Worldwide fitness tracker market reached US$39.8 Bn in 2021 and is all set for a solid double-digit growth through the end of 2027.
Rising Smart Health and Fitness Boom Uplifts Prospects of Fitness Tracker Market
Increased consumer disposable income levels, expanding internet and smartphone penetration, and growing health and fitness awareness are all major contributors to the fitness tracker market growth. The target market for fitness trackers includes younger individuals and working-class members, and awareness of fitness and health is rising, particularly among these groups. The market for fitness trackers is also anticipated to grow due to other factors, including the rising number of people who suffer from sleep problems, and the rising disposable income among various demographic groups. Additionally, the COVID-19 epidemic has greatly raised public awareness of these devices. As more market participants compete to meet the escalating demand and seize a larger share in fitness tracker market, the rising adoption has increased gadget development and innovation.
A sophisticated wristwatch with an ECG monitor, stress management, skin temperature sensor, sleep monitor, SpO2 levels monitor, built-in GPS, period tracker, and 20+ workout modes, for instance, was introduced by Fitbit Inc. in August 2020. The demand for the product is projected to increase because of the increased prevalence of cardiovascular diseases (CVDs), obesity, and other health problems linked to sedentary lifestyles. In 2017, reports indicated that 39% of adults worldwide were overweight, and 13% were obese. The industry is driven by the increase in manufacturers providing different fitness trackers at rates acceptable for all income ranges. Developing wearable products like smart jewelry, insoles, and apparel attracts more customers. Additionally, the fitness tracker market is being further stimulated by the expanding e-commerce sector, a robust distribution network, and retail alliances of the industry leaders. Over two billion individuals made online purchases in 2020, and e-retail sales globally topped 4.2 trillion dollars in that year. Thus the growing e-commerce business will mostly propel the growth of fitness tracker market.
Fitness Tracker Market: COVID-19 Impact
The increase in COVID-19 cases has a beneficial effect on the sales of fitness monitoring equipment. The sales in fitness tracker market grew due to greater health awareness brought forth by COVID-19. Revenue for businesses like Apple and Garmin increased by 20% in 2020 compared to the prior fiscal year. Although COVID-19 has impacted several enterprises and there is still uncertainty regarding the economy and client demand, manufacturers are creating cutting-edge goods and services to assist customers in these trying times. To examine how wearable data can diagnose, track, and have infectious diseases like COVID-19, Fitbit, for example, is investing in research and development efforts in partnership with Apple, Stanford Medicine, and The Scripps Research Institute.
Growing Awareness Regarding Health and Fitness Drives Demand in Fitness Tracker Market
Growing consumer awareness of the need to maintain a healthy weight and be active is foreseeing industry expansion. These tracking devices have advanced significantly from simple pedometers to intelligent devices with colored displays that track sleep patterns, measure heart rates, monitor activity, and other things. The fitness business, which is still in its infancy, anticipates significant growth, especially among the younger population. Nowadays, people are more likely to frequent health clubs and gyms to reduce the negative impacts of a busy lifestyle. According to research on the global fitness sector published in 2020, there are 205,176 gyms worldwide. Thus with the growing number of gyms, the demand for this product will increase. Additionally, frequent exercise lowers tension, anxiety, and sadness. In addition, several economic variables are anticipated to accelerate the expansion of the worldwide market by 2028, including rising per capita healthcare spending, expanding healthcare infrastructure, and rising industrial sector investment. Thus, it is projected that rising health consciousness will propel market expansion.
Rising Prevalence of Health Disorders to Drive Fitness Tracker Market Growth
People who lead desk-bound lives in today's world are at a higher risk of becoming obese, getting too little sleep, acquiring diabetes, and other illnesses. People are being advised to start exercising daily to maintain their health and prevent various health ailments by busy work schedules and growing health concerns. Cardiovascular diseases, such as hypertension, heart attack, stroke, and diabetes, are the most frequent lifestyle conditions. The primary cause of the rising diabetes prevalence is obesity, age, ethnicity, lifestyle, socioeconomic level, education, and urbanization. Diabetes is expected to affect roughly 283,000 Americans under the age of 20, accounting for approximately 35% of that group. Therefore, the need for fitness activities will expand as awareness of the need for healthy living grows. In consequence, it is anticipated that this will increase the demand for fitness tracking products. Additionally, exercise products provide customers with greater flexibility, preventing serious health issues. Thus, increasing health consciousness is anticipated to fuel market expansion.
Security and Privacy Concerns Continue to Challenge Fitness Tracker Market
The information that fitness tracking gadgets gather about their users, including weight, birth date, photographs, GPS coordinates or social data, heart rate, steps, and background data that the device uses, is primarily personal. Data theft is the main worry, in addition to the extremely personal information. Leaving them vulnerable to invasions of their privacy that could hurt them. Although users of fitness trackers may be unaware of the privacy risks associated with how the data could be abused over time or when combined with other data. For example, in 2018, Strava posted a heat map of anonymous user fitness tracking data on its website. The newly discovered usage patterns at covert military sites in Afghanistan, Iraq, and Syria revealed the movements and routines of the troops. In the same year, 150 million MyFitnessPal customers' fitness tracking device accounts were compromised by hackers who had unauthorized access to data. The market's expansion is therefore anticipated to be hampered by the aforementioned security concerns.
Smartwatch Sales Momentous in Global Fitness Tracker Market
The demand for smartwatches is expected to expand, as is consumer awareness of health issues and the rapid technical improvements made by industry participants. Additionally, it is anticipated that the growing demand for linked ecosystems, increased emphasis on connected devices and smart systems across several industries, and prospects for smartwatch in fitness tracker market. The primary success factors that support the need for smart wearables are the rise in data reliance among end users and significant government investments in creating smart cities. Smartwatches can be used to play games, make calls, listen to music, receive message alerts, and more. The smartwatch makes it simple to access the mobile phone. Another crucial aspect of the fitness tracker market is a robust distribution network. When choosing the appropriate channel, location, and target market, the major companies work with suppliers and resellers to gain a larger share of fitness tracker market.
Increased Influence of Social Media Help Online Sales Climb up in Fitness Tracker Market
With the e-Commerce sector's quick growth and the presence of well-known online e-Commerce platforms like Amazon, Flipkart, and Snapdeal, the online category is anticipated to take the lead in terms of revenue share during the projected period. Similarly, the popularity of fitness trackers has expanded due to the continual increase in advertising and marketing of several new items on social media platforms like YouTube and Instagram. Based on post engagement, customer lists, and IG video views, Instagram enables advertisers to construct unique target audiences. Instagram ads may also provide a better engagement rate and higher Return On Investment (ROI). This has allowed new firms to highlight their product lineup and attract potential clients. In the future, this is also anticipated to fuel this segment's revenue growth.
North America to Acquire a Major Revenue Share in Global Fitness Tracker Market
Compared to other regional markets, the North America’s fitness tracker market is anticipated to generate the most revenue over the projection period. This is primarily due to the region's e-Commerce industry's explosive growth. Sales of retail e-commerce are expected to increase quickly in the United States during the next few years, from around 470 billion dollars in 2021 to more than 560 billion dollars in 2025. As a result, demand for sophisticated and cutting-edge fitness trackers is increasing. Significant businesses like Apple Inc., Google LLC, Garmin Ltd., and others are anticipated to assist the market's revenue growth. Young adults and women in the US were reportedly the leading users of fitness trackers among high-income households. About 50% of adults from higher-income households in the United States use fitness trackers and health applications. Additionally, it is anticipated that the FDA's lax regulatory policies on wellness wearables will accelerate fitness tracker production to keep up with the demand. This gives new entrepreneurs the chance to improve fitness tracking gadgets without worrying about regulatory compliance. Furthermore, it is anticipated that the existence of well-known e-Commerce firms like Amazon, eBay, and others would boost the accessibility and visibility of new brands in the marketplace.
The Asia Pacific fitness tracker market is anticipated to have extremely quick revenue growth throughout the forecast period, which can be due to the region's increasing adoption of AI and technology for reaching fitness objectives. In addition, favorable government legislation has facilitated a rise in new businesses producing fitness trackers at lower prices. Startups like Fiture Holding LLC. (China) have created smart fitness mirrors that can distinguish more than 1,000 distinct movements and help with exercise. In order to stop subsequent pandemics, Chinese health authorities are eager to work with fitness tracker manufacturer Huami and collect data from the fitness trackers of patients who have survived COVID. This will increase consumer demand for fitness and health monitoring equipment and promote fitness tracker market revenue growth.
Fitness Tracker Market: Competitive Landscape
In June 2020, Huami Corporation introduced the ultra-lightweight and thin-body Amazfit BIP S in India for Rs 4,999. The most recent Amazfit Bip S has a Bluetooth music controller, 64 Gamut color display, 5 ATM water resistance, and a sleep tracker. Its integrated GPS and GLONASS dual-mode location help users track their routes and distances properly. The item is offered on e-commerce sites like Amazon, Myntra, Flipkart, and the official Amazfit website. For instance, in March 2020, Fitbit released the Fitbit Charge 4TM, the newest member of its most popular device family. Fitbit Charge 4 delivers what you want most in a health and fitness tracker, paired with essential smart features and up to seven days of battery life3, in a sleek, swimproof4 design, all at an affordable price. It has Fitbit's most advanced combination of sensors and features, as well as built-in GPS and Spotify - Connect & Control.
A few of the players in global fitness tracker market include Apple, Inc., Fitbit, Inc., Garmin Ltd., Beienda, Ambiotex GmbH, Hexoskin, Huawei Technologies, Nurvv, Oura Health Ltd., and Withings.
Global Fitness Tracker Market is Segmented as Below:
By Distribution Channel
Key Elements Included In The Study: Global Fitness Tracker Market
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