Fitness Trackers Market

Fitness Trackers Market Size (2022 to 2027)

The global fitness trackers market is anticipated to grow to USD 121.36 billion by 2027 from USD 48.57 billion in 2022, growing at a CAGR of 20.1% from 2022 to 2027.

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.

Some of the key findings of the report:

• Based on product type, the smartwatch segment had shown a significant domination in the market and accounted for a market share of 51% in 2021.
• Based on application, segments such as heartbeat tracking and Sports, Running, Cycling Tracking are dominating the fitness trackers market.
• Geographically, the North American region led the fitness trackers market and had a share of 47% of the global market in 2021.

MARKET DRIVERS:

The rise in the awareness of staying fit and healthy and monitoring fitness activities is one of the key factors propelling the fitness trackers market.

In addition, the increasing incidence of various health disorders worldwide, the growing geriatric population, and their interest in healthy retirement are accelerating the fitness trackers market growth. Besides increasing incidences of cardiovascular diseases and the increasing need to monitor heart rate, rising awareness over the availability of wearable fitness devices is spurring the market's growth to some extent.

YOY growth in the utilization of smartphones, laptops, and tablets, the growing trend towards the IoT, and the demand for user-friendly devices are further fueling the fitness trackers market.

Furthermore, the coupling 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. The market is also led by a rise in investments in developing new products with advanced features and the increasing prevalence of tracking physical activities in daily life. These devices are user-friendly and can be operated very easily by anyone.

MARKET RESTRAINTS:

Fluctuations in the prices of end products are slowly impeding the growth of the fitness trackers market.

Also, concerns about privacy and the rising number of theft issues limit the market's growth. 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 growth. 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.

COVID-19 impact on the global fitness trackers market:

The impact of COVID-19 on the fitness trackers market was positive.

The widespread novel Corona Virus has caused a severe disturbance in the business of fitness trackers because of the delay in manufacturing the products and sales due to lockdown restrictions. Moreover, post lockdown guidelines by the government in every country, the demand for these fitness trackers is hiking and enhancing the sales of the products through online mediums, which propel the market growth. In addition, new wearable devices like Fitbit have come into the market, which can track fitness and predict COVID-19 and its symptoms. Furthermore, during the COVID-19 outbreak, many people are more conscious of monitoring their heart rate, oxygen levels, and other fitness-related activities to avoid risk factors. This has compelled the market to grow faster in these challenging times. 

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

Among all the product types, the activity monitor segment dominated the fitness trackers market in 2021 owing to the rise in the prevalence of tracking physical activity parameters among many people.

However, the smartwatches segment is anticipated to showcase the fastest growth during the forecast period among all the segments. This rise in smartwatches is due to their ability to provide multiple advantages and functions while being stylish and youthful. 

Fitness Trackers Market - By Wearing Type:

• Hand Wear
• Legwear
• Headwear
• Others

Among all the wearing types, the handwear-wearing segment held the majority of the share of the fitness trackers market in 2021, and the same domination is anticipated to be there throughout the forecast period. In addition, the easy availability of smartwatches and fitness trackers through online stores drives the demand for fitness trackers.

However, legwear devices are also expected to show fast growth during the forecast period due to the rising cases of wanting to use fitness monitors which are not prominent or visible when wearing them. 

Fitness Trackers Market - By Application:

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

Among all, the heart rate tracking segment was the leader in the global fitness trackers market in 2021, and this segment also is estimated to progress well during the forecast period. YOY rise in the number of people suffering from cardiovascular diseases is one of the significant factors propelling the growth of this segment. In addition, the growing prevalence of CVDs can be attributed to unhealthy changes in food habits and lack of physical activity.

However, sports, running, cycling, and sleep measurement trackers are now gaining popularity due to populations' increasingly healthy lifestyles and the need to monitor proper sleep cycles for overall health and wellness. In addition, the rising cases of people going on diets and trying to lose or gain weight are increasing the demand for this segment. 

Fitness Trackers Market - By Region:

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

Geographically, the fitness trackers market in North America dominated the worldwide market in 2021 and is anticipated to hold a significant share during the forecast period. Rising concern about health, increasing incidences of chronic diseases, and the growing prevalence of tracking the number of steps walked, heartbeat, and other physical activity measurements are a few factors encouraging the fitness trackers market in North America. In addition, the YOY rise in the geriatric population in North American countries and growing awareness over the availability of fitness devices and benefits of early diagnosis is further favoring the market in this region.

The Asia-Pacific fitness trackers market was the second-largest regional market in the worldwide fitness trackers market in 2021. The rise in the utilization of smartphones and laptops and growing government support through investments support the market in this region. Fitness trackers are designed to have secure connectivity with smartphones through applications. In addition, the rise in the expenditure on healthcare and the introduction of various features with advanced technology is further helping the region to register better growth.

The fitness trackers market in Europe has witnessed tremendous growth in the recent past and is also anticipated to hit a promising CAGR in the foreseen years. The rise in the interest in sports activities and the growing focus on leading healthy lifestyles by exercising and keeping track of physical activities are strengthening the market's growth in this region. In addition, the emergence of e-commerce, the launch of higher-end featured devices, and the growing priority for wireless connection devices are further promoting the European market growth.

KEY MARKET PLAYERS:

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 September 2022, the North American branch of the Koninklijke Philips NV filed a patent case against the Fitbit wearable fitness devices by google, claiming that the company had essentially copied many of the programs and features from them. However, the patent was declined as the judge stated that the lawsuit for the "interactive exercise monitoring" patent was too abstract for a patent concept and declared google as the winner of the case. Philips had filed 4 cases against Fitbit, all of which were ruled out by the judiciary systems. 
• In September 2022, Fire-boltt, a new wearable smartwatch company, rose to profit due to its reasonable strategizing and competitive pricing. The company is also a gaming and audio provider with products in fashion and fitness. The emerging company targets younger populations by adding advanced features at low prices and maintaining good quality. The market is holding a strong revenue in the market during recent times. The company aims to provide apple-level services without apple level pricing for its customers. 
• In May 2022, a wearable fitness tracker company by the name "whoop" announced that it is now developing ways in which fitness trackers can also help boost consumers' mental health. According to the company's founder, Ahmed's fitness is deeply linked to a person's mental health he justifies his statement by providing examples like better sleep schedules helping mental health and reducing stress levels. The company believes that providing mental health benefits is the future of fitness trackers. 
• In April 2022, Garmin, a technology company, launched a new fitness watch with the styling of a smartwatch after three years of not launching any new fitness watch launches. The new product by name, the vivosmart 5, has more advanced and attractive features than a consumer can expect from a typical fitness watch. In an era of smartwatches, the company is pushing for its new line of fitness watches and has put a lot of effort into the new model.

• In June 2019, Fitbit Inc. launched Fitbit Ace2, specially designed for kids above eight. It is the first fitness band for kids introduced to ensure kids have 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 device is budget-friendly and 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 Watch series five was introduced in September 2019 by Apple Inc., with advanced features that include 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.