In modern life, people are becoming increasingly sedentary as a result of technology advancements, and they tend to sit a lot. This has been demonstrated by WHO figures indicating that more than 1.4 billion individuals worldwide are falling into a "pandemic" of physical inactivity, putting themselves at risk of some serious diseases, including cancer. Furthermore, physical-inactivity-related mortality resulted in $13.7 billion in productivity losses, and 13.4 million disability-adjusted life years were lost globally due to physical inactivity.
Aristotle - an ancient Greek philosopher and scientist commented: "Nothing makes a person tired, weak and destroys the body like prolonged inactivity". Although it is well understood that regular exercise helps to increase height and health, many people, especially urban residents and the city youths, still ignore this important habit.
Daily exercising is proven to help prevent and treat noncommunicable diseases such as heart disease, stroke, diabetes and several cancers. It also assists in preventing hypertension, maintaining healthy body weight and improving mental health, quality of life and overall well-being.
Furthermore, since the Covid epidemic, people have been more and more conscious of the necessity of increasing physical activity and participation in sports. The outbreak of coronavirus (COVID-19) created a global health crisis with devastating health, social, and economic impacts. The crisis also gives an opportunity to all the people around the world to have a good influence on creativity and to establish new physical exercise routines.
According to a study conducted in England, two-thirds of adults believe exercise has become more important than ever during the COVID-19 crisis. The 65% of people also believed exercise was helping them with their mental and physical health during the outbreak, with various age groups reporting to have done more physical activities just one week after the COVID-19 restrictions: a 43% increase for those from age 16–34 and 22% for those from age 55 or older.
According to The Business Research Company: “The top opportunities in the sports market segmented by type will arise in the participatory sports segment, which will gain $136.7 billion of global annual sales by 2025”. They have also recommended that the sports market companies should focus on contactless sporting events, adopting mobile training apps, fusion of sports and entertainment, adoption of VR and AR, personalization of fan engagement, combination of fitness formats, offering sports tourism and Esports, …
This worldwide trend also has driven the sportswear industry to about $239.95 billion in 2018 and is expected to register a CAGR of 10.4% from 2019 to 2025.
As cited by The Global Textiles: “The sportswear apparel market has shown a compound annual growth rate (CAGR) of 6.5% over the past five years, one and a half times of the apparel market. North America is the largest sportswear market in the world, with more than 30% market share and the market size of the US market is estimated at $62 billion and expected to grow at a CAGR of 3.1% over the next five years. Europe’s sportswear industry is now estimated to reach $115,709 million and $172,315 million by 2025. Moreover, experts predict a CAGR growth of 5.5% from 2018 to 2025.”
Source: Global Textiles
The increasing adoption of smart sportswear, which is designed to enhance the workout routine, monitor performance, and provide real-time feedback, acts as a potential for market growth. The sportswear market is divided into three categories: footwear, apparel, and wearables, in which “The athletic footwear market was valued at $109.7 billion in 2020, and is projected to reach $165.0 billion by 2030, registering a CAGR of 4.2% from 2021 to 2030.” - According to Allied Market Research.
Source: Fortune Business Insights
The demand for athletic footwear products is increasing rapidly, owing to usage in various conditions, especially running & jogging shoes. In addition, there are fitness-conscious customers, gym-goers, and people who use them for their daily workout routines.
Inspired by all the figures above, THINK8 has started to research, manufacture, and launch our first sportswear product: Smart running shoes - 1S2M.