Running Gears Market Worth USD 22.54 Billion by Forecast 2023 | Running Gears Market: Gearing Towards Healthy Habits

The global running gear market is driven primarily by the increasing adoption of the product in the medical industry and increasing health consciousness among the consumers. The North American regional market is expected to top the global charts in the forthcoming years.

Pune, India, July 25, 2019 (GLOBE NEWSWIRE) -- Running Gears Market

The global running gears market was studied by Market Research Future (MRFR). Through the study, it was ascertained that the global market will garner a projected CAGR of 12% over the forecast period of 2017 and 2023. The market is further anticipated to reach a valuation of USD 22.54 billion by the end of the forecast period.  

Competitive Landscape

The global running gears market includes a host of key players. This includes names such as Suunto (Finland), Seiko Epson Corporation (Japan), Lumo Bodytech (U.S.), Garmin International (U.S.), Altra Running (U.S.), Samsung Electronics (South Korea), Xiaomi (China), Fitbit (U.S.), Sensoria Inc. (U.S.), Adidas (Germany), Apple (U.S.), Stryd (U.S.), Lumo Bodytech (U.S.), and others.

June 2019, the latest in the Glycerin range was launched, named Brooks Glycerin 17, by the pioneering running shoe company – Brooks Running. The company claims it to be even more comfortable with its new Ortholite sockliner.

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Market Overview

Running gears refers to various accessories and wearables worn by individuals during running or while being engaged in relevant activities. It primarily includes athletic wearables like tights, gloves, shoes, smart watches, jackets, and goggles. Among these, products like jackets and gloves are typically skintight and are made up of water-resistant protective layers. This reduces the probability of any occurrence of injury and also helps in better air circulation while any physical activity is performed.

Increasing Demand from the Medical Sector to Push the Market Growth

The running gear market growth can be attributed to the growing adoption of various fitness wearables in the medical industry. The proliferating work pressure in the private sector has immensely accelerated the growth of the global market.

Intel’s baby wearable named Mimo Baby Monitor is an example of the same. It boasts the ability to collect as well as send data about baby temperatures, the child’s awake time, and can transfer the collected data via internet to a connected cloud for the hospital or parents to access and check on their baby.

There are many vital factors supporting the adoption of fitness wearables in the medical industry like increasing work pressure, particularly in the private sector, and a high consumption of fast food. With more and more people realizing the benefits of fitness trackers and running gears, the market growth is projected to increase at a rapid pace.

Increasing Health Consciousness to Accelerate the Market Growth

The rising health concerns and issues have prompted people to take notice and have made them increasingly health conscious. Consumers are eagerly adopting a number of fitness techniques and measures to tackle the same. This has prompted an increase in demand for fitness devices like fitness bands, fitness applications that helps keep track of one’s health, and running gears. The overall health alertness among the consumers across the globe is projected to push the Running Gears Market towards a positive direction.

Technological Advancements Driving the Running Gears Market

In recent years, advancements in technology has positively impacted the growth of the smart wearable market. The Internet of things (IoT) is being increasingly used to interconnect the distinctively identifiable embedded computing devices within the present internet infrastructure. The adoption of IoT in wearable devices has widened the scope of the market as it enables features like tracking and checking the activities of the body. Additionally, increasing popularity of using electronic gadgets is also driving the growth of the global running gears market.

Segment Wise Market Leaders

The global running gears market segmentation is done in terms of market type, product, and sensor type. In terms of market type, it is segmented into online retail, departmental stores, specialty stores, and others. The online retail segment is at present dominating the global market with the highest share percentage. The segment is expected to surpass its 2016 market valuation of USD 5.84 billion by the end of the forecast period and grow at an impressive pace of 14% over the same time period.

The product segmentation is broken down into footwear & apparels, fitness wearable, software, and others. The software segment accounts for the highest share in the global market and is expected to garner a CAGR of 14% over the forecast period.

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The sensor type market segmentation is branched down into gyroscope sensor, 3-axis accelerator sensor, temperature sensor, altimeter sensor, bio-impedance sensor and others. The 3-Axis Accelerator Sensor segment leads the global market with the highest share percentage. The segment is further anticipated to garner a CAGR of 13% over the forecast period.

North America Leading the Global Market

Among the covered regions for the study of the global running gears market, the North American region was reported to be the dominant one. The region holds the highest share in the market and is expected to grow at an impressive pace in the coming years due its prevalent usage among sports athletes herein.

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