South Korea Smart Fitness Market Report and Forecast 2024-2032

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 2024-2032. 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