Fitness Trackers Market

Fitness Trackers Market Size, Share (2019 to 2025)

The Global Fitness Trackers Market size is estimated to be growing at a CAGR of 20.1% from 2019 to 2025.

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 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:

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 2025

Fitness Trackers Market - By Product Type:

• Activity monitors
• Smart Watches
• Smart Clothing

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:

• Hand Wear
• Legwear
• Headwear
• Others

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:

• Heart rate tracking
• Sleep measurement
• Glucose measurement
• Sports, Running, Cycling Tracking

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:

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

Geographically, Fitness Trackers Market in North America is witnessed in holding the highest shares of the market. 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 leading the highest shares of the market. 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.

NOTABLE COMPANIES OPERATING IN THE GLOBAL FITNESS TRACKERS MARKET:

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:

• 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 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 displaying 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 also 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. It is designed with a perfect size, which is attracting consumers.
• Apple Watch series five is 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.