Market Analysis
The global fitness tracker market is predicted to touch USD 15.88 billion at a 13.02% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. A fitness tracker, simply put, is a device used for tracking and monitoring body activities that are fitness-related such as sweat rate, sleep duration, distance covered, heart rate measurement, calories burned consumed, and steps covered.
Key Players
Eminent contenders profiled in the global fitness tracker market report include Xiaomi and Nokia, Misfit Wearable, Inc., Adidas, Nike, Polar, Casio, Jawbone, Suunto, Garmin, Samsung, Fitbit, and Apple Inc.
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Various factors are propelling the global fitness tracker device market share. As per the current MRFR report, such factors include burgeoning demand for various smart devices to track the health and activities of an individual, growing popularity of adventure sports, increased reliance on various smart devices to monitor different health-related metrics, increasing awareness about the different benefits of using a fitness tracker, rising adoption of technology, growing health awareness, and availability of user-friendly devices. Besides, the collaborations between fitness tracker companies such as Fitbit with that of health industry leaders like Apple to study how wearables can help in identifying, and tracking COVID-19 infections is also adding to the fitness tracker watch market growth.
On the contrary, the soaring price of devices and misinterpretation of data for low sensitivity of devices are factors that may limit the global fitness tracker market growth over the forecast period.
Market Segmentation
The MRFR report offers an inclusive segmental analysis of the globalFitness Tracker Technology Marketbased on end users, application, sales channel, wearing type, age group, and product type.
By age group, the global fitness tracker market is segmented into childrens fitness tracker and adults fitness tracker. Of these, the adults fitness tracker segment will lead the market over the forecast period for the burgeoning demand from the younger generation.
By product type, the global fitness tracker market is segmented into smart clothing, smart watches, and activity monitors. Of these, the smart clothing segment will spearhead the market over the forecast period.
By wearing type, the global fitness tracker market is segmented into headwear, legwear, handwear, and others. The others are again segmented into clothwear, torsowear, and others.
By sales channel, the global fitness tracker market is segmented into retail sales and online sales. Of these, the online sales channel will dominate the market over the forecast period.
By application, the global fitness tracker market is segmented into cycling tracking, running, sports, glucose measurement tracking, sleep measurement tracking, and heart rate tracking. Of these, the running segment will command the largest share in the market over the forecast period.
By end users, the global fitness tracker market is segmented into diagnosis center, hospitals, sports, and others.
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Regional Analysis
Based on the region, the global fitness tracker market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, the Rest of the World (RoW). Among these, North America will lead the market over the forecast period. Easy adoption of devices that are technologically advanced, the presence of a huge pool of health-conscious population, the presence of prominent manufacturers of fitness trackers, consumers increasing disposable income, and change in lifestyle are adding to the global fitness tracker market growth in the region.
The global fitness tracker market in Europe is predicted to have the second-largest share over the forecast period. Increased adoption of innovative technologies, burgeoning need for fitness trackers from sports enthusiasts, increasing revenue, the trend to maintain a healthy lifestyle, the emergence of e-commerce, increasing priority for wireless connected devices, and the launch of higher-end featured devices are adding to the global fitness tracker market growth in the region.
The global fitness tracker market in the APAC region is predicted to grow at a fast pace over the forecast period. Rising awareness about fitness trackers, availability of affordable products in China and India, increasing use of smartphones and laptops, favorable support from the government, rising expenditure on healthcare, and the introduction of features having advanced technology are adding to the global fitness tracker market growth in the region.
The global fitness tracker market in the RoW is predicted to have sound growth over the forecast period.
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