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.
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The Global Running Gear Market is expected to grow from USD 9832.70 million in 2016 to USD 22.53 million by 2023, at a CAGR of ~12.97% during the forecast period (2017 to 2023).
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.
The Running Gear Market can be segmented on the basis of market type, product, sensor type, and lastly, region. Based on market type segmentation, this market has been segmented into departmental stores, online retail, and specialty stores. As per segmentation based on product, the market has been segmented into fitness wearable, footwear & apparels, software, and others. Fitness wearables are devices that are worn on the body to measure pulse rate, heartbeat, etc.
By sensor type, the market has been segmented into 3-axis accelerator sensor, altimeter sensor, bioimpedance sensor, gyroscope sensor, temperature sensor, and others. An altimeter or an altitude meter is an instrument useful for measuring the altitude of an object.
The regional segmentation of the running gears market segments the market into regional markets namely The Americas (North America & South America), Asia Pacific, Europe, and the rest of the world (RoW). The Americas is the leading regional market because North America alone holds the potential anyway to be the biggest regional market. In this region, the market is growing due to the healthy lifestyle, popularity of various kind of running events, and others benefits of exercises in these regions. In North America, the primary contributors to market revenue are the United States of America (USA) and Canada. Many key market players are based in North America, especially in the USA. South America is a smaller market compared to North America as the purchasing power of people is low. However, Argentina and Brazil are two strong economies in this region that can emerge as big markets in the near future.
Europe has been expected to emerge as the second most important regional market due to people adopting a healthy lifestyle. The strongest economies in this region, contributing to the revenue and market growth are France, Germany, Italy, and the United Kingdom (UK).
In the Asia Pacific region, the market is expected to grow during the forecast period due to population growth, increasing urbanization and growing awareness about healthy lifestyle among people. Therefore, the relevant country-specific markets in this region are China, India, and Japan.
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- In August 2016, Fitbit launched Fitbit Charge 2 & Flex 2 in India with advanced heart rate monitoring, lightweight, and water-resistant features.
- In June 2019, Xiaomi launched Mi band 4 with large AMOLED display with 120 x 240 pixels resolution, six-axis sensor, and NFC support. This band supports remote voice control and smart home connectivity.
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