Fitness Tracker Market Analysis, Growth, Share, Industry Trends, Forecast to 2027 | Top Key Players are Apple Inc., Fitbit, Samsung, Garmin, Suunto, Jawbone
Research Reports
Jan 12, 2022
Market Analysis
The Fitness Tracker Market is predicted to touch USD 15.88 billion at a 13.02 percent CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Growing Awareness about Health to Boost Market Growth
The growing awareness regarding health will boost the market over the forecast period. Consumers today are looking for advanced technologies for maintaining a balanced life. Such trackers are easy to use and are compact. They monitor the body movements and indicate different parameters like calories, cholesterol, heart rate, and others. Thus with the increasing need, the market will experience exponential growth. Now consumers are more concerned regarding their health and fitness trackers help in enhancing the daily life. Besides, it helps in tracking the daily activities for maintaining a healthy life.
Key Players
Eminent players profiled in the global fitness tracker market report include Apple Inc., Fitbit, Samsung, Garmin, Suunto, Jawbone, Casio, Polar, Nike, Adidas, Misfit Wearable, Inc., Xiaomi and Nokia and others.
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Rising Prevalence of Health Disorders to offer Robust Opportunities
The rising prevalence of health disorders will offer robust opportunities for the market in the forecast period. Desktop lifestyles related to contemporary living are leading to several health issues including diabetes, lack of sleep, obesity, and other diseases. Growing health issues and the frantic work timetables have urged people in commencing daily exercise for sustaining their health and avoiding numerous health conditions. Besides, the growing awareness regarding the significance of healthy living will boost the requisite for fitness activities that in turn will increase the demand for fitness monitoring products. Moreover, fitness products provide customers with better flexibility that help in preventing major health conditions.
High Cost to act as Market Restraint
The high cost of fitness tracker coupled with the chances of data theft for the use of IoT in small fitness trackers may act as market restraints over the forecast period.
Concerns about Misinterpretation of Data to act as Market Challenge
The concern regarding misinterpretation of data owing to sensitivity of devices may act as a market challenge over the forecast period.
COVID-19 Analysis
The COVID-19 pandemic had a positive effect on the global fitness tracker market for the increasing sales of fitness monitoring devices. The outbreak has increased the awareness about health hence boosting sales of fitness monitoring products. Leading companies like Garmin and Apple have experienced a rise in revenue by 20% in 2020 in comparison to 2019. Manufacturers are creating advanced services and products for helping customers at this time of crisis. All these are adding to the fitness tracker market share.
Market Segmentation
The global fitness tracker market is segmented based on age group, end users, sales channel, product type, wearing type, and application.
By wearing type, the global fitness tracker market is segmented into legwear, handwear, headwear, and others.
By product type, the global fitness tracker market is segmented into smart clothing, activity monitors, and smart watches.
By application, the global fitness tracker market is segmented into running, cycling tracking, tracking and sports, glucose measurement, heart rate tracking, sleep measurement tracking, and others.
By age group, the global fitness tracker market is segmented into adult fitness tracker and kids fitness tracker.
By end user, the global fitness tracker is segmented into sports, diagnosis centre and hospitals, and others.
Regional Analysis
North America to Head Fitness Tracker Market
North America will head the fitness tracker market over the forecast period chiefly on account of advanced technology with compact design. Besides, technological advances and increasing awareness about health are also adding market growth.
Industry Updates
Fitbit has introduced a jewelry inspired fitness tracker, Fitbit Luxe. It has been designed to appear as a jewelry yet acts like a wellness and health wristband. This fitness tracker comes with a color screen, is swim-proof, and has a heart monitor.
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