Running Gear Market Size, Share, Industry Analysis, Demand Forecast, Opportunities and Trends | Market to Touch USD 22.53 Million by 2023

Running Gear Market Research Report: By Sensors (3-Axis Accelerometer Sensor, Gyroscope Sensor, Altimeter Sensors, Temperature Sensor and Bioimpedance Sensor), Product (Footwear and Apparel, Fitness Tracker & Wearable and Software) - Forecast till 2027

Running Gears Market Research Report- Forecast till 2027

Market Highlights

The running gear market projected to grow at a CAGR of 12.97%, the market is projected to reach US$22.53 million by 2023. There are various factors, ranging from advancing lifestyle to greater work pressure, which makes the market most significant. Growing interest in physical fitness is also one of the prime reasons behind the promising market scenario. Starting from footwear to wearable fitness tracking devices, there are various aspects that contribute towards the growth of international running gear market.

Insufficient production of components and parts is set to affect the global market during the forecast period 2017 to 2023. The report also provides the market’s performance forecasts till 2023. Analysts have studied the strategy of health and fitness segment based organizations to help new entrants and established businesses. The health and fitness sector itself is supported by relaxed levies on construction of warehouses as well as proliferation of social media channels. During the forecast period 2017 to 2023, the running gear market is set to witness a health growth across sensors, market type, and products segments as well as regional markets.

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Segmentation:

Running gear market can be segmented on the basis of sensors, in terms of products, on the basis of market types, and regionally. From sensors perspective, the international running gear market can be further classified into a 3-Axis accelerometer sensor, gyroscope sensor, altimeter sensors, temperature sensor, and bioimpedance sensor. On the basis of products, international running gear market can be further classified into Footwear and apparel, fitness tracker & wearable, and software. In terms of market type, global running gear market can be divided into online retail, specialty stores, and departmental stores.

The segmental analysis presented in the report provides health and fitness field based organizations insights into key growth factors such as reliance on smartphone apps for online shopping as well as challenges such as increasing reliance on smart phones the market will face from 2017 to 2023. Investment in health routines and the global running gear market demand are some of the key factors having an influence on health and fitness industry based companies, suggest analysts as per the running gear market report. But the report also identifies concerns regarding high cost and the shortage of professional services as major threats companies in health and fitness will face till 2023.

Regional Analysis:

From a regional perspective, international running gear market can be classified into North America, Europe, Asia Pacific, and rest of the world. Among these, North America is projected to be the most dominant during the review period of 2023. Having a market share of 43 percent through greater adoption of wearable devices makes it prominent. Europe comes next in the segment of running gear market for the same reason for higher adoption of health tracker devices. Asia Pacific comes next due to incredible market prospects in healthcare domain and, thus, greater adoption of health tracker devices. Among rest of the world, Middle East and Africa remain most established during forecast period.

The shifting preference for cheaper alternatives will turn out to be a major challenge from 2017 to 2023. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by running gear for measuring heart rates as well as the shortage of devices due to insufficient production, suggests the report. Similarly, the health and fitness sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the running gear market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2023.

Competitive Analysis

The global running gear market research report brings a comprehensive study of sensors, market type, and products market segments, regional analysis, and health and fitness vertical based company details of key players. As the forecast period 2017 to 2023 will bring new opportunities for the market owing to increasing reliance on smart phones and advancements in technology, the market is set to grow at a compound annual growth rate of 12.97% and is predicted to reach a value of US$ by 2023. With SWOT analysis of health and fitness sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as supply chain related problems and the lack of effective communication, companies in the health and fitness sector can change the way business is done.

Industry News

According to reports, international running gear market is going to witness a significant boost in forthcoming years due to greater adoption of healthcare tracking devices. It is expected to be a market of 22.53 million by 2023. Moreover, the market size is reportedly going to be achieved at a CAGR of 12.97 percent.

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Running Gear Market Research Report: By Sensors (3-Axis Accelerometer Sensor, Gyroscope Sensor, Altimeter Sensors, Temperature Sensor and Bioimpedance Sensor), Product (Footwear and Apparel, Fitness Tracker & Wearable and Software), Market Type (Online Retail, Specialty Stores and Departmental Stores) - Forecast till 2027

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