The global fitness trackers market was valued at US$ 51.6 Bn in 2022 and is forecast to reach a value of US$ 215.4 Bn by 2030 at a CAGR of 19.6% between 2023 and 2030.
Fitness trackers assist users in keeping track of their daily physical activity, which promotes a healthy lifestyle and lowers the chance of developing chronic diseases. Fitness trackers are the devices that are used to track and monitor an individual’s physical activities. Fitness trackers track down the caloric intake, heart rate, oxygen supply rate, steps taken, calories burnt and much more.
Fitness trackers help individuals in tracking their daily physical activity which helps in maintaining a healthy lifestyle and reducing the risk of chronic diseases. One of the key trends in the global fitness tracker market is the expanding trend of pairing fitness trackers with smartphones and smart watches. The industry is being driven by activity tracker integration and the rising popularity of fitness apps.
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Fitness Trackers Market: Drivers
Increasing Consumer Awareness of Health Issues
Artificial intelligence, the Internet of Things, and wireless connectivity are increasing the appeal of new technology, such as wearable fitness trackers. As a result, these businesses added improved features to their goods. In order to dominate the industry, numerous major manufacturers are producing highly sophisticated fitness trackers. The marketing campaign for raising consumer health awareness contributed to the rise in popularity of wearable activity trackers. Numerous health advantages come from keeping track of your heart rate, pulse, sleep, and walking.
Fitness Trackers Market: Restraints
High prices will restrain the market growth
The price of fitness trackers and the potential for data theft from wristwatch fitness trackers are two concerns limiting industry expansion. The Fitbit watch and other fitness tracking features, on the other hand, are becoming more popular. Making such gadgets is expensive for middle- and low-income users, even if retail prices are typically higher due to manufacturing costs.
Fitness Trackers Market: Opportunities
Novel Features with Technology Will Provide an Opportunity for the Markets
The demand for fitness trackers will increase due to technological development and increased awareness of healthy lifestyles. Individuals will therefore have a variety of options to raise their personal standards and activities. Therefore, it will be simpler for people to maintain track of their health and take the necessary measures.
Key Companies Insights
Some of the major players covered in the fitness trackers market are Adidas AG, Apple Inc., Fitbit, Inc., Garmin Ltd., Jawbone, Moov Inc., Xiaomi Inc., Nike, Inc., Lumo Bodytech Inc., and Samsung Electronics Co. Ltd., among others.
- By Device Type:
- Fitness Band
- By Display Type:
- Monochrome Display
- Colored Display
- By Distribution Channel:
- Online Stores
- Offline Stores
- By Compatibility:
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Global Fitness Tracker Market: Trends
The growth of manufacturers offering a variety of fitness trackers at rates accessible to consumers of all income levels is driving the business. More clients are being attracted by the development of various wearable devices, including smart jewellery, insoles, and clothes. The market is also being boosted by a developing e-commerce industry, a strong distributor network, and retail alliances amongst key players in the sector. The worldwide fitness tracker market is anticipated to benefit from the growing trend of adopting fitness trackers as a component of corporate wellness programmes.
Global Fitness Trackers Market: Regional Insights
North America, Asia-Pacific, Europe, and MEA are the regions into which the global fitness tracker market has been divided. But in 2022, North America dominated the market with the greatest market share of 42%, gaining a sizable market share. Since fitness trackers are becoming more and more popular, more people are aware of them. Additionally, the region’s business will increase as a result of both the novel, inventive items produced by top market players and the rising prevalence of health problems brought on by inactive lifestyles in North America.
Due to the increasing adoption of fitness trackers among working people and their increased awareness of health and fitness, APAC will exhibit the highest CAGR over the forecast period. The market in the region will also be influenced by the increase in consumer income levels, the availability of cutting-edge items from a number of brands, and the growth of e-commerce.
Reason to Buy this Report:
➜ Analysis of the impact of technological advancements on the market and the emerging trends shaping the industry in the coming years.
➜ Examination of the regulatory and policy changes affecting the Fitness Trackers market and the implications of these changes for market participants.
➜ Overview of the competitive landscape in the market, including profiles of the key players, their market share, and strategies for growth.
➜ Identification of the major challenges facing the market, such as supply chain disruptions, environmental concerns, and changing consumer preferences, and analysis of how these challenges will affect market growth.
➜ Evaluation of the potential of new products and applications in the market and analysis of the investment opportunities for market participants.
Key questions answered in the report:
➣ What will the market be worth throughout the forecast period 2023-2030?
➣ What are the key industries driving the market?
➣ Who are the leading players in the market?
➣ What are the primary obstacles that the market experiences?
➣ What are the key findings of the SWOT and Porter’s five analysis?
➣ What are the most important main strategies for increasing worldwide opportunities?
➣ What are the various successful sales patterns?
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Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Fitness Trackers Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Fitness Trackers Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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