Wearable Fitness Trackers Market Size is projected to reach USD 192 Billion by 2030, growing at a CAGR of 17.5%: Straits Research

The global wearable fitness tracker market size was valued at USD 45 billion in 2021. It is projected to reach USD 192 billion by 2030, growing at a CAGR of 17.5% during the forecast period (2022–2030). North America holds the highest market share and is estimated to grow at a CAGR of 15.5% during the forecast period.

 | Source: Straits Research Straits Research

New York, United States, July 26, 2022 (GLOBE NEWSWIRE) -- Individuals can use a wearable fitness tracker to track their fitness statistics over time and share it with other fitness enthusiasts by connecting it to their smartphone or the internet. Depending on the user's requirements, a wearable fitness tracker may have several activity trackers. These trackers include goal-setting, sleep tracking, activity tracking, calorie tracking, heart monitoring, and step counting.

It is estimated that the wearable fitness trackers market would experience considerable expansion. The need for wearable fitness trackers is expanding due to rising health monitoring gadget demand and public awareness of the value of leading a healthy lifestyle. It's well-liked by users due to the availability of sophisticated tracking methods.


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Rising Health Awareness among the Consumers Spurs the Global Wearable Fitness Trackers Market

The wearable fitness tracker is an emerging technology that is being widely used. Many global players are now in the race to manufacture highly advanced fitness trackers to dominate the market. These players integrate advanced features in their products, such as IoT, artificial intelligence, and wireless connectivity. Wearable fitness trackers are widely used to promote health monitoring awareness among consumers. These watches offer various health benefits such as heart rate tracking, sleep monitoring, steps monitoring, and pulse tracking.

The market is expanding due to increased investment in strategies for creating innovative technologies to help advance healthcare and fitness. Wearable fitness trackers make it simple to monitor and keep tabs on daily fitness activities, including steps done, calories burned, distance traveled, and others. The wearable fitness trackers can easily be connected to a smartphone via Bluetooth or wireless networking. Therefore, the increase in demand for wireless sports and fitness equipment is a crucial factor supporting the global market's expansion.

Growing Investments Create New Market Opportunities for Wearable Fitness Trackers

The main factors driving demand for wearable fitness trackers are the rise in data reliance among users and the rise in interest in linked and smart systems. These discreet fitness monitors may be worn to answer calls, receive text messages, listen to music, play games, and more. The smartphone makes it simple to access the mobile phone. In the future, its connectivity with many other gadgets will lead to ecosystem development. By 2050, 68% of the world's population, according to the UN, is expected to live in cities. Additionally, a rapid increase in IoT spending overall is anticipated in Asia-Pacific. For instance, to create a national IoT ecosystem, the South Korean government agreed to invest USD 350 million in over 300 potential businesses predicted to be globally competitive in the next four years.


Report Scope

Report MetricDetails
Market SizeUSD 192 Billion by 2030
CAGR17.5% (2022-2030)
Historical Data2019-2020
Base Year2021
Forecast Period2022-2030
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredDevice Type, Component, Connectivity, Operating System, Distribution channel, Application, Regions
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsApple Inc, Fossil Group, Inc, Garmin Ltd., Samsung Electronics, Google LLC (Alphabet Inc.), Huawei Technologies Co., Ltd. (Huawei), NIKE, Inc., Sensoria Inc.,
TomTom N.V., Xiaomi Corporation.
Key Market OpportunitiesGrowing Investments in Building Connected Ecosystem
Key Market DriversIncreasing Health Awareness Among the Consumers
The Emergence of a Large Number of Players in the Market

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Regional Insights

North America holds the highest market share and is estimated to grow at a CAGR of 15.5% during the forecast period. The global wearable fitness trackers market in North America is maturing. North America is anticipated to have a leading position in the wearable fitness trackers market globally due to the availability of cutting-edge technology in the region and significant players functioning in the industry. The US is a very lucrative market for wearable fitness trackers because it is home to businesses like Apple, Fitbit Versa, Garmin, and Fossil Group.

Asia-Pacific is the second-largest and fastest-growing region. Growing at a CAGR of 19.5%, it is predicted to be worth USD 60 billion by 2030. The wide range of products offered by the companies, covering a variety of price points, aids in the establishment of a stable customer base throughout Asia. Smartwatches and smart bands shape the markets for wearable fitness trackers in China and India. Apple has a sizable client base for its iPhones in the area, and it is anticipated that its debut into the market for wearable fitness trackers will draw in a sizable number of users. Android Wear OS or other third-party smartwatch OS provides a software platform for wearable fitness trackers manufacturing companies.

Europe is the third-largest region. Implementing different marketing strategies such as celebrity endorsement is expected to increase the market share of the companies. The UK is one of Europe's major economies and has witnessed rapid advancement and development of consumer electronic products. The adoption of IoT in smartphones has led to an increase in the usage of smart mobile phone accessories. This is expected to drive the growth of the wearable fitness trackers market in the UK.


Key Highlights

  • The global wearable fitness tracker market was valued at USD 45 billion in 2021. It is projected to reach USD 192 billion by 2030, growing at a CAGR of 17.5% during the forecast period (2022–2030). 
  • By device type, the market is classified into Smartwatches, Fitness Bands, Smart Glasses, Smart Clothing, and Others. The Smartwatches segment is the highest contributor to the market and is estimated to grow at a CAGR of 16.6% during the forecast period.
  • By component, the global wearable fitness trackers market is classified into Hardware and Software. The Hardware component was the highest contributor to the market and is estimated to grow at a CAGR of 16.9% during the forecast period.
  • By connectivity, the global wearable fitness trackers market is classified into Bluetooth, Wi-Fi, Cellular, NFC, and Others. The Bluetooth segment is the highest contributor to the market and is estimated to grow at a CAGR of 17.1% during the forecast period.
  • By operating system, the global wearable fitness trackers market is classified into Android, iOS, Windows, and Tizen. The Android segment is the highest contributor to the market and is estimated to grow at a CAGR of 16.6% during the forecast period.
  • By distribution channels, the global wearable fitness trackers market is classified Online and Offline. The Offline segment is the highest contributor to the market and is estimated to grow at a CAGR of 16.5% during the forecast period.
  • By application, the global wearable fitness trackers market is separated into Running, Cycling, Heart Rate Tracking, Stress Management, and Others. The Running segment is the highest contributor to the market and is estimated to grow at a CAGR of 16.3% during the forecast period.
  • By region, the global wearable fitness trackers market trends are analyzed across North America, Asia-Pacific, Europe, and LAMEA. North America holds the highest market share and is estimated to grow at a CAGR of 15.5% during the forecast period.


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The key players in the global wearable fitness trackers market are

  • Apple Inc.
  • Fossil Group, Inc.
  • Garmin Ltd.
  • Samsung Electronics
  • Google LLC (Alphabet Inc.)
  • Huawei Technologies Co.Ltd. (Huawei)
  • NIKE Inc.
  • Sensoria Inc.
  • TomTom N.V.
  • Xiaomi Corporation

  

Global Wearable Fitness Trackers Market: Segmentation

By Device Type

  • Smartwatches
  • Fitness Bands
  • Smart Glasses
  • Smart Clothing
  • Others

By Component

  • Hardware
  • Software

By Connectivity

  • Bluetooth
  • Wi-Fi
  • Cellular
  • NFC
  • Others

By Operating System

  • Android
  • iOS
  • Windows
  • Tizen

By Distribution channel

  • Online
  • Offline

By Application

  • Running
  • Cycling
  • Heart Rate Tracking
  • Stress Management
  • Others

By Regions

  • North America
  • Europe 
  • Asia-Pacific
  • LAMEA


TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Wearable Fitness Trackers Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Device Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. Smartwatches
      1. Market Size & Forecast
    3. Fitness Bands
      1. Market Size & Forecast
  5. Component Overview
    1. Introduction
      1. Market Size & Forecast
    2. Hardware
      1. Market Size & Forecast
    3. Software
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Device Type
        2. By Component
      3. Canada
        1. By Device Type
        2. By Component
      4. Mexico
        1. By Device Type
        2. By Component
      5. Latin America
        1. By Device Type
        2. By Component
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Device Type
        2. By Component
      3. France
        1. By Device Type
        2. By Component
      4. U.K.
        1. By Device Type
        2. By Component
      5. Italy
        1. By Device Type
        2. By Component
      6. Spain
        1. By Device Type
        2. By Component
      7. Rest of Europe
        1. By Device Type
        2. By Component
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Device Type
        2. By Component
      3. China
        1. By Device Type
        2. By Component
      4. Australia
        1. By Device Type
        2. By Component
      5. India
        1. By Device Type
        2. By Component
      6. South Korea
        1. By Device Type
        2. By Component
      7. Rest of Asia-Pacific
        1. By Device Type
        2. By Component
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Device Type
        2. By Component
      3. South Africa
        1. By Device Type
        2. By Component
      4. Kuwait
        1. By Device Type
        2. By Component
      5. Rest of Middle East & Africa
        1. By Device Type
        2. By Component
  7. Company Profile
    1. Apple Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. Fossil Group, Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Garmin Ltd
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations


Table of Content and Figure @ https://straitsresearch.com/report/wearable-fitness-trackers-market/toc 


Market News

  • In June 2022, Garmin International, Inc., a unit of Garmin Ltd., the world’s largest and most innovative marine electronics manufacturer, announced the Signature Series 3i marine speakers from Fusion® Entertainment, a Garmin brand. 
  • In June 2022, Garmin® International, Inc., a unit of Garmin Ltd. (NYSE: GRMN), is pleased to announce the European Union Aviation Safety Agency (EASA) approval of the GFC™ 600H for AS350 helicopters, providing a cost-effective flight control solution that reduces pilot workload and improves mission effectiveness. 


News Media

How Wearable Devices are Changing Healthcare, 21% of People in the US Regularly Wear a smartwatch

The Increase in Awareness Towards Health and Fitness Spur the Global Wearable Healthcare Devices Market


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Personal Training Software Market: Information by Product (Fitness Training, Nutrition, and Wellness), End-User, and Region — Forecast till 2029

Machine-to-Machine (M2M) Healthcare Market: Information by Technology (Wired, Wireless) Application (Remote Health Monitoring, Clinical Monitoring, Fitness) and Region-Forecast Till 2026

Hearing Headphones Market: Information by Type (FM Systems and Hearing Headphones), Application (Fitness, Gaming & Virtual Reality, Media and Entertainment), and Region — Forecast till 2026


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Mot-clé

Wearable Fitness Trackers Fitness App Fitness Equipment fitness tracking products Artificial Intelligence activity tracking AI

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