The Global Fitness Trackers Market size is estimated to be growing at a CAGR of 20.1% from 2022 to 2027.
A fitness tracker is reliable and accomplishes the tasks accurately. These are wireless devices and 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. 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 the physical parameters. The performance levels of the tools are also very high, and there are many mobile applications in android, iOS, and Windows systems.
MARKET DRIVERS:
The rise in the awareness to stay fit and healthy and to monitor fitness activities is accelerating the demand of the market majorly. Increasing incidences of health disorders across the world, the growing geriatric population, and their interest in healthy retirement are propelling the growth of the Fitness Trackers Market. Besides increasing incidences of cardiovascular diseases and the increasing need to monitor heart rate, rising awareness over the availability of various wearable fitness devices is spurring the growth of the market to the extent. The market is also led by a rise in investments in developing new products with advanced features. Moreover, the increasing prevalence of tracking physical activities in daily life is propelling the growth of the fitness trackers market. These devices are user-friendly and can be operated very easily by anyone.
Increasing the utilization of smartphones, laptops, and tablets, the growing trend towards the internet of things, and the demand for user-friendly devices are further fuelling the market growth. 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.
MARKET RESTRAINTS:
However, fluctuations in the prices of end products are slowly impeding the growth of the fitness trackers market. Also, concern towards privacy and the rising number of theft issues are limiting the growth of the market. Lack of skilled technicians in resolving the complications in major applications is slowly restricting the growth of the market. Some advanced featured devices are high in cost, which cannot be affordable by ordinary people is also one of the factors limiting the demand of the market. Rapid changes in the 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 widespread novel Corona Virus has caused a serious 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. New wearable devices like Fitbit have come into the market, which can track fitness and predict the COVID-19 and symptoms. During COVID 19 outbreak, many people are more conscious in monitoring the heart rate, oxygen levels, and other fitness-related activities regularly to avoid risk factors. This has impelled the shares of the market to grow at a higher rate in these tough times.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2021 to 2027 |
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Base Year |
2021 |
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Forecast Period |
2022 to 2027 |
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Segments Covered |
By Product Type, Wearing Type, Application, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Fitbit, Inc., Apple Inc., Adidas AG, Xiaomi Inc., Samsung Electronics Co. Ltd., Nike Inc., Moov Inc., Lumo Bodytech Inc., and Jawbone |
This research report on the global fitness trackers market had been segmented and sub-segmented into the following categories and evaluated market size and forecast until 2027.
Fitness Trackers Market - By Product Type:
Among all the product types, the Activity monitor type is dominating with the highest shares of the market with the rise in the prevalence to track physical activity parameters among many people.
Fitness Trackers Market - By Wearing Type:
Among all the wearing types, Handwear wearing type is dominating with the most significant shares of the market. The easy availability of smartwatches and fitness trackers through online stores drives the demand of the Fitness Trackers Market.
Fitness Trackers Market - By Application:
Among all, Heart rate tracking applications are having in high demand for the past few years. Increasing cardiovascular diseases due to changes in food habits are leveling up the need of the market.
Fitness Trackers Market - By Region:
Geographically, Fitness Trackers Market in North America is expected to hold a significant share in the global market during the forecast period. Rising concern towards health is fuelling the demand of the market. Besides, increasing incidences of chronic diseases are accelerating the need for the fitness tracker market. Growing prevalence to track the number of steps walked, heartbeat, and other physical activities measurements influences the demand of the market. The increasing geriatric population is escalating the growth of the market. Growing awareness over the availability of fitness devices and Knowing the benefits of early diagnosis is fuelling the demand of the market.
The Asia Pacific Fitness Trackers Market is positioned second in accounting for the most significant share in the global market from 2021 to 2026. The rise in the utilization of smartphones and laptops is leveling up the growth of the market. Increasing support from the government through investments is escalating the growth of the market. Fitness trackers are designed to have secure connectivity with smartphones through applications that are broadening the demand of the fitness trackers market. The rise in the expenditure on healthcare is outshining the growth of the market. The introduction of various features with advanced technology is lavishing the demand of the market.
Europe Fitness Trackers Market has witnessed a tremendous growth rate from the past few years and is also anticipated to hit the highest CAGR in foresee years. The rise in the interest in sports activities is boosting up the demand of the market. Increasing revenue in most countries is magnifying the growth of the fitness trackers market. Focus on leading healthy lifestyles by doing exercise and keeping track of physical activities broadens the market demand. The emergence of e-commerce is ascribed to bolster the growth rate of this market. The launch of higher-end featured devices and also growing priority for wireless connection devices is gearing up the demand of the fitness trackers market.
KEY MARKET PLAYERS:
Fitbit, Inc., Apple Inc., Adidas AG, Xiaomi Inc., Samsung Electronics Co. Ltd, and Nike Inc. are a few of the notable companies in the space of the global fitness trackers market.
RECENT MARKET DEVELOPMENTS:
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