Southeast Asia Fitness Ring Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 17.06 Million |
| Market Size (2029) | USD 26.44 Million |
| CAGR (2024 - 2029) | 9.15 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Southeast Asia Fitness Ring Market Analysis
The South East Asia Fitness Ring Market size is estimated at USD 17.06 million in 2024, and is expected to reach USD 26.44 million by 2029, growing at a CAGR of 9.15% during the forecast period (2024-2029).
- The fitness ring market in Southeast Asia is developing and is expected to grow in the coming years as the demand for compact devices to monitor health and fitness rises, coupled with the expansion of major market vendors in the region. Furthermore, technological advancements, coupled with a growing consumer preference for data-driven fitness monitoring, are set to bolster the Southeast Asian fitness ring market in the coming years.
- Consumers in Southeast Asian countries are increasingly seeking methods to monitor their fitness and health levels, driving demand for fitness rings. These devices offer real-time data on physical activity, heart rate, sleep patterns, and other metrics. The convenience and ease of use of fitness rings, as well as their ability to set and track personal fitness goals, further support the market expansion in Southeast Asia. Companies are continually innovating and adding new features to their products, such as water resistance and compatibility with smartphones and other devices. These developments are expected to support the growth of the Southeast Asia fitness ring market.
- The growth of the Southeast Asian fitness ring market during the forecast period may be impeded by substantial upfront costs, budgetary limitations, and potential security and data privacy risks linked to these devices. Despite the numerous advantages offered by fitness rings, their widespread adoption has led to increasing concerns regarding privacy, as these devices collect and store sensitive health and fitness information.
- Moreover, the rising disposable income in various Southeast Asian countries, coupled with the growing trend in the adoption of wearable technology for tracking fitness and health metrics, is analyzed to drive the growth of the Southeast Asian fitness ring market over the forecast period. The increasing disposable incomes and rapidly expanding middle class in Southeast Asian countries, such as Vietnam and Singapore, make these markets attractive for fitness ring market vendors.
- In the coming years, as wearable technology becomes more accessible in Southeast Asian countries, where basic fitness rings and smart fitness rings are expected to gain significant traction among consumers. Additionally, technological advancements in wearable technology, coupled with the launch of innovative and competitively priced fitness rings by market vendors, will bolster the growth of the Southeast Asian fitness ring market.
Southeast Asia Fitness Ring Market Trends
Smart Fitness Ring Segment Is Anticipated to Witness Substantial Traction
- The smart fitness rings are analyzed to gain popularity in the Southeast Asia fitness ring market over the forecast period. Over the years, global smart fitness ring vendors such as RingConn have expanded their distribution channels in South Asian countries, increasing sales of smart fitness rings in the region. For example, the RingConn Smart Ring is available online through platforms like weareready.sg and Lazada.
- Smart fitness rings are gaining popularity in Southeast Asia. These wearable devices pair with smartphones or tablets to provide notifications and can be used for contactless payments. The significant advantages associated with smart fitness rings are attracting the region's young and tech-savvy population to adopt them.
- In June 2024, Anytime Fitness, the world's foremost fitness franchise, announced the opening of its 50th club in Malaysia, strategically situated at Amerin Mall. This landmark event solidifies Anytime Fitness' position as a top-tier fitness chain in Malaysia and underscores its commitment to reshaping the nation's health and wellness landscape. Focusing on empowering communities, Anytime Fitness champions a culture of health, vitality, and inclusivity. Such developments may further escalate the demand for fitness rings in Malaysia. The growing expansion of fitness-related activities in the country is analyzed to create growth opportunities for smart fitness rings in the South Asian fitness ring market over the forecast period.
- The demand for smart fitness rings is expected to increase among fitness enthusiasts seeking to monitor their workouts and achieve their fitness goals. The growing emphasis on health and fitness in Southeast Asian countries is likely to drive the demand for smart fitness rings among gym-goers who use these devices to track their workouts. For example, according to data from the Singapore Department of Statistics and Sport Singapore, gymnasiums in Singapore recorded approximately 4.02 million attendances in 2023, up from 1.97 million in 2021.
Singapore Is Expected to Witness Substantial Growth
- The Singaporean fitness ring market is analyzed to positively influence the growth of the fitness ring market, largely characterized by the growing demand for health monitoring devices among young consumers, the country's large tech-savvy population, coupled with the availability of various fitness rings such as Oura ring, Ultrahuman Ring Air, etc., on various e-commerce platforms in the country.
- Wearable technology has become popular in Singapore in recent years, with fitness rings gaining significant traction. The increasing adoption of wearable technology has given way to the development of novel and innovative products that cater to various needs and preferences. Wearable devices such as fitness rings have become an integral part of daily life for many Singaporeans, offering functions from health and fitness monitoring to productivity and communication.
- The fitness ring market growth in Singapore is due to factors like disposable income and consumer spending patterns. As disposable income rises, consumers are more inclined to invest in health and wellness products, such as fitness rings. This trend reflects a growing willingness to allocate funds towards personal health monitoring devices such as fitness rings.
- For instance, according to the data from the Singapore Department of Statistics, in nominal terms, personal disposable income in Singapore grew by 4.9% on a year-on-year basis in the fourth quarter of 2023. Further, in nominal terms, the personal disposable income in Singapore grew by 10.1% on a year-on-year basis in the second quarter of 2023.
Southeast Asia Fitness Ring Industry Overview
The Southeast Asian fitness ring market remains fragmented, with no single vendor commanding a dominant share. Major market vendors are actively launching new smart fitness rings and bolstering their distribution channels across Southeast Asia, aiming to amplify sales and capture a larger market share.
Southeast Asia Fitness Ring Market Leaders
-
Ultrahuman Healthcare Private Limited
-
Oura Health Oy
-
Fitbit (Google Inc.)
-
Samsung Electronics Co., Ltd.
-
RingConn
*Disclaimer: Major Players sorted in no particular order
Southeast Asia Fitness Ring Market News
- July 2024: Samsung officially entered the smart ring market with the launch of its first Galaxy Ring. This compact, finger-worn device is designed for discreet and comfortable 24/7 use. The Galaxy Ring is available in three premium finishes and nine sizes, offering users a personalized fit and style option.
- January 2024: Oura, a smart ring manufacturer, introduced a "Resilience" feature designed to measure users' stress tolerance. Oura evaluates resilience based on factors such as daytime stress load and recovery phases, both during the day and at night (sleep). Instead of providing a numerical score, the company classifies resilience into five distinct categories: Limited, Adequate, Solid, Strong, and Exceptional. The Oura app will also offer insights and recommendations to help users enhance their resilience.
- January 2024: Amazfit, a health and fitness-focused smart wearable brand under Zepp Health, launched its first smart ring, the Amazfit Helio Ring. The Amazfit Helio Ring is designed for athletes, focusing on providing recovery support to enhance performance. The device collects data, which is then processed through the Zepp app. This app transforms the data into an intuitive Readiness score, guiding athletes on whether to prioritize activity or recovery.
Southeast Asia Fitness Ring 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 Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Analysis of Macro-Economic Scenarios (Recession, Russia-Ukraine crisis, etc.)
4.4 Insights on the Regulatory Landscape Related to Data Security in Southeast Asia
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growth in Demand for Compact Devices
5.1.2 Growing Technological Advancements in the Wearables Industry
5.2 Market Challenges
5.2.1 Limited Use of Features, Augmented with Security Risks
5.2.2 High Initial Investment and Budget Constraints
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 Ring
6.2 By Country***
6.2.1 Indonesia
6.2.2 Thailand
6.2.3 Singapore
6.2.4 Malaysia
6.2.5 Vietnam
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Ultrahuman Healthcare Private Limited
7.1.2 Oura Health Oy
7.1.3 Fitbit (Google Inc.)
7.1.4 Samsung Electronics Co. Ltd
7.1.5 RingConn
7.1.6 ArcX Technology
7.1.7 SLEEPON
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE MARKET OUTLOOK
Southeast Asia Fitness Ring Industry Segmentation
The Southeast Asian fitness ring 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 in North America.
The Southeast Asian fitness ring market is segmented by product type (basic fitness ring and smart fitness ring) and country (Indonesia, Thailand, Singapore, Malaysia, Vietnam, and Rest of Southeast Asia). 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 Ring |
| By Country*** | |
| Indonesia | |
| Thailand | |
| Singapore | |
| Malaysia | |
| Vietnam |
Southeast Asia Fitness Ring Market Research FAQs
How big is the Southeast Asia Fitness Ring Market?
The Southeast Asia Fitness Ring Market size is expected to reach USD 17.06 million in 2024 and grow at a CAGR of 9.15% to reach USD 26.44 million by 2029.
What is the current Southeast Asia Fitness Ring Market size?
In 2024, the Southeast Asia Fitness Ring Market size is expected to reach USD 17.06 million.
Who are the key players in Southeast Asia Fitness Ring Market?
Ultrahuman Healthcare Private Limited, Oura Health Oy, Fitbit (Google Inc.), Samsung Electronics Co., Ltd. and RingConn are the major companies operating in the Southeast Asia Fitness Ring Market.
What years does this Southeast Asia Fitness Ring Market cover, and what was the market size in 2023?
In 2023, the Southeast Asia Fitness Ring Market size was estimated at USD 15.50 million. The report covers the Southeast Asia Fitness Ring Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Southeast Asia Fitness Ring Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Southeast Asia Fitness Ring Industry Report
Statistics for the 2024 Southeast Asia Fitness Ring market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Southeast Asia Fitness Ring 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.
