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South Korea Smart Fitness Market Share, Size, Growth, Analysis, Trends, Forecast: By Product: Smart Accessories, Cardiovascular Equipment, Strength Equipment, Cross-Training Equipment; By Type: Headwear, Torso-wear, Handwear, Legwear, Bike Mount; Market Dynamics; Competitive Landscape; Industry Events and Developments; 2023-2028

South Korea Smart Fitness Market Outlook

The South Korea smart fitness market is expected to grow at a CAGR of about 19.6% in the forecast period of 2023-2028. Increasing health concerns and a variety of product launches, along with celebrity collaborations are majorly driving the market growth during the given forecast period.

 

The Surge of Sustainable Products and Technological Innovations are Augmenting the Market Growth

Samsung launched QLED 8k and 4k television models in 2021 with a "smart-trainer " feature to give customers a personal trainer experience at home. It analyses the posture, gives feedback, and calculates the number of calories burned. Enhanced accessibility features, including caption movement, sign language magnification, and multi-output audio, are also included in new television models. The company is also planning to release a voice guide for a better user experience and make the product more inclusive.

 

Increasing environmental concerns and consumer demands for sustainable products have compelled key players to innovate environment-friendly products. Samsung has pledged to "go green " by lowering its carbon footprint, increasing energy efficiency, developing environmentally friendly packaging designs, and introducing solar-powered remote controls powered by USB rather than AAA batteries for its smart TVs. These new remotes will be manufactured from recycled plastics only. Hence, Samsung is making the market competitive with its technology and innovation and propelling the market growth.

 

Market Segmentation

A Smart fitness gadget can track various activities, including swimming laps, running distance, heart rate, walking steps, and many more depending on the product. Generally, an app on a mobile device controls the fitness devices through Bluetooth or Wi-Fi, and the app gets the wearer's activity data. The majority of smart fitness devices enable the tracking of various physical activities. However, specialised trackers often monitor more activities.

 

By product, the South Korea smart fitness market can be segmented into:

  • Smart Accessories
  • Based on Type, the market can be sub-divided into:
    • Smartwatch
    • Wristband
    • Activity tracker
    • Heart Rate Monitors
    • Pedometer
    • Sleep Quality Monitor

 

  • Cardiovascular Equipment
  • Based on Type, the market if sub-divided into:
    • Treadmills
    • Bicycles
    • Riders
    • Others

 

  • Strength Equipment
  • Based on Type, the market can be sub-divided into:
    • Weight Training
    • Power Racks
    • Resistance Machines

 

  • Cross-Training Equipment
    • Based on Type, the market can be sub-segmented into:
      • Stretching
      • Motion Trail
      • All in One

 

Based on type, the South Korea Smart Fitness market can be segmented into:

  • Headwear
  • Torso-wear
  • Hand-wear
  • Legwear
  • Bike mount

 

Growing Health Concerns, Along with Upgrading Technology and Celebrity Influence, are Driving the Smart Fitness Market in South Korea

In the modern world, those who spend most of their time at a desk run a higher risk of developing various health conditions, like obesity, lack of sleep, diabetes, and others.  People are now much more encouraged to exercise daily to maintain health and prevent various health ailments. Fitness items give users more flexibility, which helps them avoid serious health issues. Thus, increasing health consciousness is anticipated to fuel the South Korea smart fitness market expansion.

 

Spending by consumers on smart accessories, particularly on smart fitness equipment, has considerably increased. This is further reinforced by customers' growing awareness of the advantages of such products. Additionally, wider internet accessibility and the expanding Internet of Things (IoT), which aid in direct digital controls for better machine-to-machine (M2M) communication, have prompted people to adopt smart fitness gadgets, hence fuelling market expansion. Due to their ability to provide feedback on users' performance and health, smart fitness devices like smart watch trackers that can wirelessly link to smartphones are becoming more popular. Moreover, People are shifting toward digital exercise programmes in order to lower the risk of transmission of COVID-19.

 

The adoption of smart fitness products  in the consumer market is being driven by the inclusion of additional features like Wi-Fi-enabled scales with sophisticated apps to track and graph, key features like BDI (body mass index) to provide a clear notion of weight patterns and more. Typically, smart fitness gadgets are worn on the wrist, but there are also additional devices available today that may be worn on other parts of the body, including smart shoes, smart clothing, head and earwear, chest bands, leg bands, and smart clothes, among others. Due to the increasing capacity to offer the user a specific application, the sales of these additional categories are anticipated to increase significantly in tandem with wrist-worn gadgets during the given forecast period, thereby augmenting the smart fitness market’s growth.

 

Through the pandemic, technology has enabled numerous fitness firms to stay in touch with their customers and assist them in achieving their fitness objectives. Consumers of gyms receive a comprehensive fitness experience. Because smart watches make it easier for consumers to monitor their health, their use has surged during the pandemic. 

 

Trend-conscious millennials and generation Z actively use media and technology to seek out the latest products, services and fashion. They learn about the latest fitness industry trends from social media, celebrities, news, and magazines. Increasing disposable income and improved living standards also contribute to the market growth. Recently, Hybe Edu launched a new program known as “workout with BTS ”, which further motivated fans all around the world to get fit and follow their fitness regime. Moreover, Global brand Apple collaborated with BTS for their fitness+ smart devices range and released dance workout sessions which helped in gaining the attention of the people to a greater extent. Collaboration with BTS has propelled the popularity of smart fitness devices worldwide not just in South Korea due to their global reach and immense fan following.

 

Key Players in the South Korean Smart Fitness Market

The report gives a detailed analysis of the following key players in the South Korean smart fitness market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

 

  • DRAX Co., Ltd.
  • LEXCO
  • Hc Lab Co., Ltd.
  • Samsung Electronics Co., Ltd.
  • Fitbit LLC
  • Others

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Type
Breakup by Product
  • Smart Accessories
  • Cardiovascular Equipment
  • Strength Equipment
  • Cross-Training Equipment
Breakup by Type
  • Headwear
  • Torso-wear
  • Handwear
  • Legwear
  • Bike Mount
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • DRAX Co., Ltd.
  • LEXCO
  • Hc Lab Co., Ltd.
  • Samsung Electronics Co., Ltd.
  • Fitbit LLC
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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 (2018-2022) 
    8.3    South Korea Smart Fitness Market Forecast (2023-2028)
    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 (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
            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 (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
            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 (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
            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 (2018-2022)
            8.4.4.3    Forecast Trend (2023-2028)
            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 (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Torso-wear
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Handwear
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028)
        8.5.4    Legwear
            8.5.4.1    Market Share
            8.5.4.2    Historical Trend (2018-2022)
            8.5.4.3    Forecast Trend (2023-2028)
        8.5.5    Bike Mount
            8.5.5.1    Market Share
            8.5.5.2    Historical Trend (2018-2022)
            8.5.5.3    Forecast Trend (2023-2028)
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 2028
2.    South Korea Smart Fitness Historical Market: Breakup by Product (USD Million), 2018-2022
3.    South Korea Smart Fitness Market Forecast: Breakup by Product (USD Million), 2023-2028
4.    South Korea Smart Fitness Historical Market: Breakup by Type (USD Million), 2018-2022
5.    South Korea Smart Fitness Market Forecast: Breakup by Type (USD Million), 2023-2028
6.    South Korea Smart Fitness Market Structure

Key Questions Answered in the Report

The market is projected to grow at a CAGR of 19.6% between 2023 and 2028.

The increasing disposable incomes, improved standards of living, celebrity influence, growing health concerns, brands’ collaborations with celebrities, and busy work schedules are the major drivers.

The technological advancements, launch of various fitness devices, and the growing demand for sustainable products are the key trends of South Korea smart fitness market.

The dominant types of smart fitness products in the industry are smart accessories, cardiovascular equipment, strength equipment, and cross-training equipment.

The dominant types of smart fitness in the industry are headwear, torso wear, handwear, leg wear and bike mount.

The major players in the South Korea smart fitness industry are DRAX Co., Ltd., LEXCO, Hc Lab Co., Ltd., Samsung Electronics Co., Ltd., and Fitbit LLC, among others.

Analyst Review

The South Korea smart fitness market is driven by the growing health concerns. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 19.6%.

 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on products, the South Korea smart fitness industry can be segmented into smart accessories, cardiovascular equipment, strength equipment, and cross-training equipment. The dominant types of smart fitness in the industry are headwear, torso wear, handwear, leg wear and bike mount. The major players in the South Korea smart fitness industry are DRAX Co., Ltd., LEXCO, Hc Lab Co., Ltd., Samsung Electronics Co., Ltd., and Fitbit LLC, among others.

 

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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