Running Gear Market Insights:
Running Gear Market Size was valued at USD 23.4 billion in 2023. The running gear market industry is projected to grow from USD 25.2 billion in 2024 to USD 66.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.20% during the forecast period (2024-2032). One of the primary market drivers boosting market expansion is the large rise in the proportion of customers who are health-conscious due to the growing understanding of the benefits of physical activity and fitness.
The running gear market is a dynamic and multifaceted landscape, shaped by a diverse array of factors including technological innovation, consumer preferences, and societal trends. From performance-driven footwear and apparel to cutting-edge wearable technology and sustainable practices, brands are constantly innovating to meet the evolving needs of runners around the world.
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Key Players:
- Apple Inc. (U.S.)
- Samsung Electronics Co Ltd. (South Korea)
- Suunto (Finland)
- Altra Running (U.S.)
- Adidas (Germany)
- Garmin International (U.S.)
- Seiko Epson Corporation (Japan)
- Stryd (U.S.)
- Xiaomi Inc. (China)
- Lumo Bodytech (U.S.)
- Fitbit (U.S.)
- Sensoria Inc. (U.S.),
are the notable vendors in the Running Gear Market.
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Running Gear Market Regional Analysis:
The global Running Gear Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific running gear market accounted for USD 8.7 billion in 2021 and is expected to exhibit a 43.90% CAGR during the study period due to the increased demand for healthy living products and participation in exercise activities among consumers. Although worldwide companies like Nike, Adidas, New Balance, and others dominate the Asia Pacific region, many local manufacturers have prospered because they provide consumers a less expensive option to the major names. Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
North America running gear market accounts for the fastest growing market share. The market may be expanding as a result of the region’s athletes’ significant use of running gear products. To make it simpler for customers to complete purchases online, major firms in this region are investing in e-commerce. Further, the US running gear market held the largest market share, and the Canada running gear market was the fastest-growing market in the region.
Europe running gear market is expected to grow at a substantial CAGR from 2024 to 2032. One of the main factors driving the industry’s growth is the growing knowledge of the advantages of physical health and exercise. Additionally, because of the rising levels of disposable money in this region, customers are becoming more eager to use cutting-edge technologies. Moreover, UK running gear market held the largest market share, and the Germany running gear market was the fastest-growing market in this region.
Running Gear Market Segmentation:
The global Running Gear Market has been segmented based on Sensor Type, Products, and Market Type.
The Running Gear Market segmentation, based on sensor type is divided into Bio Impedance Technology Sensors, 3-Axis Accelerometer Sensors, Altitude Meter, Temperature Measurement Sensors and Angular Velocity Sensors. The angular velocity sensors segment dominated the running gear market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. To gauge how quickly a body rotates relative to an inertial frame of reference, angular velocity sensors are utilised. At the vehicle’s vertical axis, they gauge the yaw rate, or z.
The Running Gear Market segmentation has been segmented by products into Smart Fitness Tracker & Gears, Latest Technologies & Software and Sports Footwear & Equipment. The smart fitness tracker & gears segment dominated the market growth in 2023 and is projected to be the faster-growing segment during the forecast period, 2024-2032. It is a wrist-worn device that can track a variety of activities, including swimming laps, running distance, heart rate, and walking steps. Fitness bands communicate over Bluetooth with an app on a mobile device, which uploads the wearer’s activity data and configures the gadget.
The Running Gear Market data has been segmented by market type into Departments Or Large Retail Organizations, Specialty Brand Stores and Online Platforms. The online platforms segment dominated the market in 2023 and is projected to be the faster-growing segment during the forecast period, 2024-2032. The expansion of the Running Gear Market is primarily being driven by the rise in online running apparel sales. For a multitude of reasons, including affordable prices, convenience, substantial discounts, availability of cash on delivery (COD), and speedy shipping, consumers are drawn to online shopping.
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Running isn’t just a form of exercise; it’s a lifestyle embraced by millions around the globe. Whether pounding the pavement in urban landscapes or traversing rugged trails in the great outdoors, runners rely on a range of gear to enhance their performance, comfort, and safety. The running gear market, therefore, is a vibrant and evolving ecosystem driven by innovation, technology, and the ever-changing needs of athletes.
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