Pedometers Market Overview
The growing demand for wearable technology in various industries includes new and powerful products which have the potential to drive behavioral changes in the consumers to achieve wellness goals. Although the availability of high-tech gadgets that promote fitness is increasing in the market, the demand for pedometer remained stable owing to its low costs and easy accessibility. Pedometers can easily be added to other devices as a supplement in order to increase its customer base.
Pedometers are commonly used by fitness freaks or sportsperson. However, they are getting popular among joggers and walkers who consider it as an essential device and motivator to measure their daily exercise. Pedometers can easily be integrated into various electronic devices which makes them highly useful and a preferred choice among people. The market for pedometers is expected to grow at a significant CAGR in the forecast period.
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Pedometers Market Dynamics
A healthy lifestyle has been the key agenda in many countries and government initiatives in increasing awareness among people will aid in the expansion of pedometers market. Motivation, monitoring goal progress and physical activity levels are the key reasons for the use of pedometers. Pedometers, which are available in different styles and with advanced technology, remained as a preferred choice among the youngsters.
Durability, value for money and long-term user engagement are the key factors hindering the growth of pedometers market. Despite a steady market growth, the pedometer market is still at a nascent stage and has not been able to gather popularity amongst older populace. The user dropout from the device, which is likely to grow further, has also remained an unresolved problem for many pedometer manufacturers. These factors are going to hinder the growth of pedometer market in the coming years. In addition to this wireless connection, mobile phone integration, long battery life and cheaper alternatives are the main problems faced by the pedometer manufacturers and the companies are in constant search of acquiring strategies that could help them resolve the problem. Pedometer devices face strong competition form high-tech alternatives like fit bits and smartwatches, which are multifunctional and user-friendly.
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Pedometers Market – Regional Analysis
The market can be segmented into six regions which include the Middle East and Africa, Latin America, Japan, Europe, North America and Asia Pacific. Growth prospects are stagnant in the North American market because of the availability of smarter and multifunctional devices. Changing consumer trends and declining long-term user engagement will hinder the growth of pedometers in the North American market. On the other hand, the future of pedometers in the emerging markets like China, India, Mexico and ASEAN are prominent because of the rise in the consumer spending and the availability of cheaper alternatives. The demand of pedometers is supported by the rise in the government initiatives for healthy lifestyles along with the increasing obesity and diabetes in these regions. Pedometers market in the Latin American and MEA region is expected to grow at a significant CAGR in the forecast period owing to the rising health concerns in these regions.
Pedometer Market – Key Segments
Pedometers market can be segmented on the basis of product type, which includes smart and manual pedometers and sales channel, which includes sports outlets, direct to the customer, modern trade channel, online stores and third-party online stores among others. Smart pedometers are gaining popularity owing to the increasing demand of health and wellness industry in the emerging markets. Online sales remained the preferred choice of buyers and the pedometer market is expected to grow at a higher rate in the forecast period.
Pedometer Market – Key Manufacturers
Fitbit, Garmin, Jawbone, Omron Healthcare, Gmap, Sportline, Runtastic, Pedometer USA are the key manufacturers in this market. Pedometers market is highly fragmented and is ruled by various small and medium enterprises. Both pedometer manufacturers and tech giants are focusing on creating new technologies and gadgets in order to increase their customer base in both emerging as well as matured markets.
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This post was originally published on Space Market Research