacific regions also stay on the focus for the running gear market, which is expecting to see the highest business growth during the estimated quarters in the region due to the growing awareness of the advantages of a healthy lifestyle.
According to the global geographical investigations, the worldwide running gear market has been placed on some major continents like North America, Europe, Asia Pacific, Latin America, Middle East & Africa. Despite all of this, the regions of Asia Pacific have also gained a major share in the global running gear market, which is why it is expected that the CAGR score will increase rapidly for the this market with the estimated quarters between 2022-27.
Competitive Intensity within the Industry:
According to the global reports, the experts here stated a strong impact on the global running gear industry and its impact on the business sectors in the future. According to the market report, experts say that due to the growth of this business sector, most of the companies want to invest the maximum amount of budget in this industry. According to this, many key companies in this list are major suppliers of running gear items.
Recent Market Development:
A brand like Reebok is a global brand & provides the facilities of all the sports equipment worldwide. The ABG Company, global brand development, market & Entertainment Company, has announced a huge investment & made a strategic partnership with the JD group. This is an existing multi-platform retail business sector for the Reebok brand. They will collaborate with these three companies, which will make & carry out all the trending footwear & reebok gears in more than 2850 stores and e-commerce websites.
According to the overall analysis report, it is clear that the profits of this market have been enlarged remarkably in the last few years. If it gains a percentage of profit like this, it will touch the CAGR value within the estimated quarters in the future. All the covid-19 analysis reports show the stability of the global running gear market, and the regional report shows the growth of running gear market share promisingly in several economies.
Key Industrial Segments:
By Sensor Type:
By Market Type:
|Market Size||USD 62.03 billion|
|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 15.4% CAGR between 2020- 2030.
The global running gear market is predicted to reach USD 62.03 billion by 2030.
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.