Running Gear Market Analysis - Sales Revenue, Developments and Forecast 2023
Posted by Akash Sangshetti on March 13th, 2020
Running Gear Market Analysis, By Product (Running Footwear, Fitness Trackers, Running Apparel), By Retail Type (Specialty Stores, Department Stores, Online Retail), By Sensors Type (3-Axis Accelerator Sensor, Gyroscope Sensor, Altimeter Sensor, Temperature Sensor, Bio-Impedance Sensor) Global - Forecast 2023
The Running Gear Market Analysis 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).
Drivers and restraints
Growing Health Awareness to Expand the Market Size
The increasing awareness about the benefits of a healthy lifestyle and maintaining physical fitness is compelling individuals to opt for running. The subsequent motivation for running has increased the demand for apparel, footwear, and gear used for running or jogging. Taking advantage of the popularity of running, market vendors are constantly developing innovative running apparel and footwear to enhance the customer experience. For instance, the Adidas Energy Boost 2.0 is a running shoe made of polyurethane capsules that provides runners with the required bounce.
The report takes into the account the negative impact of the high cost of Running Gear, particularly in emerging economies. However, with the rise in obesity rates, consumers are becoming increasingly conscious and are taking up running, proving to be highly instrumental in the market growth. The increasing consumption of fast food and hectic lifestyle has a knock-on effect on the market size and is expected to do so even during the forecast period.
The prominent players in the Running Gear Market Analysis 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 segments in the global running gear market Analysis 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.
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.
TABLE OF CONTENTS
List of Tables
Table 1 Global Running Gear Market By Sensors, 2017–2023 (Usd Million)
Table 2 Global Running Gear Market, By Product, 2017–2023 (Usd Million)
Table 3 Global Running Gear Market, By Market Type, 2017–2023 (Usd Million)
Table 4 Global Running Gear Market, 2017–2023 (Usd Million)
Table 5 North America Running Gear Market By Country,2017–2023 (Usd Million)
Table 6 North America Running Gear Market By Sensors, 2017–2023 (Usd Million)
Table 7 North America Running Gear Market By Product, 2017–2023 (Usd Million)
Table 8 North America Running Gear Market By Market Type, 2017–2023 (Usd Million)
Table 9 Us Running Gear Market, By Sensors, 2017–2023 (Usd Million)
Table 10 Us Running Gear Market, By Product, 2017–2023 (Usd Million)
Table 11 Us Running Gear Market, By Market Type, 2017–2023 (Usd Million)
Table 12 Canada Running Gear Market, By Sensors, 2017–2023 (Usd Million)
Table 13 Canada Running Gear Market, By Product, 2017–2023 (Usd Million)
Table 14 Canada Running Gear Market, By Market Type, 2017–2023 (Usd Million)
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About the AuthorAkash Sangshetti
Joined: October 1st, 2019
Articles Posted: 322
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