The global fitness tracker market is growing rapidly, mainly due to the growing trend of maintaining a healthy lifestyle. The rising popularity of wearable devices leads to the growing adoption of fitness trackers. Besides, advances in technology and fitness tracker gadgets drive the growth of the market. The growing sales of wearable devices that can monitor health and fitness boost the market size.
With the increasing penetration of smartphones, smartwatches, activity monitors, smart clothing, and other health tracking devices, the market is expected to garner significant traction in the next few years. According to Market Research Future (MRFR), the global fitness tracker market is expected to garner USD 15.88 BN valuation by 2023, registering over 13.02% CAGR throughout the assessment period (2017-2023).
Dominant Key Players on Fitness Tracker Market Covered are:
- Garmin (US)
- Nike (US)
- Casio (Japan)
- Samsung (South Korea)
- Nokia (Finland)
- Xiaomi (China)
- HERE Intelligent Technologies (Netherlands)
- Lumo Bodytech (Hong Kong)
- Misfit Suunto (US)
- Sony Corporation (Japan)
- Polar (Finland)
- Beienda Technolgy Co. Ltd. (China)
- TomTom International BV (Netherlands)
- Apple Inc (US)
- Shenzhen Seiko Epson Corporation (Japan)
- Shenzehen Motto Electronics Co. Ltd. (China)
- Misfit Wearable Inc. (US)
- Adidas Inc. (US)
- Fitbit (US)
- Jawbone (US)
- Under Armour Inc. (US)
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Market USP Exclusively Encompassed:
Factors such as the growing digitalization and Internet usages accelerate the market shares. On the other hand, the requirements of large R&D investments and long development and commercialization times are major factors impeding market growth. Nevertheless, rising smart clothing applications would support market growth throughout the review period.
Segmentation of Market Covered in the Research:
The report is segmented into product types, wearing types, sales channels, applications, end-users, age groups, and regions. Of these, the product type segment is bifurcated into smartwatches, activity monitors, smart clothing, and others. Similarly, the wearing type segment is bifurcated into headwear, handwear, legwear, and others. The sales channel segment is bifurcated into online, retail, and others.
The application segment is bifurcated into sleep measurement tracking, heart rate tracking, glucose measurement tracking, sports, cycling tracking, running, and others. The age group segment is bifurcated into kids fitness tracker and adult fitness tracker. Further, the end-user segment is bifurcated into diagnosis centers & hospitals, sports, and others. The region segment is bifurcated into the Asia Pacific, Americas, MEA, Europe, and the Rest-of-the-World.
Browse In-depth Market Research Report (100 Pages) on Fitness Tracker Market:
North America drives the largest share in the global fitness tracker market. The largest market growth attributes to technology advances, early adoption of advanced technologies, and the presence of remarkable players.
Besides, high investments in research & development of technology and the well-developed economy in the region propel the growth of the market. Moreover, the large industrial base and research & technological ecology in the US provide a considerable impetus to the growth of the regional market.
Europe stands second in the global fitness tracker market. The market growth is driven by the quadrupling applications of fitness trackers and user base in the region. Besides, rising developments of wearable devices and fitness trends drive market sales.
The Asia Pacific fitness tracker market is growing significantly. Factors such as increased spending on consumer electronics and rising per capita disposable income act as a key tailwind for the market value. Besides, the growing manufacturing activities and technological base in the region push market revenues in the region.
China accounts for the key share in the regional market, followed by Japan, South Korea, and India. Also, the increasing adoption of smart technology substantiates the region’s market shares.
Talk to Expert:
The fitness tracker market appears highly competitive and fragmented due to the presence of many notable players possessing proprietary technologies. These players collaborate with other market players to reduce the development cost and market risk. Fitness tracker providers also form strategic partnerships and agreements, benefitting from each other’s marketing platform.
Players also acquire promising companies to reduce the commercialization times and achieve a larger footprint and proprietary technology. They target the early adopter customer segment, such as the sports and fitness enthusiasts.
Industry/ Innovation/ Related News:
Dec.16, 2021 — Xiaomi, a brand famous for producing nifty wearables, launched a new NFC-enabled fitness tracker and two more smartwatches in the UK. All three wearables would be available to purchase directly from Xiaomi frm. Dec. 16, 2021, in the UK. The Mi Band 6 NFC and Redmi Watch 2 Lite would also be available through Amazon.
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