Market Research Future published a research report on “Running Gears Market Research Report – Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The global running gears market is projected to be valued at USD 22.54 billion by 2023. This value will be accompanied by an ecstatic CAGR of 12% during forecast period (2017-2023).
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.
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The report takes into the account the negative impact of the high cost of running gears, 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 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 segments in the global running gear market 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.
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