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Technavio has published a new report on the global pedometer market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global pedometer marketfor 2017-2021. The market is segmented ongeography (the Americas, EMEA, and APAC), distribution channel (retail outlet and online stores), and product (smart pedometer and manual pedometer).
The demand for the pedometer is high in the developed countries such as the US, Canada, the UK, and Germany owing to the increased awareness of these products as well as the high number of people affected by health conditions. On the contrary, developing countries such as India, China, Japan, Mexico, and Brazil will see a fast growth rate of pedometers because of the rising health-conscious population and the increasing disposable income. This has resulted in vendors shifting their focus to these countries where lies a high potential for revenue growth.
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Technavio’s research analysts highlight the following three factors that are contributing to the growth of the global pedometer market:
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Increased adoption of wearable devices for healthy lifestyle
The growing awareness about health and wellness is encouraging many people to exercise and stay fit and healthy. Wearables are increasingly being used by individuals as a preventive measure to monitor their health conditions. Among the wearable devices, the pedometer, which is available in various formats and designs, is one of the preferred devices. Pedometers are used by individuals to track the distance covered by them and monitor some basic health conditions.
Amber Chourasia, a lead health and wellness research analyst at Technavio, says, “The pedometer is in high demand in the market due to the increased adoption of the product across various age groups. The increased demand for the product provides opportunities for vendors to develop age-specific products and thereby, increase the product adoption by the respective age group. Further, the youth uses wearables as fashion wear as well as to gauge various health parameters such as the steps taken, calories burned, sleep time, and sleep quality.”
Growing adoption of wearable devices in sports and fitness industry
Participation in sports and physical fitness activities plays a significant role in promoting health and wellness among people. Such activities are also an integral strategy for stemming childhood obesity, which is a critical health priority of countries such as the US, Mexico, New Zealand, Australia, Chile, and Hungary.
“The pedometer is one of the most common devices used by the sports and fitness industry. During training and on a daily basis, athletes and bodybuilders need to track their health conditions. Activity trackers like the pedometer enable individuals to obtain real-time data, thus allowing them to track their physical activities such as walking, running, and maintaining a record of calories burned during physical exercise from anywhere anytime,” adds Amber.
Competitive pricing strategies by manufacturers
The global pedometer market is highly competitive in terms of product pricing, owing to the presence of a substantial number of market players and less differentiated products. Various pricing strategies such as economic pricing, penetration pricing, and price skimming are employed by the vendors to sustain in the competitive market.
The competitive pricing strategies by vendors have a mixed impact on the global market such as product launch only in a developed market where adoption rate is high to generate more revenue. The regional market players are also introducing new products in the market and expanding the global market in terms of product offerings and value proposition.
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