The global fitness tracker market size is expected to reach USD 138.7 billion by 2028, registering a CAGR of 18.9% over the forecast period, according to a new report by Grand View Research, Inc. Some of the factors contributing to the market growth are the rising awareness regarding health & fitness, growing adoption of smartphones, availability of the internet, and increasing consumer disposable incomes.
Key Insights & Findings:
- The smartwatch segment dominated the market in 2020 as a result of high demand for these devices owing to their features and functions, such as health tracking and communication
- On the other hand, the fitness band segment is expected to register the fastest CAGR over the forecast period due to the comparatively low cost of these devices and the availability of advanced products with features, such as stress and sleep monitoring
- In 2020, the online distribution channel segment held the highest market share owing to the easier availability and accessibility
- North America dominated the market in 2020 accounting for the maximum revenue share owing to constant product innovation by key manufacturers, wide usage of smartphones and the internet, and higher disposable income levels
- Asia Pacific is expected to be the fastest-growing regional market over the forecast period owing to the rising product adoption, growing awareness regarding fitness & health, rising consumer disposable income, and growing penetration of e-commerce platforms
Read 80 page market research report, “Fitness Tracker Market Size, Share & Trends Analysis Report By Type (Smartwatches, Smart Bands), By Application (Glucose Monitoring, Sports), By Distribution Channel (Online, Offline), And Segment Forecasts, 2021 – 2028”, by Grand View Research
Moreover, the rise in cases of sedentary lifestyle-related health problems and the growing prevalence of Cardiovascular Diseases (CVDs) and obesity are likely to boost the product demand. For instance, in 2017, about 13% of the world’s adult population was obese and around 39% was overweight. The growing awareness regarding health, fitness, and wellness, specifically in the younger population with higher disposable incomes, will drive the market.
Furthermore, the Covid-19 pandemic has led to an increase in awareness regarding fitness & health resulting in a rise in the adoption of fitness trackers. In addition, the market players introduced some Covid-19-specific tracking indications to capture the growing market demand and the changing consumer requirement. For instance, Fitbit Inc. launched Sense with a SpO2 levels monitor, ECG monitor, and stress management features to meet the growing demand. Wide distribution networks and retail tie-ups of the market players enable the availability of the latest products worldwide. In addition, the growing e-commerce sector and adoption of online channels further propel the growth of the market.
Grand View Research has segmented the global fitness tracker market based on type, application, distribution channel, and region:
- Fitness Tracker Type Outlook (Revenue, USD Million, 2016 – 2028)
- Smart Watches
- Fitness Bands
- Smart Clothing
- Fitness Tracker Application Outlook (Revenue, USD Million, 2016 – 2028)
- Heart Rate Tracking
- Sleep Monitoring
- Glucose Monitoring
- Cycling Tracking
- Fitness Tracker Distribution Channel Outlook (Revenue, USD Million, 2016 – 2028)
- Fitness Tracker Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- North America
List of Key Players of Fitness Tracker Market
- Apple, Inc.
- Fitbit, Inc.
- Garmin Ltd.
- Ambiotex GmbH
- Huawei Technologies
- Oura Health Ltd.
Check out more studies related to Fitness Tracking Wearables and Apps, conducted by Grand View Research:
- Wearable Sensors Market – Global wearable sensors market size was valued at USD 149.3 million in 2016. Sensors are a vital aspect in wearable devices used by consumers owing to an increased focus on tracking real-time motion sensing activities. This is likely to propel industry growth over the forecast period.
- Smart Fitness Market – Global smart fitness market size was valued at USD 6.03 billion in 2016 and is expected to gain traction over the forecast period owing to its rapid adoption among the individuals to track their fitness activities. The rising demand for features, such as keeping track of heart rate, distance covered, workout time, and calories burned, offered by fitness trackers is likely to propel the global smart fitness devices market
- Fitness App Market – Global fitness app market size was valued at USD 4.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.6% from 2021 to 2028. The spread of the COVID-19 pandemic resulted in nationwide lockdowns and social distancing norms.