According to Fortune Business Insights, the global fitness tracker market is expected to reach US$91.98 billion by 2027, with a CAGR of 15.2% over the forecast period. High propensity for physical activity to drive demand for fitness trackers
/EIN News/ — Pune, India, July 11, 2022 (GLOBE NEWSWIRE) — The global ”Fitness Tracker MarketIt is expected to reach USD 91.98 billion by 2027, exhibiting a CAGR of 15.2% over the forecast period. Rising wearable device adoption among the young population will significantly drive healthy market growth, states Fortune Business Insights, in a report titled “Fitness Trackers Market Size, Share, and COVID-19 Impact Analysis, by Type of Market.” device (smart watches, bracelets, smart glasses, smart clothing and others), by application (heart rate tracking, sleep measurement, glucose measurement, sports, running, cycling tracking), by distribution channel (online, retail and others) and regional forecast, 2022 -2027”, the market size stood at USD 30.41 billion in 2019.
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|forecast period||2021 to 2028|
|Forecast period 2021 to 2028 CAGR||15.4%|
|2028 value projection||$114.36 billion|
|Market size in 2020||$36.34 billion|
|Historical data for||2017 to 2019|
|Number of pages||133|
High propensity for physical activity to drive demand for fitness trackers
The increased awareness of an individual’s well-being and health will create lucrative market opportunities. These fitness trackers help track sleep patterns, measure heart rate, sports activities and more, leading to a healthy lifestyle. The boom in the fitness industry due to the growing young population in countries like India and China will influence the growth of the fitness tracker market. The propensity for health clubs and gyms among millennials will have a staggering impact on the market. Hectic lifestyles can cause stress, anxiety, and depression, leading to poor health. The increasing need for physical activities and healthy diet plans due to sedentary lifestyle will drive market opportunities for the foreseeable future.
Integration of innovative features in portable devices to increase business
The global market is driven by the dominance of leading companies offering dynamic products to the health industry. Apple’s strong product portfolio makes it one of the best brands among other companies. The focus on innovative products with enhanced features and functionality by key players will maintain their position in the market. For example, in September 2019, Apple released its Apple Watch Series 5 with advanced features including built-in GPS and heart rate tracking. The wearable device helps monitor various physical activities with high accuracy. Therefore, the continuous development of innovative products by companies will later allow a rapid expansion of the market.
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Leading Fitness Tracker Market Players Covered in the Report Include:
- Gramin Ltd (Kansas, United States)
- Apple Inc (California, United States)
- Fitbit, Inc. (California, United States)
- Pebble Technology Corp (California, United States)
- (Suwon-si, South Korea)
- Google Inc. (California, United States)
- Xiaomi Technology Co., Ltd. (Beijing, China)
- Jawbone (California, United States)
- Nike (Oregon, United States)
- other players
Fitness Tracker Market Market Driver:
People’s sedentary lifestyle to stimulate market demand
The increasing health problems like obesity, lack of sleep, diabetes and others due to the current desktop generation will simultaneously create lucrative opportunities for the market during the forecast period. The growing emphasis on health and fitness to prevent major health conditions is expected to bode well for the market. The growing awareness of the importance of a healthy lifestyle will further drive the demand for fitness products, allowing for market growth. Additionally, an escalation in the number of gym-goers and fitness enthusiasts has created lucrative opportunities for the market.
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Regional analysis of the fitness tracker market:
Increase in obese population to help expansion in Europe
The market size in North America stood at USD 14.57 billion in 2019 and is expected to account for the largest share during the forecast period. The growth in the region is attributed to rising health problems, such as chronic diseases, among the general population. Europe is expected to witness a substantial growth rate during the forecast period due to rising obesity in the region. The market in Asia Pacific is expected to increase greatly in the foreseeable future due to the increasing adoption of tracking devices among the young population in countries such as Japan, China and India. India accounts for 60% of youth in Asia Pacific.
|North America||United States, Canada and Mexico|
|Europe||Germany, UK, France, Italy, Russia and Turkey, etc.|
|Pacific Asia||China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam, etc.|
|South America||Brazil, Argentina, Colombia, etc.|
|Middle East and Africa||Saudi Arabia, United Arab Emirates, Egypt, Nigeria and South Africa|
Preference for fitness during the pandemic to positively influence the market
The emergence of COVID-19 has caused disruption to the fitness tracker business due to the disruption caused to the manufacturing, production, shipping and sale of these products. However, the continued development of technologically advanced products by OEMs will meet the demand for fitness amid the coronavirus epidemic. For example, Fitbit announced the launch of an innovative tracker, Fitbit Charge 4. The new device will help and support customers at home during this time. Additionally, Fitbit also offers a 90-day free trial and access to premium content, leading to more premium subscribers. Similarly, the growing demand for fitness products during COVID-19 will enhance the sales of fitness trackers through online media, thus driving the market. Furthermore, the huge
October 2019: Fitbit has signed a partnership agreement with the Bristol-Myers Squibb-Pfizer alliance to address gaps in atrial fibrillation detection to speed diagnosis.
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Table of Contents:
- Scope of the investigation
- Market segmentation
- Research methodology
- Definitions and assumptions
- Executive Summary
- market indicators
- market restrictions
- market opportunities
- Key Industry Trends
- Launch of new products
- Technological advances in the Fitness Tracker market
- Key industry developments (mergers, acquisitions, and partnerships, etc.)
- Impact of COVID-19 on the Fitness Tracker Market
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