- Growing adoption of technology, rising popularity towards smart gadgets and benefits of fitness trackers are growing the market.
- High cost of the devices and continuous change in technology or product advancement are the factors hampering the growth of the overall market.
- The global fitness tracker market is expected to reach approximately $15.88 billion by the end of 2023.
Regionally, North America accounted for the largest market share from countries such U.S., Canada and Mexico among others. The reason is attributed to growing demand for high-end technology solutions and growing health awareness. However, Asia Pacific is expected to grow over the forecast period, 2018-2023.
The global fitness tracker market can be bifurcated as age group, product type, wearing type, sales channel, application, end-users and region. On the basis of age group, the market can be segmented as adult’s fitness tracker, children’s fitness tracker.
Out of these, adult’s fitness tracker accounted for the largest market share majorly due to high demand from young generation. Based on product type, the market is segmented into activity monitors, smart watches, and smart clothing. The wearing type segment of the fitness tracker market is segmented into handwear, legwear, headwear and others (torsowear, clothwear etc.).
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Online sales and retail sales are the sales channels of the Fitness Tracker Market. The applications covered by the fitness tracker include heart rate tracking, sleep measurement tracking, glucose measurement tracking, sports, running, and cycling tracking. Sports, hospitals and diagnosis center, others are the end-users of this market. Geographically, the market is segmented into North America, Europe, Asia Pacific and Rest of the World.
The factors contributing to the growth of the fitness tracker market are growing adoption of technology, rising popularity towards smart gadgets and benefits of fitness trackers.
Furthermore, factors such as user-friendly devices and increasing health awareness are expected to boost the growth of the fitness tracker market over the forecast period, 2018-2023. However, high cost of the devices and continuous change in technology or product advancement are the factors hampering the growth of the overall market.
The global fitness tracker market is highly competitive. Various established international brands, domestic brands and as well as new entrants form a competitive landscape. The key players are nonstop increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio.
The fitness tracker market is highly competitive due to the presence of several large vendors. The global fitness tracker market is expected to reach approximately $15.88 billion by the end of 2023 with 13.02% CAGR during forecast period 2018-2023.
The key players in the global fitness tracker market include- Apple Inc., Fitbit, Samsung, Garmin, Suunto, Jawbone, Casio, Polar, Nike, Adidas, Misfit Wearable, Inc., Xiaomi and Nokia among others.
For the purpose of this study, Market Research Future has segmented the Fitness Tracker Market into age group, product type, wearing type, sales channel, application, end-users and region.