Market Trends of North America Fitness Ring Industry
Smart Fitness Ring Segment is Analyzed to Drive the Market Growth
- The smart fitness rings are gaining popularity in the North American fitness rings market owing to the ongoing technological advancements in the wearable industry. Moreover, the compact, flexible, and convenient design of smart fitness rings gives them a competitive edge over other smart wearable devices and supports the demand among young demographics of the North American region.
- Moreover, as North Americans increasingly prioritize health and fitness, the demand for wearable technology, particularly smart fitness rings, is rising. The growing fitness consciousness among the public is analyzed to create significant scope for the growth of the smart fitness ring segment over the forecast period.
- Data from the Bureau of Labor Statistics and the US Census Bureau indicates a growing trend: in 2023, 21.1% of the US population engaged in daily sports, exercise, and recreational activities, up from 20.1% in 2022. Furthermore, according to the data, in 2023, 22.4% of men in the US engaged daily in sports, exercise, and recreational activities, outpacing women's 19.9% participation rate.
- Furthermore, as health and self-care gain prominence, there's a rising demand for technologies that facilitate these pursuits. In line with this trend, smart fitness rings provide features like stress management and activity tracking, championing a comprehensive approach to well-being. Moreover, numerous leading smart fitness ring firms are based in North America. Their close proximity to the market enables them to adapt their products to evolving consumer preferences swiftly. Such factors further bolstered the adoption of smart fitness ring in North America.
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United States is Expected to Hold to Largest Market Share in the Studied Market
- The United States is the primary innovation hub for the fitness tracker industry, hosting major players like Fitbit, Apple, and Jawbone. As wearable technology becomes more prevalent and luxury spending on fitness rises, these trends are expected to continue driving the market throughout the forecast period. Additionally, market vendors' ongoing advancements in wearable technology bolster the U.S. fitness rings market.
- Market vendors in the United States are introducing cutting-edge smart fitness rings to broaden their consumer base and bolster their market share. This trend is significantly fueling the growth of the U.S. fitness ring market. For example, in November 2023, Movano Health commenced orders for its Evie Ring, a smart ring tailored for women. The Evie Ring distinguishes itself from other wearables with its innovative and comfortable design, a primary focus on women's health and fitness tracking, and an emphasis on holistic data interpretation over mere individual activity scores.
- Further, the country's growing national per capita healthcare expenditure is further analyzed to create significant growth opportunities for fitness ring market vendors. For instance, CMS projects that by 2031, the national health expenditure per capita will surpass USD 20,425 for the first time.
- Moreover, in response to the surging demand for fitness rings in the U.S., major market players are establishing manufacturing facilities for healthcare tracking ring devices. For example, in April 2024, Ultrahuman unveiled its plans for a new manufacturing facility set to boost its production capabilities. This facility will be situated in Indiana, set to commence operations within the next six months, and is envisioned as the springboard for Ultrahuman’s forthcoming growth trajectory. Mirroring the operational model of its inaugural facility in India, the UltraFactory is designed to provide comprehensive production capabilities.
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