Global Fitness Rings Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 514.90 Million |
| Market Size (2029) | USD 737.70 Million |
| CAGR (2024 - 2029) | 7.46 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Global Fitness Rings Market Analysis
The Global Fitness Rings Market size is estimated at USD 514.90 million in 2024, and is expected to reach USD 737.70 million by 2029, growing at a CAGR of 7.46% during the forecast period (2024-2029).
- Over the past decade, the global market for wearable fitness technology has experienced rapid growth, with fitness rings gaining significant traction among consumers. These compact and unobtrusive devices are equipped with various health and wellness tracking features, making them particularly appealing to individuals who wish to monitor their health without the bulkiness associated with traditional fitness trackers or smartwatches.
- Also, the increasing popularity of fitness rings can be attributed to several key factors, including technological advancements, rising health awareness, and a growing demand for personalized and convenient health monitoring solutions. One of the primary drivers of the growing demand for fitness rings is the continuous advancement in wearable technology.
- As the demand grows, the companies have made several investments to launch their new products. For instance, in April 2024, Zepp Health announced the launch of the Amazfit Helio Ring, a fitness tracker designed mainly for athletes. The Amazfit Helio Ring is lightweight titanium, boasting comfort and durability. The brand claims that it can track sleep and heart rate variability and generates a daily ‘readiness’ score. Such developments are continuously growing in the market, which drives the overall market.
- Additionally, as preventive healthcare gains prominence, fitness rings have become popular. These devices deliver real-time health feedback, allowing users to make informed lifestyle choices and possibly identify early health concerns. For example, certain fitness rings monitor heart rate variability (HRV), a potential indicator of stress or cardiovascular issues. Fitness rings significantly enhance proactive health management by equipping users with such insights.
- Moreover, driven by rising consumer demand, technological advancements, and broadening applications, the fitness ring market is poised for continued growth in the coming years. This expansion is set to be propelled by the rollout of innovative features, including advanced biometric sensors, extended battery life, and deeper integration with digital health platforms.
Global Fitness Rings Market Trends
Growing demand of Smart Fitness Rings
- In recent years, the health and wellness industry has experienced a significant transformation driven by advancements in wearable technology. Smart fitness rings stand out as a particularly innovative and rapidly growing segment among the various emerging products. These devices offer a range of functionalities that appeal to health-conscious consumers, tech enthusiasts, and fitness professionals alike.
- Consumers are widely using Smart fitness rings, which offer various health monitoring capabilities, including heart rate variability (HRV), blood oxygen levels (SpO2), body temperature, and sleep stages. Consumers have made significant investments in healthcare. For instance, as per the report published by the World Bank and UN, in 2023, the total consumer spending on healthcare in the United States was recorded at USD 3.8 trillion. China follows closely behind with USD 586 billion. Such growing spending by consumers is driving the demand for wearable devices globally.
- Moreover, compared to basic rings, Smart fitness rings typically offer longer battery life than smartwatches or fitness bands, often lasting several days or weeks on a single charge. This extended battery life reduces the need for frequent recharging, making them more convenient for users.
- Additionally, the outlook for smart fitness rings is promising. With ongoing technological advancements, more sophisticated features are expected to be integrated into these devices. These may include glucose monitoring, enhanced sleep tracking, and AI-driven personalized health recommendations. Additionally, smart fitness rings are poised to reach a wider audience as production costs decline.
North America is Expected to Hold Major Share
- In recent years, the demand for fitness rings in North America has grown significantly, driven by a combination of technological advancements, increasing health awareness, and evolving consumer preferences for wearable technology. One key factor fueling the rising demand for fitness rings in North America is the rapid pace of technological innovation.
- Also, the adoption of advanced algorithms and machine learning techniques has further enhanced the functionality of these rings. By analyzing the data collected, these devices can provide personalized health insights, helping users make informed decisions about their fitness and wellness routines.
- For instance, in July 2024, Samsung unveiled its latest device at its Galaxy Unpacked events, further expanding its ecosystem. Among the showcased innovations were Smart Rings, equipped with tiny sensors to monitor diverse health metrics. The company designed the Galaxy Ring for 24×7 wear and can last for seven days on a single charge. The new ring comes with Galaxy AI features and uses several advanced algorithms to keep the users' fitness metrics in check, all in real-time.
- Moreover, the region is witnessing a growth in chronic diseases. As per the report published by U.S Centres for Disease Control and Prevention in 2024, every year, heart disease and stroke claim the lives of over 944,800 Americans. Beyond the human cost, these ailments impose a significant economic burden on the U.S. healthcare system, which shoulders an annual expense of USD 254 billion, while lost workplace productivity amounts to another USD 168 billion.
- With the increasing health issues, the demand for fitness rings has surged. These devices monitor and analyze health data daily, enabling users to identify potential health concerns early. This proactive approach not only facilitates timely medical intervention but also has the potential to alleviate some pressure on healthcare systems.
Global Fitness Rings Industry Overview
The Global Fitness Rings Market is competitive and has several major players. However, many companies are increasing their market presence by securing new contracts and acquiring other companies. Key companies in the market include Sky Labs, Samsung Electronics, Ultrahuman Healthcare Private Limited, Oura Health Oy, and others, continuously innovating and seeking market expansion through strategic mergers, acquisitions, and partnerships.
In August 2024, KUMI unveiled its latest innovation, the Ring H1, crafted from microcrystalline zirconium nano-ceramics and austenitic antibacterial stainless steel. Equipped with temperature, accelerometers, heart rate, and touch sensors, the KUMI Ring H1 seamlessly captures a range of body metrics, facilitating scientific health management. Key features encompass temperature monitoring and analysis, periodic assessments of resting and dynamic heart rates, blood oxygen monitoring, and a holistic overview of health data statistics.
In May 2024, Noise announced the launch of its latest innovation, the AI-powered Luna Ring. This launch positions the company to provide a round-the-clock personalized health companion, enhancing both lifestyle and user experience. With this, the user can monitor their fitness metrics on the Luna Ring with unmatched accuracy and ease. The ring equips them with AI-driven insights, enabling them to refine their lifestyle choices and realize their utmost potential.
Global Fitness Rings Market Leaders
-
Sky Labs
-
Ultrahuman Healthcare Private Limited
-
Google Inc. (Fitbit)
-
Oura Health Oy
-
Ringly
*Disclaimer: Major Players sorted in no particular order
Global Fitness Rings Market News
- July 2024 - Boat unveiled its latest offer, an affordable smart ring tailored for the Indian market. The Boat Sports smart ring boasts a sleek stainless steel design and is equipped to monitor sleep patterns, stress levels, heart rate, and SpO2 levels. Shoppers can find this innovative ring on Amazon.in Flipkart and the official Boat website.
- May 2024 - Oura Ring unveiled two new heart health features: Cardiovascular Age (CVA) and Cardio Capacity. These advancements mark a pivotal evolution for ŌURA, transitioning it from a premier sleep tracker to a holistic health device and personal health companion, thereby enhancing the accessibility of comprehensive health monitoring.
Global Fitness Rings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products and Services
4.2.5 Intensity of Competitive Rivalry
4.3 Analysis of Macro-Economic Scenario
4.4 Insights on the regulatory landscape related to data security
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing technological advancements in the wearables industry
5.1.2 Growth in demand for compact devices
5.2 Market Challenges
5.2.1 High initial investment and budget constraints
5.2.2 Limited use of features, augmented with security risks
5.3 Overview of demand trends of fitness and well-being apps
5.4 Role of E-commerce vendors in the industry
5.5 Benefits of NFC and RFID chip in fitness trackers
5.6 Trade analysis (export and import scenarios) of Fitness Rings
6. MARKET SEGMENTATION
6.1 By Product Type
6.1.1 Basic Fitness Ring
6.1.2 Smart Fitness Rings
6.2 By Geography***
6.2.1 North America
6.2.2 Europe
6.2.3 Asia
6.2.4 Australia and New Zealand
6.2.5 Latin America
6.2.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 Sky Labs
7.1.2 Samsung Electronics
7.1.3 Ultrahuman Healthcare Private Limited
7.1.4 Google Inc. (Fitbit)
7.1.5 Oura Health Oy
7.1.6 Circular
7.1.7 Ringly Inc.
7.1.8 ArcX Technology Ltd
7.1.9 LazyCo. Inc.
7.1.10 Boat
7.1.11 ArcX Technology Ltd
8. INVESTMENT ANALYSIS
9. FUTURE MARKET OUTLOOK
Global Fitness Rings Industry Segmentation
The global fitness rings market tracks the revenue incurred through the sale of smart fitness tracker rings offered by market vendors (directly, through partners and e-commerce platforms) to consumers globally.
The global fitness ring market is segmented by product type (basic fitness ring, smart fitness ring), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value in (USD) for all the above segments.
| By Product Type | |
| Basic Fitness Ring | |
| Smart Fitness Rings |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Global Fitness Rings Market Research FAQs
How big is the Global Fitness Rings Market?
The Global Fitness Rings Market size is expected to reach USD 514.90 million in 2024 and grow at a CAGR of 7.46% to reach USD 737.70 million by 2029.
What is the current Global Fitness Rings Market size?
In 2024, the Global Fitness Rings Market size is expected to reach USD 514.90 million.
Who are the key players in Global Fitness Rings Market?
Sky Labs, Ultrahuman Healthcare Private Limited, Google Inc. (Fitbit), Oura Health Oy and Ringly are the major companies operating in the Global Fitness Rings Market.
Which is the fastest growing region in Global Fitness Rings Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Fitness Rings Market?
In 2024, the North America accounts for the largest market share in Global Fitness Rings Market.
What years does this Global Fitness Rings Market cover, and what was the market size in 2023?
In 2023, the Global Fitness Rings Market size was estimated at USD 476.49 million. The report covers the Global Fitness Rings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Fitness Rings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Fitness Rings Industry Report
Statistics for the 2024 Global Fitness Rings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Fitness Rings analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Global Fitness Rings Market Report Snapshots
