Fitness Tracker Segment to Record the Fastest Growth Rate in the Global Running Gear Market Until 2020, Growing at a CAGR of Almost 22%, Reports Technavio

LONDON--()--According to the latest market study released by Technavio, the global running gear market is expected to grow at a CAGR of 7.35% during the forecast period.

This research report titled ‘Global Running Gear Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

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Based on product, the report categorizes the global running gear market into the following segments:

  • Running footwear
  • Running apparel
  • Running accessories
  • Fitness trackers

Global running footwear market

The increasing purchasing power of consumers in developing economies and growing consciousness about leading a healthy lifestyle and maintaining physical fitness are key factors that are driving people to take up running. As such, vendors have also started investing in innovative marketing campaigns to increase the popularity of their products and to address the growing demand for running footwear.

For example, the Women’s Race Series, organized every year by Nike, was held in 20 cities in 2015. Nike+ Run Club arranges running events, such as marathons and triathlons, all over the world, which helps increase brand awareness. The demand for running footwear is also increasing because of the increased emphasis on comfort. Technavio researchers expect this to increase the demand for cushioned shoes.

Global running apparel market

Increased participation in physical fitness activities, like running, entails growth in demand for suitable apparel among runners and athletes. In 2014, men's running apparel accounted for the largest share of this segment, owing to the high participation rate among the male population in running.

Vendors are focusing on offering innovative products to cater to the surging demand for running apparel and maintaining a competitive edge in the market. For instance, Nike is now offering added stretch and wind protection apparel. Apart from basic clothing, accessories such as socks and arm and leg sleeves accounted for more than 37% of the entire market in 2014. This can be attributed to the easy wear and tear of these products during workouts, thus triggering high replacement demand,” says one of Technavio’s industry expert, Arushi Thakur, specializing in research on retail goods and services.

Global running accessories market

Presently, the global running accessories market occupies the lowest share of the overall market and is also expected to grow at the slowest rate during the forecast period. Running accessories include caps, headbands, arm bands, and protective gear used specifically for running. The segment's growth is highly dependent on the adoption of running as an activity or as a sport, and since not as many innovations can be seen in this segment, we expect the segment to continue posting sluggish growth rate in coming years. The growth of the protective running gear segment is also dependent on the number of running events organized by countries that are just developing an interest in the sport, like India and Japan. However, a growing affinity toward maintaining fitness is expected to propel the market's growth, thereby helping generate demand for running accessories as well.

Global fitness tracker market

The market for this product segment is growing at the fastest rate among all the other product segments of the global running gear market, and this growth rate is expected to further multiply during the forecast period. In fact, the market for fitness trackers is expected to grow at such a fast rate that its sales revenue is expected to grow almost three times by 2020,” says Arushi.

The report states that the growing market for fitness trackers is attributed to the ever-increasing adoption of these products among the growing populace of athletes and fitness enthusiasts. These products are used while swimming, exercising, trail hiking, and other activities; they help to measure a person's movements and track activities and vital signs like heart rate. The most popular vendors that offer fitness trackers are Fitbit, Garmin, and Jawbone. A few examples of popular fitness trackers include Fitbit Blaze, Garmin Vivosmart HR, and Jawbone UP2. As the market for this product segment is a highly lucrative and attractive one for vendors, we also expect a number of upgrades for these products, which will open up avenues for product innovations in the coming years.

The top vendors highlighted by Technavio’s research analysts in this report are:

  • Adidas
  • ASICS
  • Nike
  • Puma
  • Skechers

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

According to the latest market study released by Technavio, the global running gear market is expected to grow at a CAGR of 7.35% during the forecast period.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com