Fitness Trackers Market

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.

Current Scenario of the Global Fitness Trackers Market

Fitness trackers are wearable devices or computer applications that record users daily physical activity and other data regarding fitness and health. Fitness trackers record calories burned, heart rate, and the user's sleep, body composition, and activity levels by recording the whole data. The global fitness trackers market witnessed prominent growth in the recent period and is projected to have significant growth with the highest growth rate over the forecast period. Fitness trackers have become extremely popular among the general population, and the broad adoption among the sports population is majorly driving the global market revenue. For Instance, according to Pew Research Center statistics, one in five Americans regularly uses a fitness monitoring device. The escalating chronic disease patient pool and technological advancements will boost the market growth in the coming years. Even though the integration of wearable technologies in healthcare is new, the market is progressing rapidly due to their advantages.   

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.

The rising incorporation of technological advancements in the smartwatches and fitness bands, which provide accurate data regarding health by continuous monitoring, is attracting people and accelerating the product demand by creating market growth opportunities. The growing prevalence of chronic disease conditions like diabetes and CVD worldwide, which require continuous monitoring, will enhance the market growth as wearable technologies are an essential tools in the management of chronic diseases. The increase in manufacturers which allows the introduction of different types of fitness trackers like smartwatches, fitness bands, ankle bands, and active monitors at affordable prices, is augmenting the frequency of product launches, providing opportunities to the market players in terms of market expansion. 

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.

The primary concern regarding data privacy and safety is the monitors record the complete personal and health information of the patient where there are high chances of data theft, and unauthorisation of the data acts as a significant challenge in the expansion of the market. Various stringent regulations regarding safety and approvals and high-end competition in the market are all challenging to the manufacturers, limiting the market growth. The need for a strong distribution network in backward regions is expected to impede the market share growth. 

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Fitness Trackers Market Analysis By Product Type

The smartwatches segment dominated the global market revenue with a significant share in 2023 due to the increased adoption of smartwatches worldwide. The increasing launch of various advanced smartwatches by the market players is propelling the segment's growth. The segment is expected to accelerate in the coming years due to its high-end tracking features and interoperative systems, which further drive it, leading to global market growth. 

The activity monitor segment is estimated to grow prominently in the coming years. The rising adoption of fitness bands and glucose monitors among the population to track basic health concerns will augment the market growth during the forecast period.

Global Fitness Trackers Market Analysis By Wearing Type

The handwear segment held the largest share in the global fitness trackers market revenue due to the increased adoption of smartwatches and fitness bands worldwide. Most market players are releasing wristbands and watches to track the health function of the user. The growing product launches and innovative, advanced technology incorporated trackers are boosting the market growth opportunities. 

The legwear segment is estimated to have a steady growth rate over the forecast period as these are highly adopted by sports people during running. Most people are interested in wearing different kinds of watches and are adapted to wear fitness bands to the ankle. 

Global Fitness Trackers Market Analysis By Application

The sports, running, and cycling tracking segment dominated the dominant market share globally in 2023. The rising awareness among people regarding trackers in running and sports activities and the increased adoption of athletes primarily drive the segment's growth. According to statistics from RunRepeat, in October 2021, 40.0% of the global population used fitness trackers for running activity. The escalated product launches regarding the sport-specific fitness trackers by the significant market players fuel the market growth opportunities in this segment. 

The heart rate tracking and glucose measurement segments will grow prominently during the forecast period. The need for continuous monitoring of patients with diabetes and cardiovascular diseases is enhancing the demand for these trackers, leading to market expansion.   

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 February 2024, Amazfit, a smart wearable brand owned by Zepp Health, a health technology company, introduced the Amazfit Active Smartwatch. The device provides data on stress, heart rate, sleep, respiration, temperature, and HRV. Based on the scores, it provides personalized suggestions for both mental and physical recovery. 
• In September 2023, Google launched the next-generation fitness wearable utilizing machine learning and AI, Fitbit Charge 6. The device has the latest features, such as a more precise heart rate tracker and new exercise models. 
• In September 2023, Nervfit, a fitness-focused brand from Bluemorph Brands Pvt. Ltd., entered the electronics landscape by launching smartwatches and earphones. The devices will help users reach their daily health targets through continuous monitoring and tracking.  
• In May 2023, Apple Inc. announced a new Artificial intelligence-powered health coaching service named Quartz. This Apple AI-powered healthcare app will be featured in the upcoming Apple Watch and iPhone models, providing a new mark in the health and wellness market. 
• In April 2023, Proximie launched PxLens, a smart glasses solution that can be easily paired with the Proximie mobile app and integrated with Proximie’s cloud platform for telepresence. 
• In January 2023, Garmin Ltd. launched ECG App1, an FDA-cleared app for the Venu 2 Plus smartwatch. It helps users record heart rhythm and frequently check for signs of atrial fibrillation (AFib). 

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