South Korea Smart Fitness Market to Grow at a CAGR of 19.6% During 2024-2032, Aided by the Growing Prevalence of Wearable Technology and Growing Health Consciousness

The rise in health consciousness among Koreans is supporting the South Korea smart fitness market growth. South Korea saw a 53% increase in fitness centres from 2010 to 2020. In 2020, there were about 9,900 fitness centres in South Korea, whereas there were only 1,109 centres in 2010. This growth shows the increasing focus on health and fitness in South Korea.

Fig: Fitness Centres in South Korea, 2010 vs 2020

Further, the increasing prevalence of wearable technology is supporting the market for smart fitness in South Korea. The region has a presence of leading players like Samsung Electronics Co Ltd and LG Corporation. In February 2024, Samsung launched its Samsung Galaxy smart band Fit3, featuring an aluminium body and a 1.6-inch display, which is 45% wider than the Galaxy Fit2. The device offers easier access to detailed health insights, health monitoring for 100+ exercises and stress levels, and notable additions including fall detection and emergency services. Users can initiate emergency calls to preset numbers and send SOS messages.

In June 2022, LG Electronics and SM Entertainment launched Fitness Candy, a joint venture aimed at revolutionizing home fitness with F.U.N (First, Unique, New) experiences. LG will handle platform development and device creation, while SM will provide engaging content. The subscription-based app will offer diverse workout categories and additional lifestyle content for a holistic approach to wellness.

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Market Breakup by Product and Type:

• The market is segmented based on products into smart accessories, cardiovascular equipment, strength equipment, and cross-training equipment.

• Based on type, the market can be divided into headwear, torso-wear, handwear, legwear, and bike mount.

Key Findings of the Report:

• The market is being supported by the growing demand for smart accessories, including smart watches, smart bands, activity trackers, heart rate monitors, pedometer, and sleep quality monitor.

• The increasing health consciousness and focus on fitness and wellbeing is the primary factor driving the market growth.

• There is a notable surge in demand for smart devices that facilitate remote health monitoring, meeting the evolving market demands.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korean smart fitness market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the product and type of the South Korea smart fitness market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea smart fitness market are DRAX Co., Ltd., LEXCO, Hc Lab Co., Ltd., Samsung Electronics Co., Ltd., and Fitbit LLC, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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