Fitness Trackers Market by Device Type (Smartwatches, Smart Glasses, Fitness Bands and Smart Clothing), by Application (Heart Rate Monitoring, Blood Pressure Monitoring, Oxygen Levels Monitoring, Sleep Monitoring, Calorie Count, Distance Track and Glucose Monitoring), by Distribution Channel (Online Sales and Retail Sales) - Global Outlook & Forecast 2022-2030
According to the deep-dive market assessment study conducted by Growth+Reports, the global fitness trackers market was pegged at ~US$ 37.43 billion in 2021. The market is expected to witness a CAGR of ~17.5% from 2022 to 2030.
The factors driving the global fitness trackers market are the increasing number of product innovations and the increased participation of young people in all kinds of sports and athletic activities around the world. Increasing the attractiveness of smartwatches and increasing the market share of smartphones both lead to profitable market expansion opportunities. Other key factors driving the growth of the fitness trackers market include expanding offline sales channels, increasing support for well-known brands, growing health care costs, especially in developing countries, and improving product performance. The use of e-commerce platforms includes continuous advances in the manufacturing-related materials used by fitness trackers. In addition, the fitness trackers synchronize with smartphones to provide insightful data on heart rate, pace and calories burned to improve overall health awareness. These innovations and benefits offered by fitness trackers manufacturers to gain market share are expected to grow the market during the forecast period. In addition, several economic factors are expected to drive expansion, including higher per capita health care costs, increased investment in cutting-edge technology, and improved health infrastructure.
However, the major challenges to the fitness trackers market growth are extreme price pressure on manufacturers and soaring prices of fitness trackers. Increasing privacy and security concerns, and fierce competition from other low-cost counterfeit products have further slowed market growth. The potential for market expansion is further constrained by the lack of a strong distribution network in developing regions.
E-commerce has been growing at a tremendous rate over the past decade. With better internet access and improved logistics, consumers have shifted their preference toward online shopping. Asia Pacific is a market filled with opportunities for e-commerce where there is a rise in disposable income and improvements in healthcare infrastructure.
The rising prevalence of cardiovascular disease and obesity cases has encouraged consumers to opt for a fitness tracker so as to manage their health. According to the World Health Organization, in 2021 around 18 million individuals died due to cardiovascular conditions. This figure clearly states the rising awareness of healthcare in individuals and hence taking measures like adopting fitness trackers as a step to track their health metrics. The COVID-19 pandemic has raised the demand for fitness trackers in order to monitor heart rate and oxygen levels in the body.
The data privacy concerns with fitness trackers have slowed down the overall market. Fitbit being the second largest popular brand in North America has observed a decline in its market due to data privacy concerns after its acquisition by Google. The high price of fitness trackers also is one of the challenges for the market growth. Because of this, many top brands are launching low-cost products to overcome the decline. Samsung launched a low-cost fitness tracker in Galaxy Fit 2,to fit the market situation.
Asia Pacific region is expected to be the fastest growing regional market due to the high adoption of fitness trackers and increased awareness of the overall health and fitness of the working class. In addition, increasing consumer disposable income levels, easy availability of advanced products from various brands, and increasing penetration of e-commerce in Asia Pacific will drive the fitness trackers market in the forecasting years.
Some of the prominent players operating in the global fitness trackers market are Garmin Ltd., Apple Inc., Fitbit (Google), Nike Inc., Casio Computer Co. Ltd., Xiaomi Corp., Adidas Inc., Samsung Group, Hexoskin, and Catapult among others.