Fitness Trackers Market

Fitness Trackers Market Size (2023 to 2028)

The global fitness trackers market is anticipated to grow to USD 145.7 billion by 2028 from USD 58.33 billion in 2023, growing at a CAGR of 20.1% from 2023 to 2028.

Fitness Trackers Market Share Insights:

• Based on product type, the smartwatch segment had shown significant domination in the market and accounted for a market share of 51% in 2022.
• Based on the application, segments such as heartbeat tracking and sports, running, and cycling tracks dominate the fitness trackers market.
• Geographically, the North American region led the fitness trackers market and had 47% of the global market share in 2022.

A fitness tracker is reliable and accomplishes tasks accurately. These are wireless devices that connect with laptops or smartphones via Bluetooth. It can be related to a smartwatch and track fitness-related tasks like counting steps walked, heartbeat, number of calories consumed, and many others. In addition, the user can easily monitor their activities on the display provided. These devices are generally manufactured with the help of wearable sensors, which commonly track physical parameters. The performance levels of the tools are also very high, and many mobile applications are in android, iOS, and Windows systems.

MARKET DRIVERS:

Rise in the awareness to stay fit and healthy and to monitor fitness activities and the growing patient population suffering from various health disorders worldwide are propelling the fitness trackers market growth. In addition, the growing geriatric population and their interest in healthy retirement is a favorable factor boosting the market growth. Besides the growing number of people suffering from CVDs and the increasing need to monitor heart rate, rising awareness over the availability of wearable fitness devices supports the market’s growth rate. The growth of the fitness devices market is also led by a rise in investments in developing new products with advanced features, increasing the prevalence of tracking physical activities in daily life. These devices are user-friendly and can be operated very easily by anyone.

In addition, the growing utilization of smartphones, laptops, and tablets, the increasing trend towards the internet of things and demand for user-friendly devices, the integration of software technology in the electronics and electrical industry, growing concern towards health among people, and the increasing popularity of smartwatches and other wearable fitness devices are also expected to propel the market growth.

MARKET RESTRAINTS:

However, fluctuations in the prices of end products are slowly impeding the growth of the fitness tracker market. Also, concerns about privacy and the rising number of theft issues limit the market's growth. Furthermore, the lack of skilled technicians to resolve the complications in major applications is slowly restricting the market's growth. Some advanced featured devices are high in cost, which cannot be affordable by ordinary people and is also one of the factors limiting the market's growth rate. Rapid changes in economic strategies may also hinder the growth rate of this market quietly. Frequent changes in technology have remained a challenging factor for market growth.

REPORT COVERAGE:

This research report on the global fitness trackers market has been segmented and sub-segmented into the following categories.

Fitness Trackers Market - By Product Type:

• Activity monitors
• Smart Watches
• Smart Clothing

Based on the product type, the activity monitors segment had the largest share of the worldwide market in 2021 and is expected to continue holding a considerable share during the forecast period owing to the rise in the prevalence of tracking physical activity parameters among many people.

Fitness Trackers Market - By Wearing Type:

• Hand Wear
• Legwear
• Headwear
• Others

Among all the wearing types, the handwear-wearing segment dominated the market and held the dominating share of the worldwide market in 2021. However, the easy availability of smartwatches and fitness trackers through online stores is driving the growth of the fitness trackers market.

Fitness Trackers Market - By Application:

• Heart Rate Tracking
• Sleep Measurement
• Glucose Measurement
• Sports, Running, and Cycling Tracking

The heart rate tracking segment is anticipated to have the major share of the worldwide market during the forecast period. Increasing cardiovascular diseases due to changes in food habits is one of the major factors propelling segmental growth.

Fitness Trackers Market - By Application:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the fitness trackers market in North America had the major share of the worldwide market in 2022 and is forecasted to hold a major share throughout the forecast period. The growth of the North American region is primarily driven by the rising concern for health among people, the increasing prevalence of chronic diseases, and the growing prevalence of tracking the number of steps walked, heartbeat and other physical activity measurements. In addition, the increasing geriatric population, growing awareness over the availability of fitness devices, and rising awareness around the benefits of early diagnosis are promoting the growth rate of the regional market.

The Asia Pacific fitness trackers market had the second largest share of the worldwide market in 2022 and is expected to hold promising occupancy in the global market during the forecast period. The growth of the regional market is fuelled by the rise in the utilization of smartphones and laptops, increasing support from the government through investments. Fitness trackers are designed to have secure connectivity with smartphones through applications that are broadening the demand of the fitness trackers market. Furthermore, the rise in healthcare expenditure is outshining the market's growth. In addition, introducing various features with advanced technology is lavishing the market's growth.

The fitness trackers market in Europe is forecasted to have tremendous growth possibilities and hit the highest CAGR in foreseen years. Factors include the rise in the interest in sports activities and the presence of developing countries. Focus on leading healthy lifestyles by exercising and keeping track of physical activities supports the regional market growth. In addition, the emergence of e-commerce is ascribed to bolstering the growth rate of the regional market. The launch of higher-end featured devices and growing priority for wireless connection devices is gearing up the growth of the fitness trackers market in Europe.

The Latin American fitness tracker market is anticipated to grow steadily during the forecast period.

The fitness trackers market in MEA is estimated to hold a moderate share of the worldwide market in the coming years.

KEY MARKET PARTICIPANTS:

Fitbit, Inc., Apple Inc., Adidas AG, Xiaomi Inc., Samsung Electronics Co. Ltd, and Nike Inc. are some notable companies in the global fitness trackers market.

RECENT MARKET DEVELOPMENTS

• In June 2019, Fitbit Inc. launched Fitbit Ace2, specially designed for kids above the age of eight. It is the first fitness band for kids introduced, ensuring healthy lifestyles by concentrating on physical activities. Parents can track their kid's sleep time and other physical activity parameters. The software is also designed not to include several calories burnt or display fat percentages on this device.
• In February 2019, Fitbit Inc. also introduced Fitbit inspire to track multiple parameters of fitness activity. This budget-friendly device allows users to connect easily to smartphones and tablets with Bluetooth. It will track the number of steps walked, weight, sleep time, and water content, among others. In addition, it is designed with a perfect size, which attracts consumers.
• Apple watches series five was introduced in September 2019 by Apple Inc., with advanced features such as monitoring onboard heart rate and tracking using GPS. Also, it enables connectivity with wireless headphones via Bluetooth. It is prominent in tracking various physical fitness parameters with high accuracy. It is a wearable device that offers several fitness applications.