Fitness Rings Market Expected to Reach $869.4 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Fitness Rings Market," The fitness rings market size was valued at $408.40 million in 2021, and is estimated to reach $869.4 million by 2031, growing at a CAGR of 7.9% from 2022 to 2031.

Fitness has become an integral part of the daily lives of human beings. The world is more health conscious, and people are ready to invest in their health and well-being. Advances in technology have made fitness tracking more sophisticated and accessible, making fitness rings a popular choice among fitness enthusiasts. A fitness ring is a wearable device that tracks and records various fitness metrics such as heart rate, calories burned, steps taken, and more. This report discusses the importance of the fitness ring market and its impact on the fitness industry.  

Growth in health and fitness awareness is driving the demand for fitness rings. People have become more health conscious and look for ways to track their fitness progress. Fitness rings help people stay on track with their fitness goals by providing an easy and convenient way to track a variety of fitness metrics. There is a constant evolution of fitness industry, and new fitness trends emerge every year. Fitness rings have become an essential tool for many fitness enthusiasts as they help you track your progress and reach your fitness goals. Furthermore fitness rings have also become a popular accessory for many people who want to stay active and healthy, such factors results in fitness rings market trends. 

Moreover, an increase in disposable income has also increased the demand for fitness rings. People are willing to invest in their health and well-being because they have more disposable income. Fitness rings are a relatively inexpensive way to track your fitness progress and offer a range of features that make them a popular choice for many increases the fitness rings market growth. 

Advances in technology have played a major role in the growth of the fitness rings market. It has become more sophisticated and offers a variety of features such as heart rate monitoring, sleep tracking, and more. These features make fitness rings a useful tool for tracking fitness progress and reaching the fitness goals. 

Fitness rings help motivate people to stay active and reach their fitness goals. Being able to track the progress and see improvements over time can be a powerful motivator for many people. Fitness rings offer a variety of customization options that allow people to customize physical activity tracking to suit their specific needs. For example, it can help people reach their fitness goals by setting goals for steps taken, calories burned, and more. It provides a high level of accuracy when it comes to fitness tracking. This accuracy helps people reach their fitness goals by getting a more accurate picture of their fitness progress. 

Fitness rings are very comfortable and offer several features that make them useful tools for tracking the fitness progress. For example, many fitness rings offer call and message alerts to help people stay connected while working out. The fitness ring collects huge amounts of data about fitness metrics like heart rate, calories burned, steps taken, and more reults in fitness rings market demand. This data can be useful to healthcare professionals, fitness trainers, and others looking to improve their fitness and well-being. 

The market is segmented on the basis of compatibility, sales channel, and region. On the basis of compatibility, it is classified into iOS, android, windows, and others. On the basis of sales channel, the market is categorized into online, and offline. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

On the basis of compatibility, the iOS segment held the major share of the market and is expected to dominate during the forecast period. WatchOS Apple includes fitness tracking and health-concerned apps, which comprise features such as suggesting fitness programs, providing infographic representation of data, comparing the overall performance, and others. There is an increase in consumer preference for fitness trackers with iOS, owing to its unique apps and features. However, the android segment is expected to grow with the highest CAGR during the forecast period.  

On the basis of sales channel, the offline segment held the major share of the market and remains dominant during the forecast period. The major demand driver for this offline store is the fact that a substantial number of consumers prefer to experience the product and to receive advice before the purchase.  Many of the major fitness tracker brands are selling products via offline channels to gain traction among potential despite the presence of production online distribution channels. However, the online channel is expected to grow with the highest CAGR during the forecast period. 

North America held the major share in the fitness ring market and remains dominant during the forecast period. The U.S. is the key innovation hub for the fitness tracker industry and marks the presence of key players such as Fitbit, Apple, Jawbone, and others. According to a survey conducted by the American College of Sports Medicine in 2017, wearable technology is the most prevalent fitness trend among consumers. Well-known brands are entering the fitness trackers market with smartwatches & fitness trackers powered with the android wear operating system witnessing the popularity of fitness trackers and Android operating system-based phones in this region. An increase in the penetration of wearable technology and high luxury expenditure on fitness are anticipated to propel the market throughout the forecast period. However, Asia-Pacific is expected to grow with the highest CAGR during the forecast period. 

The major players in the fitness rings market analysis are Sky Labs, Origami Group Limited, Mclear Ltd, Walmart, Circular, Happy Health, SLEEPON, Ultrahuman Healthcare3 Pvt Ltd, Oura Health OY, Motiv.Inc, Ringly, Movano Health, Bellabeat Inc, And Lazy Co. 

Key findings of the study    

• On the basis of compatibility, the iOS segment dominated the fitness rings industry in 2021, and is expected to retain its dominance throughout the forecast period in the fitness rings market.  

• On the basis of sales channel, the offline segment dominated the global market in 2021, and is expected to retain its dominance throughout the forecast period in the fitness rings market.   

• On the basis of region, North America accounted for the highest fitness rings market share in 2021, and is expected to grow at a CAGR of 7.2%.