The global Fitness Trackers Market is estimated to be valued at US$ 61.5 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fitness trackers are wearable devices that monitor and track fitness-related metrics such as distance covered, heart rate, calories burned and others. They offer convenience and various health benefits to users by tracking important parameters.
Market key trends:
One of the major trends in the fitness trackers market is integration of advanced connectivity features. Many new fitness trackers are integrating capabilities like advanced syncing, notifications and messaging. This allows users to stay connected without needing to use their smartphones. Devices are being equipped with Bluetooth, Wi-Fi and even LTE connectivity for advanced syncing of data to apps and receiving calls/texts on the tracker screen. This trend is expected to drive further adoption of smart and connected fitness trackers.
Segment Analysis
The global fitness trackers market is segmented by device type, application, component, sales channel and region. Based on device type, the wrist wear segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. Wrist wear devices such as smartwatches and wrist bands have become increasingly popular among fitness enthusiasts and health-conscious individuals due to their compact size and easy accessibility.
Key Takeaways
The Global Fitness Trackers Market Demand is expected to witness high growth, exhibiting a CAGR of 19% over the forecast period, due to increasing health awareness among individuals and growing adoption of wearable devices.
Regional analysis
Regionally, North America dominated the global fitness trackers market in 2022 and is expected to continue its dominance during the forecast period. The region has witnessed increased focus towards preventive healthcare and growing adoption of technology-enabled healthcare devices. Asia Pacific is expected to witness the fastest growth over the forecast period, growing at a CAGR of 21.5%, due to rising health expenditures and growing middle-class population with substantial disposable incomes in countries such as China and India.
Key players operating in the fitness trackers market are Adidas AG, Apple Inc., Fitbit, Inc., Garmin Ltd., Jawbone, Moov Inc., Xiaomi Inc., Nike, Inc., Lumo Bodytech Inc., and Samsung Electronics Co. Ltd., among others. Fitbit accounted for the largest market share in 2022, owing to its wide range of technologically advanced fitness trackers such as Charge and Versa. Apple also captures a major share of the market through its diverse portfolio of devices including Apple Watch.
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The global wearable fitness trackers market is projected to attain a revenue of $48.2 billion by 2023, progressing at a 16.5% CAGR during the forecast period (2018–2023), according to a study conducted by P Intelligence.
The market is witnessing growth due to the increasing demand for wireless and continuous health monitoring devices, rising utilization of fitness tracking apps, growing disposable income, and surging awareness regarding obesity.
On the basis of product, the market is divided into leg-wear, smart garments and body sensors, wrist-wear, and others.Receive Sample Copy of this Report: https://www.psmarketresearch.com/market-analysis/wearable-fitness-trackers-market/report-sampleSmart garments and body sensors are projected to register the highest CAGR during the forecast period, owing to the rising collaboration of fitness, fashion, and high-tech companies.
The wearable fitness trackers market is bifurcated into direct and indirect in terms of distribution channel.
Between the two, the indirect category is expected to hold the larger share of the market during the forecast period, owing to the rising preference of customers for online shopping and growing number of online stores across the globe.Make an Enquiry before Purchase: https://www.psmarketresearch.com/send-enquiry?enquiry-url=wearable-fitness-trackers-marketGeographically, North America dominated the wearable fitness trackers market in the past, due to a large number of established players, rising spending in the healthcare sector, growing adoption of fitness trackers for health monitoring, and surging prevalence of chronic diseases.
The Asia-Pacific region is projected to register the fastest growth during the forecast period.
Long gone are the days when cyborgs were limited to science fiction realm.
Everything—from our phones to activity trackers—is acting as cognitive, social or biological extensions of our bodies and brains.
It feels amazing, to say the least.My phone tracks all my activities without me even asking for it.
Some companies also provide prizes, financial incentives, or diminutions in health insurance premiums when their employees participate in these competitions.What Is The Purpose Of All Such Monitoring?The technology we keep with us in the forms of our smartphone, watches or other devices has opened new horizons to leverage enormous amounts of data collected about us every instant.
It’s crucial to consider that everything has a purpose.
Each of the 800 employees recruited to participate in the study gave around $7 to register and then all the participants were randomly distributed into four groups for a year.
