Number of pages: 100 | Report Format: PDF | Published date: 26 July, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global fitness trackers market was pegged at ~US$ 37.43 billion in 2021 and is expected to witness a CAGR of 17.5% during the forecast period.
A fitness tracker also known as an activity tracker, is a device used for monitoring and tracking metrics related to fitness activities such as distance covered while walking, running, monitoring blood pressure, calories burnt, etc. These devices are connected to computers or smartphones through wireless connectivity.
The main drivers of the global fitness trackers market expansion are the rising number of product innovations and the increased participation of young people in sports of all types around the world. Smartwatches' growing appeal and smartphones' expanding market share will both lead to profitable market expansion opportunities. Other significant factors supporting the growth of the fitness trackers market include the expansion of offline distribution channels, a rise in celebrity brand endorsements, an increase in health expenditure, particularly in developing nations, and ongoing advancements in the materials used in the production of fitness trackers to improve product performance, and an increase in the use of e-commerce platforms.
Another factor influencing the market growth is the widespread acceptance of novel technologies, which is rising along with the popularity of smart devices and the improving advantages of fitness trackers. Additionally, the fitness tracker syncs with a user's smartphone to offer insightful data on heart rate, pace, and calories burned for enhancing overall awareness of wellbeing. The market growth is anticipated over the forecast period because of these innovations and advantages provided by fitness tracker manufacturers to capture market share. Additionally, several economic reasons, including rising per capita healthcare spending, growing investment in cutting-edge technologies, and improved healthcare infrastructure, are anticipated to promote expansion.
However, a significant obstacle to the market expansion will be the manufacturers' extreme pricing pressure and the hefty price of the fitness trackers. The market growth rate will be further slowed down by growing privacy and security concerns, fierce competition from other cheaper and counterfeit goods, and so on. The potential for expansion will be further constrained by the absence of a robust distribution network in underdeveloped regions.
The global fitness trackers market has been analyzed from four perspectives: device type, applications, distribution channel, and region.
Fitness Trackers Market by Device type
Based on device type, the fitness trackers market is segmented into smartwatches, smart glasses, fitness bands, and smart clothing. Smartwatches have quickly become a significant component of consumer electronics. Health monitoring has proven to be the smartwatch's most useful feature. It benefits the exercise enthusiast by offering crucial health metrics and disease-related information. The popularity of smartwatches is soaring because they all include fitness trackers.
Additionally, smartwatches are now widely used by people, and mobile chip manufacturers are investing in these gadgets as well. The ability to detect convulsions and tremors on a smartwatch could be helpful for people who suffer from conditions like epilepsy. The widespread popularity of smartwatches is a result of their many advantages.
Fitness Trackers Market by Applications
Based on application, the global fitness trackers market is divided into heart monitoring, blood pressure monitoring, oxygen levels monitoring, sleep monitoring, calorie count, distance tracking, and glucose monitoring. The heart rate monitoring segment holds a huge share of the fitness trackers market due to the increased prevalence of cardiovascular diseases due to drastic changes in lifestyle.
Fitness Trackers Market by Distribution Channel
Based on distribution channels, the global fitness trackers market has been bifurcated into online sales and offline sales. The online sales segment holds the largest share of the market. This is due to increased internet penetration and the presence of e-commerce platforms. Alongside, the offline sales segment is also estimated to showcase significant growth as offline stores allow consumers to examine the product before buying it. Moreover, offline stores provide immediate assistance from a skilled salesforce with product knowledge, which drives product sales through
Fitness Tracker Market by Region
Based on region, the global fitness trackers market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America has the largest revenue share in the fitness trackers market due to increased awareness and acceptance of fitness trackers. In addition, the rise in sedentary lifestyle-related health problems, the emergence of innovative products by key market players, and the proliferation of smartphones and the Internet in North America will drive local industries.
Asia Pacific region, on the other hand, 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 region will drive the fitness tracker market in the forecast years.
Some of the prominent players operating in the fitness trackers market are