PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514956
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514956
Fitness Tracker Market size was valued at USD 53,541.2 Million in 2023, expanding at a CAGR of 9.00% from 2024 to 2032.
Fitness trackers are wearable devices used to track many elements of physical activity, health, and fitness. These devices are typically worn on the wrist and are fitted with sensors that can measure vital metrics like as steps taken, distance traveled, calories burned, heart rate, and sleep patterns.
Fitness Tracker Market- Market Dynamics
Increase in Health Disorders Drives Market Growth
Healthcare concerns have increased throughout time as a result of population growth and various illnesses. The population faces a variety of healthcare concerns, with noncommunicable diseases playing a significant role. Noncommunicable healthcare challenges include cancer, diabetes, and cardiovascular disease. The prevalence of these noncommunicable diseases increases, as does the method of controlling them. In addition, research suggests that staying fit and active may help prevent or delay illnesses, including heart disease, diabetes, and cancer. Fitness tracker smart devices can be used to monitor this fitness record, making them a great choice for maintaining a healthy lifestyle. Furthermore, as the frequency of noncommunicable diseases increases, so does the demand for fitness trackers. According to WHO's 2019 Global Health projections, noncommunicable illnesses now account for seven of the world's 10 leading causes of mortality. This represents a significant increase from four of the top 10 primary causes in 2000. As a result, this is the key driving force behind market growth.
Fitness Tracker Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 9.00% over the forecast period (2024-2032)
Based on Type segmentation, the smartwatch was predicted to show maximum market share in the year 2023
Based on application segmentation, running was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Fitness Tracker Market is segmented on the basis of Type, Application, Distribution Channel, and Region.
The market is divided into four categories based on Type: Smart Watches, Fitness Bands, Smart Arm Bands, and Others. The smartwatch category led the market and accounted for the majority of revenue in 2023. An increase in people's health and fitness awareness is projected to boost the smartwatch business shortly. A growth in demand for wireless sports and fitness gadgets is expected to bring up new opportunities for the global industry.
The market is divided into six categories based on application: Glucose Monitoring, Heart rate, Sleep Rate, Running Calorie Count, and Others. The running sector had the biggest revenue share in 2023. High competition, expanding popularity, and customer preferences have resulted in the inclusion of most of these applications in the majority of fitness trackers available. Fitness monitors also keep track of your meals and drink intake. While running or lifting weights, these trackers employ Bluetooth to notify users of notifications.
Fitness Tracker Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America had the biggest revenue share in 2023, owing to increased fitness tracker awareness and usage. Furthermore, rising occurrences of health disorders associated with inactive lifestyles, the introduction of novel products by leading market players, and the increasing penetration of smartphones and the internet in North America will propel the regional industry. According to a ValuePenguin article from 2022, 45% of Americans regularly wear smartwatches, including Fitbits (16%) and Apple Watches (20%). Women (51%), Generation Z (70%), and millennials (57%) prefer the devices.
Asia Pacific, on the other hand, is expected to have the fastest growth rate in the regional market from 2024 to 2032 due to the high adoption of fitness trackers among the working-class population as a result of consistent economic progress, technical advancements, and population growth. Fitness trackers are highly embraced in the Chinese market due to increased fitness awareness among the population. The primary reasons driving the growth of the fitness trackers market in Japan include rising living standards, an increase in the number of fitness enthusiasts, and a growing population of young people.
The competitive landscape of this fitness tracker market shows a few companies running their operations very competitively in order to offer the smartest fitness tracking devices. Some major players tracked in this market include Fitbit, Apple, Garmin, Samsung, and Xiaomi. Only a few of these companies are very popular for their advanced kind of fitness trackers, which track such health metrics as heartbeat rates, steps taken, calories burned, sleeping patterns, and many others. Companies continue to innovate in the competitive market of fitness trackers. They offer all kinds of options to the user who needs to count, record, and monitor their record of progress about health and fitness goals where the user stays updated.
In March 2023, Garmin Singapore introduced the Forerunner 265 series and Forerunner 965 smartwatches with brilliant AMOLED displays. The watch includes new features that allow athletes to exceed their limits by planning, preparing, and tracking their workout regimen.
GLOBAL FITNESS TRACKER MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Apple, Inc.
Garmin Ltd.
Fitbit, Inc
Ambiotex GmbH
Huawei Technologies
Adidas AG
Samsung Electronics Co. Ltd
Xiaomi Inc
Fossil Group Inc
Nike Inc
Jawbone
Lumo bodytech Inc
Noise
Others