Fitness Tracker Industry Overview
The global fitness tracker market size is expected to reach USD 138.7 billion by 2028, registering a CAGR of 18.9% over the forecast period, according to a new report by Grand View Research, Inc. Some of the factors contributing to the market growth are the rising awareness regarding health fitness, growing adoption of smartphones, availability of the internet, and increasing consumer disposable incomes. Moreover, the rise in cases of sedentary lifestyle-related health problems and the growing prevalence of Cardiovascular Diseases (CVDs) and obesity are likely to boost the product demand. For instance, in 2017, about 13% of the world’s adult population was obese and around 39% was overweight. The growing awareness regarding health, fitness, and wellness, specifically in the younger population with higher disposable incomes, will drive the market.
Fitness Tracker Market Segmentation
Grand View Research has segmented the global fitness tracker market based on type, application, distribution channel, and region:
Based on the Type Insights, the market is segmented into Smart Watches, Fitness Bands, Smart Clothing, Others.
- The smartwatch segment dominated the market in 2020 accounting for the largest revenue share of over 48% owing to the high demand for smartwatches. Constant product developments, in terms of features and functions, will drive the segment growth over the years to come.
- Smartwatches provide a total package of fitness health tracking as well as communication and, with smartphone notifications calling features, they act as a phone on the wrist.
- The fitness band segment is expected to register the fastest CAGR from 2021 to 2028 owing to the comparatively low cost of these devices and continuous product developments in terms of features, such as stress and sleep monitoring.
Based on the Application Insights, the market is segmented into Heart Rate Tracking, Sleep Monitoring, Glucose Monitoring, Sports, Running, Cycling Tracking, Others.
- The running application segment held the maximum revenue share of more than 22% in 2020. High competition and consumer preferences have led to the availability of most of these applications in the majority of fitness trackers.
- Sports is estimated to be the second-largest application segment by 2028. On the other hand, the glucose monitoring segment is estimated to register the fastest CAGR from 2021 to 2028.
Based on the Distribution Channel Insights, the market is segmented into Online, Offline.
- In 2020, the online distribution channel segment dominated the global market accounting for a revenue share of more than 61%.
- The growing penetration of smartphones the internet, along with the growing popularity of e-commerce platforms due to high convenience and quick service offered by them, will propel the segment growth over the forecast years.
- The offline distribution channel segment is also estimated to showcase significant growth as offline stores allow consumers to examine the product before buying it. Moreover, offline stores provide immediate assistance from a skilled workforce with product knowledge, which drives product sales through this distribution channel.
Fitness Tracker Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
The rapidly changing technology and innovations by the key market players present a tough industry competition. The market players are focusing on research and development to provide more efficient products to cater to the rising demand.
Some prominent players in the global fitness tracker market include
- Apple, Inc.
- Fitbit, Inc.
- Garmin Ltd.
- Beienda
- Ambiotex GmbH
- Hexoskin
- Huawei Technologies
- Nurvv
- Oura Health Ltd.
- Withings
Order a free sample PDF of the Fitness Tracker Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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