The global fitness tracker market size was USD 41.60 Billion in 2021 and is expected to register a revenue CAGR of 18.4% over the forecast period, according to the latest report by Emergen Research. Rising health awareness among consumers along with rise in disposable income, and increasing prevalence of chronic diseases are some key factors expected to drive revenue growth of the market during the forecast period.
The COVID-19 pandemic has led to a rise in health awareness among consumers along with rise in the cost of healthcare, and this resulted in deployment of various initiatives to prevent chronic diseases. According to a survey of over 5,000 adults conducted by Public Health England, 80% of people aged over 18 have decided to change their lifestyle in 2021. Around 39% of adults between the age of 40 to 60 years had decided to lose weight and 41% of adults decided to exercise more often. In addition, the growing influence of fitness influencers on social media platforms like Instagram and YouTube has further motivated people to adopt a fitness routine and focus on health.
Rising prevalence of chronic diseases such as chronic respiratory diseases, cardiovascular diseases, and type 2 diabetes mellitus (T2DM) has led to increase in demand for fitness trackers. For instance, Fitbit Premium users access tools to analyze trends of glucose levels in blood and fall in level of glucose within 30 days. Fitbit Health Coach features use blood glucose levels to devise customized fitness plans. Similarly, Apple Watch users can sync their data with blood glucose monitoring apps like Apple Health. This is expected to increase demand for fitness trackers and drive revenue growth of the market. Furthermore, increasing competition among market players to manufacture smart and innovative fitness trackers is further expected to drive revenue growth of the market. Major companies like Apple, Google, and Garmin have invested significantly to develop more innovative fitness trackers and expand their respective product portfolios.
However, high cost of fitness devices and concerns related to data theft are factors expected to hamper revenue growth of the market over the forecast period. User data stored in unsecured databases are vulnerable to data breaches and can be used by companies for targeted advertisements. This is a major factor hampering revenue growth of the market. In addition, the high cost of premium fitness devices is expected to restrain affordability and restrain growth of the market to a significant extent.
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Key Market Competitors Profiled in the Report:
Google LLC, Apple, Inc., Fitbit, Inc. (Google LLC)., Garmin Ltd., Beienda, Inc., Ambiotex GmbH, Hexoskin, Huawei Technologies, Nurvv Ltd., Oura Health Ltd., and Withings.
Fitness Tracker Market Segmentation:-
Emergen Research has segmented the global fitness tracker market on the basis of device type, distribution channel, application, and region:
Device Type Outlook (Revenue, USD Billion; 2019-2030)
Smartwatches
Fitness Bands
Smart Glasses
Smart Clothing
Others
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
Online
Offline
· Application Outlook (Revenue, USD Billion; 2019-2030)
Running
Cycling
Heart Rate Tracking
Stress Management
Others
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Some Key Highlights from the Report
On 16 September 2020, Apple Inc. announced Apple Watch Series 6, with a feature of tracking blood oxygen. Apple Watch Series 6 has improved hardware features, including a faster S6 System in Package (SiP) and next-generation altimeter.
Fitness bands segment accounted for a significantly large revenue share in 2021 owing to rising health awareness among consumers along with rise in disposable income. In addition, increasing government initiatives to promote healthy habits and reduce prevalence of chronic diseases is expected to support growth of this segment.
Online segment registered a significantly larger revenue share in 2021 owing to rapid growth of the e-Commerce industry and rising influence of social media platforms and participants leading to increased popularity of fitness trackers.
Stress management segment is expected to register rapid revenue growth during the forecast period due to an increase in stress and stress-related diseases. According to data, almost 180,000 people in the U.K die each year from stress-related illnesses. Similarly, American Psychological Association estimates that more than three-quarters of adults suffer from stress related issues such as headaches, tiredness, or sleeping problems. This is expected to increase demand for stress management features in smartwatches.
Key Questions Answered by the Report:
What is the outcome of SWOT analysis and Porter’s Five Forces analysis?
How is the competitive landscape of the Fitness Tracker market?
Who are the key players in the industry?
What is the growth rate of the industry over the coming years?
What will be the valuation of the Fitness Tracker Market by 2030?
Regional Segmentation
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
In conclusion, the report provides a qualitative and quantitative analysis of the Global Fitness Tracker market, including the global and regional analysis of the market. The study covers critical information and factual data about the Fitness Tracker industry, along with an in-depth statistical analysis of the market drivers, limitations, growth prospects, opportunities, and threats. On the basis of the current market scope, the report provides an extensive analysis of how the Fitness Tracker market is expected to fare in the forecast timeline. The report utilizes advanced analytical tools to offer an estimation of the outlook of the global state of the Fitness Tracker industry.
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