Economy, Sci & Tech

Fitness Trackers Lead in Wearables

Fitness Trackers Lead in WearablesFitness Trackers Lead in Wearables

The running gear market is expected to grow at a compound annual growth rate of 7.35% by 2020, with the growth in running gear being the biggest area of growth.

The report by Technavio states as much, adding: "Running has gained acceptance as the best form of exercise that enhances physical fitness among all the age groups. Such increased motivation for running has led to an increase in the demand for apparel, footwear and gear that people use for running or jogging, and for participating in different running events. Moreover, with the rise in obesity rates across the globe, the consumers are becoming increasingly conscious and are taking up running for their fitness," according to Wareable.

The report notes that the market for this product segment is growing at the fastest rate in the global running gear market and this growth rate is expected to further multiply during the forecast period.

"In fact, the market for fitness trackers is expected to grow at such a fast rate that its sales revenue is expected to grow almost three times by 2020," it said.

Iran is lagging behind this segment in terms of production, with foreign wearable products flooding the domestic market.