New York, US, March 22, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Fitness Tracker Market Research Report: By Age Group, Product Type, Wearing Type, Sales Channel, Application - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 134.8 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 16.70% during the assessment timeframe.
Fitness Tracker Market Key Players
- Garmin (U.S.),
- Nike (U.S),
- Misfit Suunto (U.S.),
- Apple Inc (U.S.),
- Samsung (South Korea),
- Misfit Wearable Inc. (U.S),
- Nokia (Finland),
- Xiaomi (China),
- Adidas Inc. (America),
- Jawbone (U.S.),
- Polar (Finland),
- Fitbit (U.S.),
- Casio (Japan),
- Sony Corporation (Japan),
- HERE INTELLIGENT TECHNOLOGIES (Netherlands),
- Under Armour Inc. (U.S),
- Shenzhen Beienda Technolgy Co. Ltd. (China),
- Seiko Epson Corporation (Japan),
- Shenzehen Motto Electronics Co. Ltd. (China),
- TomTom International BV (Netherlands),
- Lumo Bodytech (Hong Kong)
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 134.8 Billion |
| Growth Rate | CAGR of 16.70% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Advanced features in the technology will create an opportunity in the markets |
| Key Market Drivers | An increase in consumer awareness of health issues |
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Also, due to the Covid-19 outbreak, awareness of these devices has substantially increased. As adoption increases, more market competitors strive to satisfy the escalating demand and obtain a bigger portion of the market. Device invention and development have risen as a result.
In order to stop the spread of the COVID-19 sickness, numerous industrial sectors were impacted, and governments all over the world enacted lockdowns. This action had a significant influence on corporations' manufacturing divisions. The supply and distribution chains for raw materials were stopped. But eventually, as soon as things settle down, the companies will be able to start producing. As a result, it is anticipated that the Fitness Tracker Market would strengthen again during the coming several months.
Fitness trackers are used to monitoring numerous health variables, like steps, heartbeat, calories, walking distance, sleep length, and so on. They are simple to use and offer real-time location data thanks to the user-friendly UI.
In addition to being wireless, they also support Bluetooth pairing with cellphones. These trackers have the potential to develop greatly and become useful in the next years.
Wearable fitness trackers are a new technology that is gaining popularity. In an effort to rule the Fitness Tracker Market, many manufacturers are currently producing highly advanced fitness trackers. These businesses offer cutting-edge features to their goods, such as wireless networking, artificial intelligence, and the Internet of Things. Wearable fitness trackers are now generally recognised to raise consumer awareness of health monitoring. These watches track heart rate, sleep, steps, and pulse in addition to offering a number of health advantages.
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The high cost of fitness trackers and smartwatch fitness trackers, as well as worries about data theft, are some of the factors that limit the Fitness Tracker Market growth. The popularity of Fitbit watches and other fitness watches with tracking capabilities is rising. Yet, because of their high manufacturing costs and high retail pricing, many products are out of reach for customers in the low- and middle-income brackets.
The importance of living a healthy lifestyle and technological advancements will drive up demand for fitness trackers. As a result, individuals will have numerous chances to enhance their personal lives and hobbies. Users will find it simpler to keep track of their health and respond appropriately as a result.
Fitness Tracker Market Segmentation
The Fitness Tracker Market has been divided into online sales and retail sales based on the sales channel. E-commerce platforms' popularity due to their ease and quick service will be a driving force for the expansion of this segment over the projection period. In 2021, the online category held a significant part of the market. The popularity of smartphones and the Internet is rising, which is accelerating the segment's growth.
The market has been divided into segments based on application, including sports, glucose monitoring, sleep monitoring, and heart rate monitoring. When a person's fitness tracker links to their smartphone for real-time heart rate readings, pace, and calories burnt to boost general well-being, the sports category was predicted to hold a significant market share in 2021.
Adult fitness trackers and children's fitness trackers are the two age-based segments of the fitness tracker market. In 2021, the adult fitness tracker segment experienced a conspicuously rapid rise in the fitness tracker market. Millennials and Generation Z in particular are becoming more interested in health consciousness. Fitness items are in demand as a result of the rising health issues linked to desk employment, including as diabetes, obesity, depression, and insomnia, as well as increased public awareness of the value of leading a healthy lifestyle.
Activity monitor, smartwatch, and smart apparel are the three product categories that make up the fitness tracker market segmentation. The fitness tracker for smartwatches has the biggest market share in 2021. Continuous product development, including features and functions, will fuel the segment's expansion.
Smartwatches serve as smartphones on the wrist, allowing communication and communication as well as fitness and health tracking thanks to smartphone notifications and calling features.
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The Fitness Tracker Market is segmented into handwear, legwear, headwear, and other categories based on the type of wearing. In terms of fitness trackers, legwear dominated the market in 2021. Due to intense competition and consumer preferences, the majority of these applications are present in the majority of fitness trackers. Certain gadgets, like the Garmin Forerunner and the Nurvv Run, are made exclusively for sporting activities and offer features like lap counters, hill splitters, and goal settings.
The fitness tracker market has been segmented into four geographic areas: North America, Europe, Asia-Pacific, and the Rest of the World. The largest share of the market was in North America. The region with the highest CAGR during the predicted period will be Asia-Pacific.
In 2021, North America held the most market share for fitness trackers. Because more people are becoming aware of them, fitness trackers are becoming more and more popular. Also, the region's business climate will be boosted by the introduction of novel products by major players and the rising frequency of health problems linked to sedentary lifestyles in North America.
Due to a rising awareness of general health & fitness among the working class, which has resulted in the adoption of fitness trackers, Asia-Pacific will have the greatest CAGR in the market for fitness trackers.
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