NEWARK, Del, Nov. 23, 2023 (GLOBE NEWSWIRE) -- The global wearable fitness tracker market is anticipated to reach a valuation of US$ 30,922.1 million in 2024, driven by incorporation of AI and ML. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 15.7% between 2024 and 2034, and reaching a total valuation of approximately US$ 133,218.4 million by 2034.
One of the major factors contributing to the growth of the market is the subscription based models, which are adopted by some companies, where users pay for advanced features, premium content, or extended services within the fitness tracker ecosystem.
The establishment of regulatory standards for health and fitness wearables can provide a level of assurance for consumers regarding the accuracy and reliability of these devices. Regulatory support can also drive innovation and market growth by creating a more stable and trustworthy environment.
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There is a growing interest in integrating continuous blood glucose monitoring into wearable fitness trackers. The feature can be particularly valuable for individuals with diabetes or those looking to monitor their glucose levels for overall health and fitness management.
Wearable fitness trackers with enhanced sleep tracking features are gaining popularity. Devices that not only monitor sleep patterns but also provide insights and suggestions for improving sleep quality are becoming more prevalent.
The integration of wearable fitness trackers with virtual assistants, such as Siri, Google Assistant, or Alexa, allows users to access information, set reminders, and control other smart devices using their fitness tracker. The trend adds a layer of convenience and functionality.
The rise of telehealth services presents an opportunity for wearable fitness trackers to integrate seamlessly with virtual healthcare platforms. The integration can enable users to share their health data with healthcare professionals for remote consultations and monitoring.
Key Takeaways from the Market Study
- Global wearable fitness tracker market was valued at US$ 26,787.8 million by 2023-end.
- From 2019 to 2023, the market demand expanded at a CAGR of 14.6%.
- The market in India is expected to expand at a CAGR of 16.7% through 2034.
- By product type, the wrist wear segment to account for a share of 43.4% in 2024.
- From 2024 to 2034, wearable fitness tracker market is expected to flourish at a CAGR of 15.7%.
- By 2034, the market value of wearable fitness tracker is expected to reach US$ 133,218.4 million.
“Some manufacturers are exploring modular designs that allow users to upgrade specific components of their fitness trackers, such as sensors or display modules. The approach promotes longevity and reduces electronic waste” - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
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Restraints
Despite its promising growth trajectory, the wearable fitness tracker market faces challenges associated with data security and privacy concerns. Moreover, the pricing of advanced trackers remains a barrier for mass adoption, particularly in emerging economies, thus restraining market penetration to a certain extent.
Recent Developments
- In 2023, Huawei announced the launch of its new Huawei Watch GT 3 Pro, which features a new 30 day battery life and a new ECG app for detecting atrial fibrillation.
- In 2022, Apple announced the launch of its new Apple Watch Series 7, which features a new larger display and a new fast charging feature.
- In 2022, Samsung announced the launch of its new Galaxy Watch 4, which features a new Wear OS operating system and a new body composition analysis feature.
- In the same year, Fitbit announced the launch of its new Fitbit Charge 5, which features a new stress management score and a new ECG app for detecting atrial fibrillation.
Key Companies Profiled
- Apple Inc.
- Fitbit Inc.
- Samsung Electronics
- Sony Corporation
- Xiaomi
- Garmin Ltd.
- Fossil Group
- Jawbone
- TomTom International BV
- Huawei Technologies Co., Ltd.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global wearable fitness tracker market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the wearable fitness tracker market, the market is segmented on the basis of product type (wrist wear, leg wear, smart garments, and others), application (pedometer, heart rate monitor, daily activity tracker, call text and calendar, sleep tracking, GPS tracking, and others), distribution channel (e-commerce, and retail stores), and age group (0 to 5 years, 6 to 18 years, 19 to 24 years, 25 to 44 years, 45 to 60 years, and 60+ years), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
Segmentation Analysis of the Wearable Fitness Tracker Market
By Product Type:
- Wrist Wear
- Leg Wear
- Smart Garments
- Others
By Application:
- Pedometer
- Heart Rate Monitor
- Daily Activity Tracker
- Call Text and Calendar
- Sleep Tracking
- GPS Tracking
- Others
By Distribution Channel:
- E-Commerce
- Retail Stores
By Age Group:
- 0 to 5 Years
- 6 to 18 Years
- 19 to 24 Years
- 25 to 44 Years
- 45 to 60 Years
- 60+ Years
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
Author
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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