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New York, April 06, 2023 (GLOBE NEWSWIRE) — The Fitness Tracker Market was valued at around USD 39.5 Billion in 2022 and is estimated to be worth approximately Market Size USD 187.2 Billion in 2032, growing at a CAGR of slightly above 17.3% between 2023 and 2032. Fitness trackers are becoming popular because middle-class and younger adults’ individual is becoming more aware of health and fitness. Furthermore, this device awareness has grown mainly during the Covid-19 pandemic. With rising acceptance, novel market players compete to attain the growing need and obtain a more significant market share. This has encouraged a rise in device innovation and development.
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Due to the COVID-19 pandemic, many industrial markets were affected due to curbing the spread of the disorder. In addition, several governments stipulated lockdowns worldwide as barriers were placed in the raw material supply and distribution of products. Due to these, businesses’ manufacturing sectors were impacted heavily. But, the industries were able to start manufacturing when the situation stabilized. Hence, the market is anticipated to gain its might after the Covid-19 pandemic.
Factors affecting the growth of the fitness tracker industry?
Several factors can affect the growth of the fitness tracker industry. Some of these factors include:
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Top Trends in Global Fitness Tracker Market
Several age groups are searching for interest in health, especially Gen-Z and millennials. In addition, increasing health issues due to desk jobs, such as diabetes, insomnia, depression, and obesity, and increasing awareness among individuals for a healthy lifestyle stimulate the need for fitness products, increasing the market growth.
Economic factors such as increasing per capita healthcare spending, rising investment in innovation, and healthcare infrastructure development are expected to boost market growth over the forecast period.
By region, the global fitness tracker market has been separated into North America, APAC, Europe, Latin America, and MEA. However, North America is the most lucrative market share and will dominate the market share with 42% in 2022. As fitness trackers’ popularity increases, more individuals are aware of these fitness trackers. Moreover, the growing dominance of health issues owing to sedentary lifestyles in North America and the novel innovation by key market players will widen the regional business.
APAC will show the highest CAGR in the forecast period owing to rising awareness of health & fitness among working people and increased acceptance of fitness trackers. Moreover, the region’s market will be motivated by increased consumer income levels, advanced products by several brands, and the expansion of e-commerce to increase overall market growth.
The fitness tracker market is a fragmented industry. There are various significant players at both the global and regional levels. Key players are involved in the development and strategic alliances to extend their product portfolios and market position strengthening in the global market. Emerging key market players are concentrated on several strategic policies to dominate their businesses in foreign markets. Moreover, the key market players’ rapidly increasing innovations and technology give tough industry competition. Hence, the increasing number of brand players showing fitness trackers with new cutting-edge advanced technology, ongoing features development present the best customer experience with valuation matching different groups as per need, and the rising e-commerce sector helps the market growth. Therefore, key market players are concentrating on developing and researching more effective products to solve the increasing demand.
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Scope of the Report
The popularity of new technology, such as wearable fitness trackers, is increasing due to AI, IoT, and wireless connectivity adoption. Hence, these companies included upgraded and advanced features in their products. As a result, many leading key players are producing highly advanced and upgraded fitness trackers to dominate the market. The wearable fitness trackers’ market popularity is rising because of the promotion of rising consumer health awareness. Tracking heart rate, pulse, sleep, and steps also gives various health benefits.
Various factors restrain the market’s growth, such as costly fitness tracking devices and data theft from fitness trackers’ smartwatches. On the other hand, a feature of the Fitbit watch and tracking of other fitness watches are rising in need. Even though the retail prices of such devices are mainly high due to production costs, creating these devices is costly for middle- and low-income consumers.
Technological development and health awareness will increase the fitness tracker market growth. Hence, individuals will have different chances to improve their living standards and activities. Keeping track of health and taking a proper action plan will become easier for individuals.
Report Segmentation of the Fitness Tracker Market
Age Type Insight
According to age, the global fitness tracker market has the most dominant adult fitness tracker segment in 2022. Gen-Z and millennials are increasing health awareness, which affects the adult fitness tracker segment increase in the forecast period. Therefore, the global fitness tracker market based on age is segmented into children’s and adult fitness trackers. Furthermore, fitness products are in need because of rising health issues such as healthy lifestyle awareness rise, obesity, desk-oriented jobs, diabetes, insomnia, and depression.
The fitness band segment is estimated to be the most dominant segment in the global fitness tracker market based on product, with a market share of 43.3% in 2022 and a projected to grow with a high CAGR. The segment’s rise will be stimulated by ongoing product development, including functions and features such as communication, smartphone calling & notifications capabilities, health tracking & providing fitness, and wrist smartwatches as smartphones in the forecast period. The market is divided by product into smart clothing, fitness band, smart glasses, activity monitor, and smartwatches.
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Sales Channel Insight
The market is segmented based on sales channel retail sales and online sales. The online sales segment is anticipated to be the most dominant segment in the global fitness tracker market in 2022. E-commerce platforms’ interest because of their quick service and convenience will stimulate the expanding segment during the forecast period. In addition, the internet and smartphones are rising in popularity hence, rapid segment growth.
The market is segmented on application into sports, heart rate tracking, running, cycling tracking, glucose measurement tracking, and sleep measurement tracking. Based on application, the running segment is estimated to be the most dominant segment in the global fitness tracker market, with the largest revenue share of 43.2% in 2022. These are accredited to rising awareness of trackers in the sports industry with increasing dominance due to athletes, further auguring market growth.
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Key Market Segments
Based on Age
Based on Product
Based on Sales Channel
Based on Application
The competitive landscape of the market has also been examined in this report. Some of the significant players include,
Recent Development of the Fitness Tracker Market
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