As per Vision Research Reports, The global Fitness Tracker market size is expected to be worth around US$ 148.7 billion by 2030 from valued at US$ 40.6 billion in 2020 and is anticipated to grow at a CAGR of 20.9% during forecast period 2021 to 2030.
As per Vision Research Reports, The global Fitness Tracker market size is expected to be worth around US$ 148.7 billion by 2030 from valued at US$ 40.6 billion in 2020 and is anticipated to grow at a CAGR of 20.9% during forecast period 2021 to 2030.
Growth Factors
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 41% was overweight. The growing awareness regarding health, fitness, and wellness, specifically in the younger population with higher disposable incomes, will drive the market.
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Furthermore, the Covid-19 pandemic has led to an increase in awareness regarding fitness & health resulting in a rise in the adoption of fitness trackers. In addition, the market players introduced some Covid-19-specific tracking indications to capture the growing market demand and the changing consumer requirement. For instance, Fitbit Inc. launched Sense with a SpO2 levels monitor, ECG monitor, and stress management features to meet the growing demand. Wide distribution networks and retail tie-ups of the market players enable the availability of the latest products worldwide. In addition, the growing e-commerce sector and adoption of online channels further propel the growth of the market.
Type Insights
The smartwatch segment dominated the market in 2020 accounting for the largest revenue share of over 48.8% 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.
Based on type, the global industry is segmented into smartwatches, smart bands, smart clothing, and others. 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.
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Application Insights
The running application segment held the maximum revenue share of more than 24% in 2020. High competition and consumer preferences have led to the availability of most of these applications in the majority of fitness trackers. However, some devices, such as Forerunner by Garmin and Nurvv Run by Nurvv, are specifically designed for sports applications as they provide features, such as lap count, Hill Splitter, and goal-setting.
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. On the basis of application, the market is divided into heart rate tracking, sleep monitoring, glucose monitoring, sports, running, cycling tracking, and others. Key companies focus on product development and research to sustain the competition.
Distribution Channel Insights
In 2020, the online distribution channel segment dominated the global market accounting for a revenue share of more than 61.9%. 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.
On the basis of distribution channels, the global industry has been bifurcated into online and offline. 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.
Regional Insights
In 2020, North America held the highest revenue share of more than 45% owing to the rise in awareness and adoption of fitness trackers. Moreover, rising cases of health issues related to sedentary lifestyles, the advent of innovative products by key market players, and the growing penetration of smartphones and the internet in North America will drive the regional industry.
On the other hand, Asia Pacific is expected to be the fastest-growing regional market from 2021 to 2028 on account of the high adoption of fitness trackers and growing awareness regarding overall health &fitness among the working-class population. In addition, a rise in the consumer disposable income levels, easy availability of advanced products of various brands, and the growing e-commerce penetration in Asia Pacific will drive the regional market over the coming years.
Key Players
- Apple, Inc.
- Fitbit, Inc.
- Garmin Ltd.
- Beienda
- Ambiotex GmbH
- Hexoskin
- Huawei Technologies
- Nurvv
- Oura Health Ltd.
- Withings
Market Segmentation
- Type Outlook
- Smart Watches
- Fitness Bands
- Smart Clothing
- Others
- Application Outlook
- Heart Rate Tracking
- Sleep Monitoring
- Glucose Monitoring
- Sports
- Running
- Cycling Tracking
- Others
- Distribution Channel Outlook
- Online
- Offline
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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