Smart Band Market

Smart Band Market Size, Trends & Growth (2022 - 2027)

In 2020, the global smart band market was valued at approximately $36.34 billion. By 2026, the market is expected to grow at a CAGR of 21%, reaching $114.36 billion.

Consumers have incorporated smart bands into their daily lives as internet availability has improved, and the Internet of Things (IoT) has developed. Furthermore, smart band prices have dropped in recent years, making them more accessible to the general public.

In 2020, the global smart band market had a volume of 49.9 million units, with 62.8 million units predicted by 2026.

A smart band is a multipurpose device that aids in the monitoring of a person's everyday activities. For example, it tracks distance traveled when walking or jogging and calorie intake, heart rate, and sleep quality. For long-term data storage, smart bands are wirelessly connected to mobile phones, tablets, laptops, and personal PCs. 

Advancements in any market are reassuring in terms of maximizing market potential and value. Because of its widespread adoption and great scalability, the fitness monitoring market has a considerable market value. Technology is gradually gaining a foothold in people's workout regimens. Aside from advancement, technology's ability to provide convenience is unrivaled. In addition, there is a movement in customer awareness.

Recent Developments in Smart Band Market

With the debut of Amazon Halo View, Amazon enters the health and fitness device market. Halo View is a revolutionary health tracker with an AMOLED color display that allows you to see your health parameters at a glance.

Xiaomi's 11T series and Mi Pad 5 were unveiled in Europe yesterday, but they weren't the only highlights of the event. Xiaomi has released an NFC version of its famous fitness tracker for the first time outside of China.

Smart Band Market Drivers

Primarily owing to the increasing health concerns, people are encouraged towards a healthy diet and physical activities. In addition, Fitness trackers enable consumers to keep track of their workouts, resulting in a surge in demand for fitness monitoring devices. Furthermore, by 2026, key economic variables such as rising per capita healthcare expenditure, building healthcare infrastructure, and increasing investment in the industry sector to extend innovative technologies are predicted to accelerate the global market's growth rate. Therefore, rising health awareness is expected to propel the market forward.

People are at a higher risk of getting obesity, lack of sleep, diabetes, and other ailments due to the deskbound lifestyles associated with modern living. People have been urged to begin daily exercise to maintain their health and avoid various health ailments due to frantic work schedules and developing health issues. Smart bracelets with stress and SpO2 monitoring features help people keep on top of their health and avoid serious illnesses. As a result, smart band sales among working professionals are on the rise.

Restraints

The information obtained by fitness tracking devices is primarily personal, including the user's weight, birth date, photographs, GPS coordinates, social data, heart rate, steps, and background data. However, the most considerable risk, aside from highly personal data, is data theft. As a result, the person's privacy may be violated, potentially harming them.

REPORT COVERAGE:

Smart Band Market Segmentation

By Application: 

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

The market is categorized into Heart Rate Tracking, Sleep Measurement, Glucose Measurement, Sports, Running, and Cycling Tracks.

In 2020, the running segment dominated the smart band market, followed by the sports segment. The rise in awareness of trackers in sports and their increasing acceptance by athletes is fueling the overall market expansion. In addition, due to rising cardiovascular disease resulting from changing lifestyles, the heart rate tracking industry is seeing substantial demand. The sleep and glucose measurement segment, on the other hand, is predicted to grow at a significant rate over the projection period.

Besides fundamental facts like their weight, gym-goers also want to know more about their progress, such as body fat percentage and sleep quality. As a result, technology is evolving from the standpoints of both customers and providers. For example, in 2018, Apple updated the Apple Watch Series 4 and incorporated an electrocardiogram (ECG) capability, allowing for a more detailed investigation of its users' heart health. As a result, wearable fitness technology is predicted to dominate the industry due to the confluence of healthcare and digital technologies.

By Distribution Channel: 

• Online
• Offline

The market is divided into two segments: Online and Offline. 

During the forecast period, online channels are likely to have a leading fitness tracker market share globally. The market's massive share is attributed to a rise in internet penetration and the widespread availability of these apps on smartphones, boosting the market's online distribution channel globally.

By Compatibility: 

• Android
• iOS
• Windows
• Tizen
• Others

The market is augmented into Android, iOS, Windows, Tizen, and Others.

The Android devices occupy the largest market share because of their popularity. In addition, the Android OS is available on several machines and at affordable prices. Hence, the consumer base of Android is the largest in the world. Meanwhile, iOS is only available in devices manufactured by Apple. Hence, iOS-enabled smart bands are exclusively compatible with iPhones, iPads, and MacBooks. Furthermore, since Apple products and MacBooks are expensive, only consumers from higher-income groups purchase iOS-enabled smart bands. Therefore, the iOS market can generate more revenue than the Android market despite lower sale units.

Regional Analysis of Smart Band Market

In 2020, the global market for fitness trackers in North America was estimated to be worth USD 17.36 billion. This region's domination can be attributed to a greater awareness of health issues and an increase in chronic diseases.

Europe is anticipated to be the second largest region in terms of market revenue. The market for fitness monitoring goods is expected to rise due to rising technology usage, increased acceptability of smart gadgets, and many benefits of fitness monitoring equipment.

The market in the Asia Pacific is predicted to develop at a healthy rate because of the growing popularity of tracking devices among the younger generation. Japan, China, and India are significant market regions with the highest predicted growth rates. In India, 60% of the population is under the age of 35. As a result, it provides favorable conditions for the market to expand.

Other regions include Latin America, the Middle East, and Africa, have the smallest market share due to lower acceptance rates of fitness items and poor economies.

Market Leaders in Smart Band Market

The Chinese electronics company, Xiaomi, is the leader in the smart bands market with a market share of 19.6% and sales of 8 million in 2021, overtaking Apple Inc.

Smart Band Market Key Players

• Apple
• Huawei
• Samsung
• Fitbit
• Garmin
• Adidas AG
• Jawbone
• Razer
• Nike
• Google
• Realme
• BoAt

Pebble Technologies, the pioneer of smart bands, quit the market in 2016.

Impact of COVID-19 for Smart Band Market

The emergence of COVID-19 has positively impacted the sales of smart bands. COVID-19 raised health awareness, increasing sales of fitness trackers. Apple and Garmin, for example, have seen a 20 percent growth in revenue in 2020 compared to the previous fiscal year. While COVID-19 has impacted various enterprises, and the economy and customer demand remain unpredictable, manufacturers are producing new products and services to assist customers during this period. In addition, Fitbit is investing in R&D by collaborating with health industry heavyweights such as Apple, Stanford Medicine, and The Scripps Research Institute to investigate how data from wearables may be used to identify, track, and treat infectious diseases such as COVID-19