The global fitness tracker market was USD 48.83 Billion in 2022 and is likely to reach USD 230.16 Billion by 2031, expanding at a CAGR of 18.8% during 2023–2031. Fitness trackers are used to measure step count and monitor heart, glucose level, and sleep. It is usually worn by fitness enthusiasts and athletes. Various industry players are launching their product line with the integration of advanced technologies, catering to the requirement of the consumers.
Fitness Tracker Market Trends, Drivers, Restraints, and Opportunities
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Expanding health and fitness consciousness, high Internet and smartphone penetration, and rising consumer disposable income level are major factors contributing to the market.
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The Covid-19 pandemic has raised awareness of these devices dramatically, positively influencing the market growth.
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The development of other forms of wearables, such as smart jewelry, insoles, and apparel, is attracting a number of customers.
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Intensive competition in the market can obstruct penetration of new players in the market.
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The adoption of latest technologies is estimated to create lucrative opportunities for the market.
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Rapid growth of the e-commerce industry, a robust distributor network, and retail collaborations of market participants, which enable the availability of the latest items around the world, are some of the factors spurring the fitness tracker market during the forecast period.
Scope of Fitness Tracker Market Report
The report on the global fitness tracker market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes
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Details
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Report Title
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Global Fitness Tracker Market - Industry Analysis, Size, Share, Growth, Trends And Forecast
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Base Year
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2022
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Historic Data
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2016 & 2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Smart Watches, Fitness Bands, Smart Clothing, and Others), Applications (Heart Rate Tracking, Sleep Monitoring, Glucose Monitoring, Sports, Running, Cycling Tracking, and Others), Distribution Channels (Online and Offline)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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Apple, Inc., Fitbit, Inc., Garmin Ltd., Beienda, and Ambiotex GmbH.
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Fitness Tracker Market Segment Insights
Smart watches segment to dominate the market
Based on types, the market can be segregated into smart watches, fitness bands, smart clothing, and others. The smart watches segment dominated the market in 2020, accounting for more than 45% of the market share revenue. Constant product improvements in terms of features and functions is expected to propel the segment growth in the coming years. The integration of features such as stress and sleep monitoring in smart watches is spurring the segment growth.
Glucose monitoring segment to expand at a high CAGR
On the basis of applications, the fitness trackers market can be divided into heart rate tracking, sleep monitoring, glucose monitoring, sports, running, cycling tracking, and others. In 2020, the running segment held a revenue share of more than 22% due to increased consumer preference. On the other hand, the sports segment is anticipated to expand at a sustainable rate in the coming years. However, the glucose monitoring segment is projected to expand at a high CAGR due to rising prevalence of diabetes and awareness of glucose monitoring systems.
Online segment to expand at a robust pace
In terms of distribution channels, the market can be bifurcated into online and offline. The online segment led the global market in 2020, accounting for more than 60% of the market share. Increasing use of smartphones and rising penetration of Internet, as well as the rising preference for e-commerce platforms due to high convenience and quick services.
The market in Asia Pacific is expected to grow at a robust pace
Based on regions, the market can be segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for more than 40% of the market share due to rising cases of sedentary lifestyle-related health conditions, the introduction of novel products by leading market players, and the growing adoption of smartphones. The market in Asia Pacific is anticipated to exhibit a high CAGR during the forecast period due to increasing adoption of fitness trackers and increased awareness of general health and fitness among the working-class population.
Segments
Types
- Smart Watches
- Fitness Bands
- Smart Clothing
- Others
Applications
- Heart Rate Tracking
- Sleep Monitoring
- Glucose Monitoring
- Sports, Running
- Cycling Tracking
- Others
Distribution Channels
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players
Competitive Landscape
Industry competition is fierce due to rapidly changing technology and developments by main market participants. Market competitors are concentrating their efforts on research and development in order to deliver more efficient products to meet the growing demand among consumers. Key players of the market are Apple, Inc., Fitbit, Inc., Garmin Ltd., Beienda, and Ambiotex GmbH.