The Global Fitness Tracker Market Size is valued at 56.81 billion in 2022 and is predicted to reach 238.74 billion by the year 2031 at a 17.5% CAGR during the forecast period for 2023-2031.
Fitness trackers have become highly popular and accessible to the general public. These gadgets track and monitor physical and fitness exercises such as steps taken, calories burned and consumed, heart rate, distance traveled, sleep length, and breathing. Tracking devices connect wirelessly to a computer or smartphone and can be used by anyone, anywhere, to track fitness and health-related information. Rising health and fitness awareness, increased internet and smartphone usage, and increased consumer disposable income levels are all contributing to market expansion. Fitness and health awareness is expanding, particularly among younger folks and the working-class population, who are the target clients for activity trackers.
However, the high cost and risk of data theft due to tampering with these devices' connections limit the fitness tracker market's growth. Growing privacy and security concerns and tough competition from other counterfeit products hampered industry growth. This, combined with a weak distribution network in underserved areas, will likely impede industry growth over the forecast period.
Competitive Landscape:
Some of the Fitness Tracker Market players are:
- ABC Fitness Solutions, LLC
- Adidas AG
- Ambiotex GmbH
- Apple, Inc.
- Beienda
- Fitbit, Inc.
- Garmin Ltd.
- Google Inc. (California, United States)
- Hexoskin
- Huawei Technologies
- Jawbone
- Lumo Bodytech Inc.
- Moov Inc.
- Nike, Inc.
- Nurvv
- Oura Health Ltd.
- Pebble Technology Corp
- Samsung Electronics Co Ltd
- Withings
- Xiaomi Inc.
Market Segmentation:
The fitness tracker market is segmented on the basis of type, application, and distribution. Based on type, the market is categorized as smart watches, fitness bands, smart clothing, and others. The application segment includes heart rate tracking, sleep monitoring, glucose monitoring, sports, running, cycling tracking, and others. By distribution, the market is segmented into online and offline.
Based On Type, The Smartwatch Segment Is A Significant Contributor To The Fitness Tracker Market
The smartwatches category is expected to hold a considerable share of the global Fitness Tracker Market in 2022. Continuous product development in terms of features and functions will drive category expansion in the coming years. Smartwatches offer a complete bundle of fitness and health tracking as well as communication, and they function as a phone on the wrist with smartphone notifications and calling features.
Running Segment Witness Growth At A Rapid Rate
The running segment is projected to grow rapidly in the global fitness tracker market. Due to high competition and consumer preferences, most of these applications are now available in most fitness trackers. However, other devices, such as Garmin's Forerunner and Nurvv Run, are expressly developed for sporting purposes, with capabilities such as lap counting, Hill Splitter, and goal setting.
In The Region, The North America Fitness Tracker Market Holds a Significant Revenue Share
The North America Fitness Tracker Market is expected to register the highest market share in terms of revenue shortly. This can be attributed to the increased awareness and adoption of fitness trackers. Furthermore, rising incidences of sedentary lifestyle-related health conditions, the introduction of novel products by key market players, and the increasing prevalence of smartphones and the internet in North America will boost the regional industry. Asia Pacific is predicted to be the fastest-growing regional market due to the widespread use of activity trackers and increased awareness of overall health and fitness among the working-class population. Furthermore, rising consumer disposable income levels, simple availability of modern items from numerous brands, and the growing e-commerce penetration will drive the regional market in the upcoming years.
Fitness Tracker Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 56.81 Bn |
|
Revenue forecast in 2031 |
USD 238.74 Bn |
|
Growth rate CAGR |
CAGR of 17.5 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Type, Application, And Distribution |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Apple, Inc.; Fitbit, Inc.; Garmin Ltd.; Beienda; Ambiotex GmbH; Hexoskin; Huawei Technologies; Nurvv; Oura Health Ltd.; Withings. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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