(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Running Gear Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Running Gear Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023
The global running gear market had been valued at USD 9.83 Billion in the year 2016 and is projected to reach USD 22.53 Billion by the end of the forecast period growing at 12.97% CAGR . Running gears are the accessories used by the people during running and fitness activities. Some of the popular products covered under running gears are footwear, apparels, fitness tracker & wearable devices, and software. The changing lifestyle and increasing workload are major factors, driving the need for healthy living. Increasing adoption of fitness wearable in the field of medicine and growing work pressure in private sector has boosted the growth of running gear market to a large extent.
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The advancement in technology has increased the growth of smart wearable. Smartwatches, fitness trackers, apparels, and running footwear are some of the well-known smart wearables. Most people use fitness trackers to track their exercise, health statistics, and the overall progress. At present, hospitals, med-tech companies, pharmaceutical companies, and insurance companies have also started utilizing these fitness trackers. The emerging Internet of Things (IoT) is used to interconnect the uniquely identifiable embedded computing devices within the existing internet infrastructure. The wearables come consolidated with the internet of things that can be used to check or track the body activities.
Rapid economic growth has given job opportunities to people who develop their income. Due to the long working hour culture of the private sector, employees are facing some serious health issues like back pain, obesity, and respiratory problems. Also, due to busy schedules and high work pressure, the consumption of fast food has also increased as they are readily available in the market, which has also resulted in fat & body weight gain. With these rising health issues, people nowadays are becoming health conscious and are eagerly adopting various fitness measures & health advice and are adopting fitness devices such as running gears, fitness bands, and fitness applications to keep track of their health. Growing health alertness is expected to boost the growth of the running gear market over the forecast period.
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Increasing adoption of internet & smartphones, growing middle-class population, and rising disposable income are some of the crucial driving forces for the high growth of the e-commerce industry. Among the online retailers, Amazon, Flipkart, Snapdeal, Jabong, Shopclues are some of popular choices among end-users. These e-commerce giants provide various discount vouchers and occasional benefits to attract the customers on their portals. Here, the running gear manufacturers such as Fitbit, Xiaomi, Nike, Apple, Samsung, and other market players provide their product portfolio of fitness devices and wearables to maximize their profitability and market growth.
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Darlene Dooley
Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.
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