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Report
South Korea Smart Fitness Market Report and Forecast 2024-2032
Market Report I 2024-01-24 I 203 Pages I EMR Inc.
South Korea Smart Fitness Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the South Korea smart fitness market is projected to grow at a CAGR of 19.6% between 2024 and 2032. Aided by the burgeoning interest in health and well-being, coupled with the rising acceptance of technology-integrated fitness solutions, the market is expected to grow significantly by 2032.
Smart fitness encapsulates the infusion of advanced technology into fitness regimes, allowing for better tracking, analysis, and optimisation of workouts. These technologies encompass wearables such as fitness trackers, smartwatches, heart rate monitors, and smart gym equipment that integrates artificial intelligence and Internet of Things (IoT).
South Korea's rapid technological advancements and high consumer tech-savviness make it a fertile ground for the growth of the smart fitness sector. The increasing urbanisation, paired with a hectic lifestyle, has kindled a consciousness about health and fitness, further intensified by global wellness trends. The on-the-go nature of these smart fitness devices, offering real-time feedback and customisation, aligns perfectly with the lifestyle demands of the modern South Korean consumer.
The wave of digitalisation and an upswing in health consciousness have been pivotal in driving South Korea smart fitness market growth. The surge in smartphone penetration, along with enhanced connectivity, has facilitated the broader acceptance of fitness apps and wearables. These devices not only monitor physical activities but also provide insights into sleep patterns, calorie intake, and even mental well-being, catering to the holistic health approach that many Koreans are now embracing.
The fitness industry in South Korea has seen an upsurge in innovative gym establishments, incorporating smart gym equipment. Such machines, equipped with touch screens, AI trainers, and data analytics, provide personalised training regimens to users, optimising results and ensuring safety.
Moreover, the country's youth, especially the millennials and Gen Z, are showing immense interest in wearable tech, accentuating the South Korea smart fitness market demand. The aesthetics, combined with functionality, have made smartwatches and fitness bands trendy accessories, further fuelling their demand.
Collaborations between tech giants and fitness brands are becoming commonplace, aiming to capitalise on the smart fitness trend. Local innovations and international partnerships in the sector hint at a market ripe with opportunities.
However, concerns over data privacy and the high costs associated with premium smart fitness products might hinder market growth to some extent. Consumers are becoming increasingly aware of data breaches and the potential misuse of their health data. Meanwhile, premium pricing strategies by top brands may alienate a portion of potential users.
Yet, the South Korean government's initiatives promoting a healthier lifestyle, combined with corporate wellness programs emphasising employee well-being, are influencing the South Korea smart fitness market outlook. Added to this is the increasing investment in research and development, aiming to create more affordable, efficient, and user-friendly smart fitness solutions.
Market Segmentation
The market can be divided based on product and type.
Market Breakup by Product
- Smart Accessories
o Smart Watches
o Smart Bands
o Activity Trackers
o Heart Rate Monitors
o Pedometer
o Sleep Quality Monitor
- Cardiovascular Equipment
o Treadmills
o Bicycles
o Riders
o Others
- Strength Equipment
o Weight Training
o Power Racks
o Resistance Machines
- Cross-Training Equipment
o Stretching
o Motion Trail
o All in One
Market Breakup by Type
- Headwear
- Torso-wear
- Handwear
- Legwear
- Bike Mount
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the South Korea smart fitness market. Some of the major players explored in the report by Expert Market Research are as follows:
- DRAX Co., Ltd.
- LEXCO
- Hc Lab Co., Ltd.
- Samsung Electronics Co., Ltd.
- Fitbit LLC
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 South Korea
7 Industry Opportunities and Challenges
8 South Korea Smart Fitness Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Smart Fitness Historical Market (2018-2023)
8.3 South Korea Smart Fitness Market Forecast (2024-2032)
8.4 South Korea Smart Fitness Market by Product
8.4.1 Smart Accessories
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.1.4 Breakup by Type
8.4.1.4.1 Smart Watches
8.4.1.4.2 Smart Bands
8.4.1.4.3 Activity Trackers
8.4.1.4.4 Heart Rate Monitors
8.4.1.4.5 Pedometer
8.4.1.4.6 Sleep Quality Monitor
8.4.2 Cardiovascular Equipment
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.2.4 Breakup by Type
8.4.2.4.1 Treadmills
8.4.2.4.2 Bicycles
8.4.2.4.3 Riders
8.4.2.4.4 Others
8.4.3 Strength Equipment
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.3.4 Breakup by Type
8.4.3.4.1 Weight Training
8.4.3.4.2 Power Racks
8.4.3.4.3 Resistance Machines
8.4.4 Cross-Training Equipment
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2023)
8.4.4.3 Forecast Trend (2024-2032)
8.4.4.4 Breakup by Type
8.4.4.4.1 Stretching
8.4.4.4.2 Motion Trail
8.4.4.4.3 All in One
8.5 South Korea Smart Fitness Market by Type
8.5.1 Headwear
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Torso-wear
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Handwear
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.5.4 Legwear
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2023)
8.5.4.3 Forecast Trend (2024-2032)
8.5.5 Bike Mount
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2023)
8.5.5.3 Forecast Trend (2024-2032)
9 Market Dynamics
9.1 SWOT Analysis
9.1.1 Strengths
9.1.2 Weaknesses
9.1.3 Opportunities
9.1.4 Threats
9.2 Porter's Five Forces Analysis
9.2.1 Supplier's Power
9.2.2 Buyer's Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Value Chain Analysis
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 DRAX Co., Ltd.
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 LEXCO
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 Hc Lab Co., Ltd.
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Samsung Electronics Co., Ltd.
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Fitbit LLC
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Others
12 Industry Events and Developments
List of Key Figures and Tables
1. South Korea Smart Fitness Market: Key Industry Highlights, 2018 and 2032
2. South Korea Smart Fitness Historical Market: Breakup by Product (USD Million), 2018-2023
3. South Korea Smart Fitness Market Forecast: Breakup by Product (USD Million), 2024-2032
4. South Korea Smart Fitness Historical Market: Breakup by Type (USD Million), 2018-2023
5. South Korea Smart Fitness Market Forecast: Breakup by Type (USD Million), 2024-2032
6. South Korea Smart Fitness Market Structure
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