Global Fitness Trackers Market Size, Share, Trends, COVID-19 Impact and Growth Forecast Report – Segmented By Product Type (Activity Monitors, Smart Watches and Smart Clothing), Wearing Type, Application, End-users, Age Group, Sales Channel and Region - Industry Analysis (2024 to 2029)

Published: January, 2024
ID: 8726
Pages: 160

Global Fitness Trackers Market Size (2024 to 2029)

The global fitness trackers market is anticipated to grow to USD 175.04 billion by 2029 from USD 70.05 billion in 2024, growing at a CAGR of 20.1% from 2024 to 2029.

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 such as counting steps walked, heartbeat, number of calories consumed, and many others. 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 its interest in healthy retirement are favorable factors boosting 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.

Furthermore, 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

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 quietly hinder the growth rate of this market. Frequent changes in technology have remained a challenging factor for market growth.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

Segments Covered

By Product Type, Wearing Type, Application, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leader Profiled

Fitbit Inc., Apple Inc., Adidas AG, Xiaomi Inc., Samsung Electronics Co. Ltd, and Nike Inc.

 

SEGMENTAL ANALYSIS

Global Fitness Trackers Market Analysis By Product Type

Based on the product type, the activity monitors segment had the largest share of the worldwide market in 2023 and is expected to hold a considerable share during the forecast period, owing to the rise in the prevalence of tracking physical activity parameters among many people.

Global Fitness Trackers Market Analysis By Wearing Type

Among all the wearing types, the handwear-wearing segment dominated the market and held the dominating share of the worldwide market in 2023. However, the easy availability of smartwatches and fitness trackers through online stores is driving the growth of the fitness trackers market.

Global Fitness Trackers Market Analysis By Application

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.

REGIONAL ANALYSIS

Geographically, the North American region had the major share of the worldwide market in 2023 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 market had the second-largest share of the worldwide market in 2023 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 enhancing the market's growth.

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.

Latin America is anticipated to grow steadily and MEA is estimated to hold a moderate share of the worldwide market in the coming years.

KEY PLAYERS IN THE GLOBAL FITNESS TRACKERS MARKET

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 DEVELOPMENTS IN THE MARKET

  • 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 to be 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.

DETAILED SEGMENTATION OF THE GLOBAL FITNESS TRACKERS MARKET INCLUDED IN THIS REPORT

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

By Product Type

  • Activity monitors
  • Smart Watches
  • Smart Clothing

By Wearing Type

  • Hand Wear
  • Legwear
  • Headwear
  • Others

By Application

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

By Region

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

Please wait. . . . Your request is being processed

Frequently Asked Questions

Which region accounted for the major share in the global fitness trackers market in 2023?

Geographically, the North American region held the major share of the market in 2023.

Which segment by the application led the fitness trackers market in 2023?

Based on the application, the heart rate monitoring segment had the major share of the market in 2023.

Who are some of the leading players in the fitness trackers market?

Companies playing a leading role in the global fitness trackers market include Fitbit, Inc., Apple Inc., Adidas AG, Xiaomi Inc., Samsung Electronics Co. Ltd, and Nike Inc.

Related Reports

Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500

Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM

Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!

REACH OUT TO US

Call us on: +1 888 702 9696 (U.S Toll Free)

Write to us: [email protected]

Click for Request Sample