Pune, India, May 04, 2022 (GLOBE NEWSWIRE) -- The global fitness tracker market size is expected to reach USD 114.36 billion by 2028, exhibiting a CAGR of 15.4% during the forecast period. The rising adoption of wearable devices among the young population will significantly bolster healthy growth of the market, states Fortune Business Insights, in a report, titled “Fitness Tracker Market, 2021-2028.” the market size stood at USD 36.34 billion in 2020.
Significant Development:
October 2019: Fitbit collaborated with the Bristol-Myers Squibb-Pfizer alliance to address atrial fibrillation detection gaps to accelerate diagnosis.
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Launch of XIAOMI’s MI Smart Band 5 to Incite Market Development
Xiaomi, a major leader in gadgets and advanced devices, announced that it had introduced the latest Mi Smart Band 5 to its wearable product line. The new advanced band offers a larger 1.1-inch AMOLED dynamic display compared to its predecessor. Moreover, the upgrades involve improved fitness tracking accuracy, women’s health tracking, stress assessment, remote shutter control, and more. The new Mi Smart Band 5 comes in 8 colorful straps and hundreds of themes. The battery on Mi Smart Band 5 supports up to 14 days* of continuous usage. In addition, to that, the device is compatible with both Android and iOS platforms, thus enabling a seamless user experience. The introduction of the new Mi Smart Band 5 is expected to have a positive effect on the market owing to its stunning 1.1-inch large AMOLED display with a 2.5D tempered glass panel for protection alongside maximum brightness of 450 nits and five adjustable brightness levels.
Fitness Tracker Market Report Scope & Segmentation :
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 15.4% |
| 2028 Value Projection | USD 114.36 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 36.34 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 133 |
| Segments covered | Device Type, Application, Distribution Channel |
| Growth Drivers | Growing Awareness Related to Health and Fitness to Fuel Demand for Fitness Monitoring Products |
| Increasing Prevalence of Health Disorders to Propel Market | |
| Safety and Privacy Concerns to Limit Market Growth |
High Proclivity towards Fitness to Boost Demand for Fitness Trackers
The rising alertness of an individual’s well-being and health will create lucrative opportunities for the market. These fitness trackers help track sleep patterns, measure heart-rate, sports activities, and others, thus leading to a healthy lifestyle. The surge in the fitness industry owing to the growing young population in countries such as India and China will influence the fitness tracker market growth. The propensity for health clubs and gyms among millennials will have an astonishing impact on the market. Hectic lifestyles can cause stress, anxiety, and depression, hence leading to deteriorated health. The rising necessity for physical activities and healthy diet plans due to the sedentary lifestyle will spur the market's opportunities in the foreseeable future.
Preference for Fitness During Pandemic to Positively Sway Market
The occurrence of COVID-19 has caused disturbance to the business of the fitness tracker industry. The interruption triggered in manufacturing, production, shipment, and sales of these products have massively affected the market. However, OEMs' constant development of technologically advanced products will cater to the demand for fitness amid the coronavirus epidemic. For Instance, Fitbit announced the launch of an innovative tracker, Fitbit Charge 4. The new device will assist and offer support to customers at home during this time.
Moreover, Fitbit also provides a free 90-day trial and access to premium content, thus leading to more premium subscribers. Similarly, the growing demand for fitness products during COVID-19 will improve fitness trackers' sales through online mediums, hence boosting the market. Besides, major brands' enormous research and development activities to incorporate technologies in devices that can identify and track infectious diseases such as COVID-19 will further enhance market potential.
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Fitness Bands are Expected to Hold the Highest Share
Based on device type, the market is divided into smartwatches, fitness bands, smart glasses, smart clothing, and others. Fitness bands held the dominant fitness tracker market share in 2020 owing to their user-friendliness and convenience.
Based on the application, the market is divided into heart rate tracking, sleep measurement, glucose measurement, sports, running, and cycling tracks. Running segment is expected to hold the maximum share during the forecast period.
Based on sales channels, the market is segmented into online, retail, and others. The online channels are expected to hold the lion’s share during the forecast period. The dominance is attributed to the growing penetration of the internet.
Geographically, this market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa
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The report fitness tracker market comprises:
- Through analysis of the industry
- Key insights into the market
- Latest market trends and developments
- Crucial information on COVID-19
- Present and future market values
Surging Obese Population to Aid Expansion in Europe
The market size in North America stood at USD 17.36 billion in 2020 and is expected to account for the largest share during the forecast period. The region's growth is attributed to the growing health issues such as chronic diseases among the general population. Europe is expected to witness a substantial growth rate during the forecast period due to the increasing obesity in the region. The market in Asia Pacific is expected to rise tremendously in the foreseeable future due to the growing adoption of tracking devices among the young population in countries such as Japan, China, and India. India accounts for 60% of the young people in Asia Pacific.
Sedentary Lifestyle of People to Spur Market Demand
The growing health issues such as obesity, lack of sleep, diabetes, and others because of the present deskbound generation will simultaneously create lucrative opportunities for the market during the forecast period. The growing emphasis on health and fitness to prevent major health conditions will bode well for the market. The rising awareness about the importance of a healthy lifestyle will fuel the demand for fitness products, thus enabling the fitness tracker market growth. Additionally, an escalation in gym-goers and fitness enthusiasts has potentially spurred lucrative opportunities for the market.
The Report Lists the Main Companies in this Market:
- Gramin Ltd (Kansas, United States)
- Apple Inc (California, United States)
- Fitbit, Inc. (California, United States)
- Pebble Technology Corp (California, United States)
- Samsung Electronics Co Ltd (Suwon-si, South Korea)
- Google Inc. (California, United States)
- Xiaomi Technology Co., Ltd. (Beijing, China)
- Jawbone (California, United States)
- Nike (Oregon, United States)
- Other Players
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Table Of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Trends
- New Product Launch
- Technological Advancements in Fitness Tracker Market
- Key Industry Development (Mergers, Acquisitions, and Partnerships, etc.)
- Impact of COVID-19 on the Fitness Tracker Market
- Global Fitness Tracker Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Device Type
- Smart Watches
- Fitness Band
- Smart Glasses
- Smart Clothing
- Others
- Market Analysis, Insights and Forecast – By Application
- Heart Rate Tracking
- Sleep Measurement
- Glucose Measurement
- Sports
- Running
- Cycling Tracking
- Market Analysis, Insights and Forecast – By Distribution Channel
- Online
- Retail
- Others
- Market Analysis, Insights and Forecast – By Country
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Toc Continue..
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