The new report by Expert Market Research titled, Global Fitness Tracker Market Share, Trends, Growth, Analysis, Key Players, Report and Forecast 2023-2028’, gives an in-depth analysis global fitness tracker market assessing the market based on type, applications, distribution channel and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 35.13 Billion
- Forecast CAGR (2023-2028): 18.80%
- Forecast Market Size (2026): USD 98.75 Billion
The market for fitness trackers is expected to develop as people become more aware of their health, the prevalence of cardiovascular disease and obesity continues to rise, and the internet and smartphones become more commonplace. Demand for fitness tracker goods has increased during the COVID 19 epidemic because of the high consumption and use of such gadgets to measure heart rate and oxygen levels in the body.
Industry Definition and Major Segments
Fitness Tracker is an electronic device or an application that monitors and records the physical activity of the person who is wearing it. It is sometimes referred to as an activity tracker. Among other things, it collects data to track a variety of activities, including calories burned, sleep records, and heart rate, among other things. It is commonly employed in a variety of applications, including sports, medical sciences, and security, among others.
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The major types of fitness tracker are:
- Smart Watches
- Fitness Bands
- Smart Clothing
- Others
The market can be broadly categorised on the basis of its applications into:
- Heart Rate Tracking
- Sleep Monitoring
- Glucose Monitoring
- Sports
- Running
- Cycling Tracking
By distribution channels, the market is bifurcated into:
- Online
- Offline
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Market Trends
Wearable fitness tracking devices, such as smartwatches, have quickly become major components of consumer electronics. Health monitoring has proven to be the most useful feature of the wristwatch. In addition to offering information about ailments, it aids the fitness enthusiast by providing crucial health factors. People’s concern about their health has resulted in an increase in the number of fitness tracker shipments. The popularity of smartwatches has skyrocketed due to the fact that they always have a fitness tracker.
As a result of increased focus on producing new products with the latest technologies in branded firms and rising device popularity through digital marketing, North America is projected to hold a substantial portion of the market. A rise in the population, technological advancements, and steady economic expansion in Asia-Pacific are all projected to drive demand for fitness trackers.
Key Market Players
The major players in the market are Ambiotex GmbH, Apple Inc., Fitbit Inc., NURVV Ltd., Garmin Ltd. and among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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