Pune, India, July 11, 2022 (GLOBE NEWSWIRE) — The global ”Fitness Tracker Market” is expected to reach USD 91.98 billion by 2027, exhibiting a CAGR of 15.2% during the forecast period. The rising adoption of wearable devices among the young population will significantly bolster healthy growth of the market, states Fortune Business Insights, in a report, titled “Fitness Tracker Market Size, Share &COVID-19 Impact Analysis, By Device Type (Smart Watches, Fitness Bands, Smart Glasses, Smart Clothing, and Others), By Application (Heart Rate Tracking, Sleep Measurement, Glucose Measurement, Sports, Running, Cycling Tracking), By Distribution Channel (Online, Retail, and Others), and Regional Forecast, 2022-2027” the market size stood at USD 30.41 billion in 2019.
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|Forecast Period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||15.4%|
|2028 Value Projection||USD 114.36 Billion|
|Market Size in 2020||USD 36.34 Billion|
|Historical Data for||2017 to 2019|
|No. of Pages||133|
High Proclivity towards Fitness to Boost Demand for Fitness Trackers
The rising alertness of an individual’s well-being and health will create lucrative opportunities for the market. These fitness trackers help track sleep patterns, measure heart-rate, sports activities, and others, thus leading to a healthy lifestyle. The surge in the fitness industry owing to the growing young population in countries such as India and China will influence the fitness tracker market growth. The propensity for health clubs and gyms among millennials will have an astonishing impact on the market. Hectic lifestyles can cause stress, anxiety, and depression, hence leading to deteriorated health. The rising necessity for physical activities and healthy diet plans due to the sedentary lifestyle will spur the market’s opportunities in the foreseeable future.
Integration of Innovative Features in wearables to Augment Business
The global market is steered by the dominance of major companies offering dynamic products to the healthcare industry. The robust product portfolio of Apple makes it a top brand among other companies. The focus towards innovative products with enhanced features and functionalities by key players will maintain their market position. For instance, in September 2019, Apple launched its Apple watch series 5 with advanced features that include tracking onboard heart rate and GPS. The wearable device helps to monitor several physical activities with high accuracy. Hence, the ongoing development of innovative products by companies will subsequently enable speedy expansion of the market.
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Major Fitness Tracker Market Key players covered in the report include:
- Gramin Ltd (Kansas, United States)
- Apple Inc (California, United States)
- Fitbit, Inc. (California, United States)
- Pebble Technology Corp (California, United States)
- (Suwon-si, South Korea)
- Google Inc. (California, United States)
- Xiaomi Technology Co., Ltd. (Beijing, China)
- Jawbone (California, United States)
- Nike (Oregon, United States)
- Other Players
Fitness Tracker Market Market Driver:
Sedentary Lifestyle of People to Spur Market Demand
The growing health issues such as obesity, lack of sleep, diabetes, and others because of the present deskbound generation will simultaneously create lucrative opportunities for the market during the forecast period. The growing emphasis on health and fitness to prevent major health conditions is expected to bode well for the market. The rising awareness about the importance of a healthy lifestyle will subsequently fuel the demand for fitness products, thus enabling the growth of the market. Additionally, an escalation in gym-goers and fitness enthusiasts has potentially spurred lucrative opportunities for the market.
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Fitness Tracker Market Regional Analysis:
Surging Obese Population to Aid Expansion in Europe
The market size in North America stood at USD 14.57 billion in 2019 and is expected to account for the largest share during the forecast period. The growth in the region is attributed to the growing health issues such as chronic diseases among the general population. Europe is expected to witness a substantial growth rate during the forecast period due to the growing obesity in the region. The market in Asia Pacific is expected to rise tremendously in the foreseeable future due to the growing adoption of tracking devices among the young population in countries such as Japan, China, and India. India accounts for 60% of the young people in Asia Pacific.
|North America||United States, Canada and Mexico|
|Europe||Germany, UK, France, Italy, Russia and Turkey etc.|
|Asia-Pacific||China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam etc.|
|South America||Brazil, Argentina, Columbia etc.|
|Middle East & Africa||Saudi Arabia, UAE, Egypt, Nigeria and South Africa|
Preference for Fitness During Pandemic to Positively Sway Market
The occurrence of COVID-19 has caused disturbance to the business of fitness trackers because of the interruption triggered in manufacturing, production, shipment, and sales of these products. However, the ongoing development of technologically advanced products by OEMs will cater to the demand for fitness amid the coronavirus epidemic. For Instance, Fitbit announced the launch of an innovative tracker, Fitbit Charge 4. The new device will assist and offer support to customers at home during this time. Moreover, Fitbit is also providing a free 90-day trial and access to premium content, thus leading to more premium subscribers. Similarly, the growing demand for fitness products during COVID-19 will improve sales of fitness trackers through online mediums, hence boosting the market. Besides, the enormous
October 2019: Fitbit signed a partnership agreement with Bristol-Myers Squibb-Pfizer alliance to address gaps in atrial fibrillation detection to accelerate diagnosis.
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Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Définitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Trends
- New Product Launch
- Technological Advancements in Fitness Tracker Market
- Key Industry Development (Mergers, Acquisitions, and Partnerships, etc.)
- Impact of COVID-19 on the Fitness Tracker Market
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