FITNESS TRACKERS MARKET ANALYSIS

The global fitness trackers market was valued at US$ 51.6 Bn in 2022 and is forecast to reach a value of US$ 215.4 Bn by 2030 at a CAGR of 19.6% between 2023 and 2030. The global fitness trackers market is experiencing strong growth due to the rising prevalence of cardiovascular diseases and obesity and increasing awareness about health and fitness. Moreover, the outbreak of COVID-19 (pandemic) and increasing adoption or use of fitness trackers is expected to boost the growth of the market. However, factors such as high cost of fitness trackers and risk of data theft is expected to hamper growth of the global fitness trackers market.

Global Fitness Trackers Market: Regional Insights

Based on geography, the global fitness trackers market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increasing awareness regarding fitness and health, growing penetration of the Internet & smartphones, increasing adoption of fitness trackers, and the outbreak of COVID-19 in the region. For instance, one-in-five U.S. adults (21%) say they regularly wear or use a smart watch or wearable fitness tracker, according to the Pew Research Center. Moreover, around three-in-ten adults in the U.S. living in households earning US$ 75,000 or more a year say that they regularly wear or use a smart watch or fitness tracker.

Europe and Asia Pacific are also expected to witness robust growth in the global fitness trackers market due to the growing penetration of the Internet & smartphones, increasing adoption of fitness trackers (due to growing awareness regarding fitness and health), the outbreak of COVID-19, and introduction of novel products in these regions. For instance, in May 2023, Honor announced the launch of the Band 7 in Europe and the U.K. The Honor Band 7 has a large OLED display, and is compatible with most Android smartphones or iPhones. The fitness tracker provides 5 ATM water resistance too, among other features.

Figure 1. Global Fitness Trackers Market Share (%), by Region, 2023

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Global Fitness Trackers Market Drivers:

Rise in burden of cardiovascular diseases and obesity to drive market growth

One of the key factors expected to augment the growth of the global fitness trackers market during the forecast period is the rising prevalence of cardiovascular diseases and obesity. Several studies have shown that obesity results in cardiovascular risk factors such as dyslipidemia, hypertension, type 2 diabetes, and sleep disturbances, thereby resulting in a higher prevalence of cardiovascular disease and deaths across the globe. As per the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death taking an estimated 17.9 million lives each year. This in turn is driving the growth of the market.

Increasing awareness about health and fitness to underpin market growth

Another factor which is driving the growth of the global fitness trackers market is the increasing awareness about health and fitness. With the increasing awareness among people about health and fitness, the use or adoption of fitness trackers is also increasing. According to the World Economic Forum, worldwide, health and fitness application downloads grew by around 46% between Q1 and Q2 2020. India saw the highest increase in downloads, rising by 156% (over 58 million new active users). The Middle East and North Africa (MENA) saw the second highest growth downloads, at a 55% increase, followed by Asia-Pacific with a 47% increase.

Global Fitness Trackers Market Opportunities:

The outbreak of COVID-19 (global pandemic) is expected to offer significant growth opportunities for players in the global fitness trackers market. For instance, the demand for fitness trackers was on the rise during the pandemic due to the high consumption and use of these devices to monitor heart rate and oxygen levels. In August 2020, Fitbit Inc. announced the launch of Sense, the most advanced health Smartwatch, bringing innovative sensor and software technology with the world’s first electrodermal activity sensor on a watch to help manage stress, along with advanced heart rate tracking technology, new ECG app, and skin temperature sensor.

Increasing adoption or use of fitness trackers is expected to offer significant growth opportunities for players in the global fitness trackers market. For instance, with the increasing awareness among people about health and fitness and the benefits of fitness trackers, the adoption or usage of fitness trackers is also increasing with the rapid pace. In September 2022, Fitbit expanded its Smartwatch lineup in India with the launch of three new fitness trackers. The company launched Fitbit Versa 4, Fitbit Sense 2 fitness watches, and Fitbit Inspire 4 fitness tracker. The wearables come equipped with a heart rate sensor, SpO2 monitor, stress monitor, and more.

Global Fitness Trackers Market Trends:

Rise in adoption of wearables is a recent trend

Over the years, wearable fitness trackers, such as smartwatches, have established themselves as an important part of consumer electronics. The most advantageous component of the Smartwatch has been health monitoring. It helps the people (or user) by providing important health parameters and provides information related to the diseases. The popularity of smartwatches is increasing rapidly as every smartwatch comes with a fitness tracker. People are anxious about their health, and thus, there is an increasing demand for wearable fitness trackers.

Growing demand for flagship products is another trend

Technological advancements have enabled the addition of more features in fitness trackers/bands and smartwatches. Flagship products/devices are highly well designed products and are made very attractive as compared to any other product of the company. Flagship products are typically the reason customers make purchases. They satisfy the customer's wants and serve benefits specific to the design. Thus, increasing demand or adoption of flagship devices/products is expected to propel the growth of the fitness trackers market over the forecast period.

Global Fitness Trackers Market Restraints:

High cost of the device to hinder market growth

One of the key factors expected to hamper growth of the global fitness trackers market is the high cost of fitness trackers or smartwatches. Fitness trackers include multiple sensors and other chipset components to capture data accurately. There is an increasing demand for water-, dust-, and shock-resistant fitness trackers, and thus, manufacturers are focusing more on providing premium quality devices to meet customer requirements. Thus, manufacturers not only need to invest considerable in R&D but also need to invest heavily to market and promote these products. This in turn increase the cost of the product, restraining the growth of the market.

Risk of data theft to hamper the market growth

Another factor which is hampering the growth of the global fitness trackers market is the risk of data theft. Some the fitness trackers are vulnerable in terms of data security and connectivity. The connection of these trackers can be tampered by hackers to get the consumer location and other vital information generated by these trackers. These fitness trackers, with low data security, store the data unencrypted in the synchronized device, which increases the risk of data theft. The risk of data theft and risk of misuse restrain the market growth.

Figure 2. Global Fitness Trackers Market Share (%), by Device Type, 2023

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Global Fitness Trackers Market Segmentation:

The global fitness trackers market report is segmented into Device Type, Display Type, Distribution Channel, Compatibility, and Region.

Based on Device Type, the market is segmented into Fitness Band, Smartwatch, and Others. Out of which, Fitness Band Segment is expected to dominate the fitness trackers market over the forecast period and this is attributed to the increasing adoption of fitness bands worldwide.

Smartwatch Segment is also expected to witness significant growth in the near future and this is owing to the rise in adoption of wearable fitness trackers.

Based on Display Type, the market is segmented into Monochrome Display and Colored Display. Out of which, Colored Display Segment is expected to dominate the market during the forecast period and this is attributed to the increasing awareness about health and fitness.

Based on Distribution Channel, the market is segmented into Online Stores and Offline Stores. Out of which, Online Stores Segment is expected to dominate the market over the forecast period and this is attributed to the growing penetration of the internet and smartphones.

Based on Compatibility, the market is segmented into IOS, Android, Windows, Tizen, and Others. Out of which, IOS Segment is expected to dominate the market over the forecast period and this is attributed to the increasing number of Apple products.

Android Segment is also expected to witness robust growth in the near future and this is owing to increasing number of android users across the globe.

Global Fitness Trackers Market: Key Developments

In June 2022, Xiaomi announced the launch of Xiaomi Band 7 fitness tracking device in the global market. This tracker is water-resistant and features over 100 sports modes.

In January 2021, OnePlus launched fitness band in India that features a 14-day battery life, 5ATM, and IP68 water resistance, and a dual-color band design.

In November 2021, Noise and HRX teamed up to launch a range of fitness trackers designed for the millennials and GenZ. The newly launched fitness tracker is equipped with prominent features such as a sleep cycle tracker, heart rate and blood pressure monitor, smart DND, and noise health suite for complete care on the go.

In August 2021, Fitbit launched its latest fitness tracker, the Fitbit Luxe, in India. The latest fitness tracker comes in as a premium offering for those that want the accuracy of Fitbit‘s fitness tracking features along with a significantly unique design statement.

In July 2021, Garmin launched two health-focused smartwatches in India. These two smartwatches are Venu 2S and Venu 2 with features such as an AMOLED touchscreen with Gorilla Glass 3, a health snapshot feature, and a boast of more than 25 built-in sports apps.

Global Fitness Trackers Market: Key Companies Insights

The global fitness trackers market is highly competitive. This is attributed to the growing adoption or demand for fitness trackers across the globe, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global 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.

*Definition: Fitness tracker is a wearable device or computer application that records a person’s daily physical activity, together with other data relating to their health and/or fitness, such as the number of calories burned, heart rate, etc.