Jersey City, NJ, April 25, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Fitness Tracker Market Size, Share & Trends Analysis Report By Type (Smart Watches, Fitness Bands, Smart Clothing), By Application (Heart Rate Tracking, Sleep Monitoring, Glucose Monitoring, Sports, Running, Cycling Tracking), By Distribution Channel (Online, Offline)- Market Outlook And Industry Analysis 2031"
The global fitness tracker market is estimated to reach over USD 238.74 billion by 2031, exhibiting a CAGR of 17.53% during the forecast period.
A fitness tracker is a gadget that records and monitors fitness-related bodily activity such as steps taken, distance walked, sleep duration, heartbeat monitoring, and other similar activities. Wireless connectivity mediums connect these gadgets to smartphones or desktops. The increase in the trend of wearable technology among the youth is driving the growth of the fitness tracker market. Furthermore, as the trend towards healthy retirement has expanded, so has the preference for these devices among the elderly.
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Moreover, these devices have high-end activity-tracking tools and interactive operating systems, which increase their demand. Advancements in any market are hopeful in terms of exploiting market potentiality and market worth. Because of its widespread use and great scalability, the fitness monitoring market has a large market value. Technology is gradually making its way into people's fitness routines. Apart from advancement, technology provides unparalleled ease. There is also a shift toward customer awareness.
Recent Developments:
- In June 2022, Xiaomi released the Xiaomi Band 7 fitness monitoring device to the global market. This tracker is waterproof and has over 100 sports modes.
List of Prominent Players in the Fitness Tracker Market:
- ABC Fitness Solutions, LLC
- Adidas AG
- Ambiotex GmbH
- Apple, Inc.
- Beienda
- Fitbit, Inc.
- Garmin Ltd.
- Google Inc. (California, United States)
- Hexoskin
- Huawei Technologies
- Jawbone
- Lumo Bodytech Inc.
- Moov Inc.
- Nike, Inc.
- Nurvv
- Oura Health Ltd.
- Pebble Technology Corp
- Samsung Electronics Co. Ltd.
- Withings
- Xiaomi Inc.
Market Dynamics:
Drivers:
Deskbound lifestyles associated with modern living put people in danger of acquiring a variety of health problems, including obesity, lack of sleep, diabetes, and other ailments. People have begun a regular exercise to maintain their health and avoid multiple health ailments as a result of frenetic work schedules and developing health issues. As a result, rising awareness of the importance of healthy living would raise the demand for exercise activities. This is predicted to increase demand for fitness monitoring products. Furthermore, exercise products provide clients with greater flexibility, which aids in the prevention of significant health disorders. As a result, increased health awareness is likely to boost market expansion.
Challenges:
Fitness tracking gadgets capture primarily personal data, such as the user's weight, birth date, photographs, GPS coordinates, social data, steps, heart rate, and background data used by the device. The biggest risk, aside from extremely personal data, is data theft. As a result, the person is vulnerable to privacy invasions that could hurt them. Yet, fitness tracker users are likely unaware of the privacy implications of how the data acquired over time or, when coupled with other information, could be exploited. 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 obtained unauthorized access to data, infiltrating the accounts of 150 million MyFitnessPal customers' fitness tracking devices. As a result, the aforementioned security concerns are expected to stymie industry expansion.
Regional Trends:
The North America Fitness Tracker Market is expected to register a major market share in terms of revenue and is projected to extend at a high CAGR in the near future. This region's domination is due to growing concern about health issues, as well as the rise of chronic diseases. In terms of revenue, Europe ranked second. Growing technological usage, an increase in the acceptability 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 opportunities in the region for fitness-tracking gadgets. The Asia Pacific market is predicted to rise rapidly because of the growing popularity of monitoring devices among the younger generation. Japan, China, and India are significant market regions with the highest expected market growth. In India, 60% of the population is under the age of 35.
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Segmentation of Fitness Tracker Market-
By Type-
- Smart Watches
- Fitness Bands
- Smart Clothing
- Others
By Application-
- Heart Rate Tracking
- Sleep Monitoring
- Glucose Monitoring
- Sports
- Running
- Cycling Tracking
- Others
By Distribution-
- Online
- Offline
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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