Running Gear Market Analysis
The global running gear market size will touch USD 22.53 million at a 12.97% CAGR in the forecast period (2020- 2027), as per the latest Market Research Future (MRFR) report.
Drivers
Increasing Adoption of Wearables to Boost Market Growth
The adoption of wearables and fitness trackers will boost market growth over the forecast period. The focus on running and other sports will boost market growth. The rising participation numbers owing to health consciousness levels discounts on online shopping will drive market growth. The acceptance of running and usage of wearables to track performance will prove fruitful for the market. Fitness bands are integrated with running gear to measure heart rates, linear acceleration of walking and running cycles, and sleep cycles. The investment in health routines is boosting market growth.
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Opportunities
Booming E-commerce Sector to offer Robust Opportunities
The expansion of the e-commerce sector due to relaxed levies on construction of warehouse and reliance on smartphone apps for online shopping will be opportune for the performance of the apparel industry. The proliferation of social media channels as an influence on consumer purchasing behavior and their huge reach have convinced running apparel manufacturers in joining hands with influencers for selling their products. Increasing disposable income levels and also appealing designs will boost the sales of running gear in the forecast period.
Restraints and Challenges
Shortage of Devices to act as Market Restraint
The shortage of devices owing to insufficient production of parts and components can pose a challenge to the market growth. This is owing to growing reliance on smartphones by users to track their performance. The shortage of devices can dampen the sales of running apparels and gears.
Market Segmentation
The global running gears market is segmented based on sensors, product, and market type.
By sensors, the 3-axis accelerometer sensor will lead the market over the forecast period.
By product, the global running gears market is segmented into wearable and software, fitness tracker, and footwear and apparel.
By market type, the online retail segment will dominate the market over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak possessed a negative impact on the global running gear market. Restrictions placed by the government for physical distancing and major sports events being cancelled can influence the trend. A prime instance here is the postponement of the Tokyo 2020 Olympics to 2021. Bad financial situations and closure of gyms are likely to impact market growth. The market however can gain relief owing to the e-commerce sector. The rise in online shopping as well as the reliance on mobile apps to purchase fitness apparel will drive market growth. The social distancing measures undertaken by warehouse workers and delivery agents will build consumer trust.
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Regional Analysis
North America to Spearhead Running Gears Market
North America will spearhead the market over the forecast period. The region hosting several sports events and running marathons, the awareness of benefits of running, influence of athletes on customers, concerns for wellness and changes in consumer shopping behavior, the presence of top brands, and promotion of running and other fitness activities due to organization of the Boston Marathon can drive the purchase of running accessories, running shoes, and running tops are adding to the global running gears market share in the region.
Key Players
Eminent players profiled in the global running gears market report include 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.), and Sensoria Inc. (U.S.).
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