Fitness Trackers Market Definition
Industry Perspective:
The global fitness trackers market was worth USD 40.57 billion in 2022 and is estimated to grow to USD 137.66 billion by 2030, with a compound annual growth rate (CAGR) of approximately 16.50% over the forecast period. The report analyses the global fitness tracker market’s drivers, restraints, and challenges and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global fitness tracker market.
Global Fitness Trackers Market: Overview
The term “fitness tracker market” refers to the area of the economy that focuses on developing, marketing, and retailing wearable technology used to monitor and measure various elements of a person’s physical activity, fitness, and health. These gadgets, which are frequently worn on the wrist like watches or as accessories, use sensors and other technology to gather information on many metrics, including step counts, heart rates, sleep patterns, calories burned, and more. Users are often able to track their fitness progress, establish goals, and make knowledgeable decisions regarding their health and well-being thanks to the data collection being synchronized with computer platforms or smartphone apps.
In addition, one of the main drivers of the fitness tracker industry is the rising incidence of chronic conditions like obesity, diabetes, and heart disease. The World Health Organization (WHO) reports that there are currently more than 1 billion obese people around the globe, and that number will likely rise to 167 million by the year 2050.
nForming Global Fitness Trackers Market Smart Book
The nForming Fitness Trackers Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, patient data, prices, and other relevant information for each segment. This includes products and services, type of indication, age group, and detailed analysis of service providers with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030. The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the fitness trackers market. The Fitness Trackers Market comprises a range of qualitative factors, including significant growth drivers, opportunities, and challenges.
Global Fitness Trackers Market: Recent Developments
The fitness tracking industry is seeing a variety of developments. Among the major development areas are:
Recent Developments
- In March 2023, Garmin Singapore unveiled the Forerunner 265 and Forerunner 965 smartwatches, both boasting brilliant AMOLED displays. The watch has new features that help athletes push their limits by helping them plan, prepare, and track their training regimen.
- In September 2022, Apple debuted the Apple Watch Ultra, which has a distinctive design that provides a comfortable fit for any journey. Workouts, backtrack, fitness tracker, and more features are available for customization on the watch.
Read more opportunities of fitness tracker Market in the Smart Book.
Global Fitness Trackers Market Drivers
Increasing awareness of fitness and health to drive market growth
The market for global fitness trackers is expanding significantly due to the increasing awareness of fitness and health. Growing consumer awareness of the importance of maintaining a healthy weight and keeping active is foreseeing industry expansion. These tracking devices have advanced significantly from simple pedometers to intelligent devices with colored displays that track sleep patterns, measure heart rates, monitor activity, and other things. The fitness business in India, which is still in its infancy, anticipates significant growth, especially among the younger population. Nowadays, people are more likely to frequent health clubs and gyms in order to reduce the negative impacts of a busy lifestyle. Additionally, frequent exercise lowers tension, anxiety, and sadness. People are being pushed towards exercise activities as well as a balanced diet by rising health concerns.
They can keep track of their workouts with the use of fitness trackers, which is driving up demand for fitness monitoring goods. In addition, a number of economic factors are anticipated to accelerate the expansion of the global market by 2028, including rising per capita healthcare spending, expanding healthcare infrastructure, and rising industry sector investment. Thus, it is projected that rising health consciousness will propel market expansion.
Global Fitness Trackers Market: Restraints
Security and privacy worries hinder market growth.
The information that fitness tracking gadgets gather about their users, including weight, birth date, photographs, GPS coordinates or social data, heart rate, steps, and background data that the device uses, is primarily personal. Data theft is the main worry, in addition to the extremely personal information. Leaving them vulnerable to invasions of their privacy that could hurt them. However, users of fitness trackers may be unaware of the privacy risks associated with how the data could be abused over time or when combined with other data. For example, in 2018, Strava posted a heat map of anonymous user fitness tracking data to its website.
The newly discovered usage patterns revealed troops’ locations and routines while using their fitness app at covert military outposts in Afghanistan, Iraq, and Syria. The same year, hackers got unauthorized access to data, infiltrating the accounts of 150 million MyFitnessPal customers’ fitness tracking devices. As a result, the security concerns above are expected to hamper industry expansion.
Read all the major drivers and trends in the fitness trackers market in the Smart Book.
Global Fitness Trackers Market: Regional Landscape
North America dominated the Global Fitness Trackers market in 2022
This region’s dominance can be attributed to growing concern about health issues as well as the rise of chronic diseases. In terms of revenue, Europe was second only to the United States. Increasing technological usage, increased acceptance of smart gadgets, and the numerous benefits of fitness monitoring devices are expected to drive demand for fitness monitoring goods. As a result, there are several potentials for fitness-tracking gadgets in the region.
Read more competitive developments in the Fitness Trackers Market Smart Book.
Fitness Trackers Market Key Companies
Apple Inc.
Fitbit Inc.
Garmin Ltd.
Beienda
Ambiotex GmBh
Hexoskin
Huawei Technologies
Nurvv
Oura Health Ltd.
Withings.
Global Fitness Trackers Market Segmentation:
The global fitness trackers market has been segmented into service, end-user, and mode of transit.
Based on device type, smart watches, fitness bands, smart glasses, smart clothing, and others are segments of the global fitness trackers market. The smartwatch segment dominated the market in 2022. Continuous product development in the form of enhanced features and functions is driving segment growth and is expected to promote acceptance during the projected period. Fitbit Premium users, for example, have access to tools for analyzing blood glucose patterns and reductions in blood glucose levels over 30 days.
Fitbit Health Coach features use blood glucose levels to develop tailored exercise routines. Similarly, Apple Watch wearers can sync their data with apps such as Apple Health, which check blood glucose levels.
Based on application, the market is classified into heart rate tracking, sleep measurement, glucose measurement, sports, running, and cycling tracking. In 2022, the running category dominated the global market. Due to high competition, expanding usage, and consumer preferences, most of these applications are now accessible in the majority of fitness trackers on the market. Fitness trackers also track diet and drink consumption. These trackers employ Bluetooth to alert users to notifications while running or doing weights.
Based on distribution channels, the market is classified into online, retail, and others. In 2022, the online category dominated the global market. The increasing acceptance and penetration of smartphones and internet usage, as well as the expanding accessibility and popularity of e-commerce platforms due to their high convenience and quick service, will drive segment expansion throughout the forecast years.
Segmentation:
Fitness Trackers Market, By Device Type |
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Fitness Trackers Market, by Application |
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Fitness Trackers Market, by Distribution Channel |
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Frequently Asked Questions (FAQs):
- Which key factors will influence global fitness trackers market growth over 2023-2030?
The main reasons anticipated to propel the global fitness trackers market during the forecast period are the expanding use of cutting-edge technology, shifting societal norms, and increased disposable incomes.
- What will be the value of the global fitness trackers market during 2022-2030?
According to the report, the global fitness trackers market size was worth USD 40.57 billion in 2022 and is estimated to grow to USD 137.66 billion by 2030, with a compound annual growth rate (CAGR) of approximately 16.50% over the forecast period.
- Which region will contribute notably towards the global fitness trackers market value?
North America is anticipated to continue leading the global fitness trackers market throughout the projected period.
- Which major players leverage the global fitness tracker market growth?
Some of the main competitors dominating the global Fitness Trackers market include – Apple Inc., Fitbit Inc., Garmin Ltd., Beienda, Ambiotex GmBh, Hexoskin, Huawei Technologies, Nurvv, Oura Health Ltd., and Withings.
