Running Gears Market Research Report Analysis, Demand 2027

Overview

The running gear market will witness a healthy growth from 2017 to 2023, a research report suggests. Growing at a CAGR of 12.97%, the market is projected to reach US$22.53 million by 2023. Adoption of wearable’s is expected to support the market growth along with the expanding e-commerce sector. As predicted by analysts, increasing demand for smart phones will negatively affect the market’s performance from 2017 to 2023. During the forecast period, the market will be supported by the expansion of the e-commerce sector and increasing demand for smart phones. The shortage of devices on the other hand will challenge health and fitness sector based organizations functioning in the global running gear market. Analysts have split the market into sensors, market type, and products segments based on products and services. Health and fitness based companies have been profiled.

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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.

Market Segmentation

The health and fitness sector has seen growth across sensors, market type, and products segments owing to the focus on running and other sports and the rising participation numbers due to health consciousness. To study the market, analysts have further segmented sensors, market type, and products into sensors on the basis of 3-axis accelerometer sensor, altimeter sensors, bioimpedance sensor, gyroscope sensor, and temperature sensor. The market is further segmented into products sub segment which is split into fitness tracker & wearable, footwear and apparel, and software. Additionally, the running gear market on the basis of market type is segmented into departmental stores, online retail, and specialty stores.

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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 Overview

Health and fitness market based companies in the running gear market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The expansion of the e-commerce sector will be a key growth driver for regional markets. However, the supply and demand gap will turn out to be a threat. For the forecast period 2017 to 2023 each of these regional markets are studied in the report. Starting from North America, the regional market and health and fitness vertical based companies are spread across the United States, Canada, and Mexico.

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 Landscape

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

Boston-based Fitness Keeper, the developer of the Run keeper app, has agreed to be purchased by Japanese clothing group ASICS for $85 million. ASICS isn’t new to digital; since November 2011, the company has had a reasonably feature-rich training app in the app store. ASICS purchased Run keeper for its marketing ability as well as the platform itself. Run keeper has raised about $11.5 million in investment, with the most recent round of $10 million in 2011. Spark Capital was the lead investor in that round.

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