Market Size
The global fitness trackers market size is estimated to be worth USD 70.05 billion in 2024 and is anticipated to reach USD 303.02 billion by 2032 with a CAGR of 20.1% during the forecast period.
Market Drivers
The increased awareness among the people regarding the benefits and necessity of adopting fitness monitoring devices is the significant factor contributing to the global market growth. The rising adoption of modern and healthy lifestyles is enhancing the focus of people on physical activities and sports which fuels the fitness trackers market expansion. The growing incidence of chronic diseases which demand for continuous monitoring is enhancing the adoption of fitness trackers among the people especially for the geriatric population, augmenting the market growth. For Instance, according to data published by ValuePenguin in 2022, more than 9 in 10 (92%) smartwatches wearers use wearable devices for health or fitness monitoring and 88% of them mentioned that they achieved their fitness targets. The rising number of innovative and advanced product launches, significant focus of the market players on development of innovative and efficient tracking devices which provides market growth opportunities.
Market Restraints
The major factor concerning the fitness trackers market is the data security and privacy concerns which hampers the market expansion. The fitness trackers collect personal data of the person, and the GPS coordinates, complete health data of the person are stored which can lead to data theft which hinders the global market growth. The stringent regulations regarding the product approvals, and launch delays are estimated to act as primary challenge to market growth owing to high complexity. The high costs associated with the fitness trackers and the low battery life, and limited awareness among the people regarding the usage and benefits especially in the developing nations impedes the market growth rate.
Market Segmentation
Global Fitness Trackers Market Analysis – By Product Type
The smartwatches segment dominated the global fitness market with prominent share and is expected to maintain the domination in the coming years. The increasing adoption of smart watches among the people and continuous product launches is boosting the segment growth. The presence of advanced features and high-end tracking facilities and the interactive operating systems is augmenting the segment expansion. The growing awareness among the people, and the rising physical activities interest in the people is contributing to extended demand for the smart watches with efficient tracking features leading to segment revenue growth.
Global Fitness Trackers Market Analysis – By Wearing Type
The handwear segment held the most significant share in the global market and is projected to record highest CAGR during the forecast period. The increased utilisation of smart watches and fitness bands is boosting the segment growth. The escalation in the innovative product launches, and the growing technological advancements which is enhancing the incorporation of advanced technologies is proliferating the segment growth rate. Most of the people are becoming health-conscious and the rising incidence of chronic diseases which requires constant tracking is influencing positively on the segment growth.
Global Fitness Trackers Market Analysis – By Application
The sports, running, and cycling segment accounted with the notable share in the fitness trackers market and is predicted to register notable growth during the forecast period. The rising adoption of physical activities among the people, is enhancing the demand for fitness trackers which contributes to segment growth. The increased adoption among the sports people due to their continuous physical activities which fuels the segment expansion.
The heart rate tracking segment is estimated to have substantial growth during the forecast period. The increasing number of cardiac disorders across the world is enhancing the adoption of fitness trackers among the people owing to continuous monitoring which propels the segment growth opportunities.
Regional Analysis
The North American region witnessed the highest market share and is anticipated to register prominent growth during the forecast period. The presence of well-established infrastructure in the region and the availability of cutting-edge technology is propelling the regional market share growth. The rising incidence of chronic cases across the region, the sedentary lifestyles of the people, increased adoption of technology are escalating the demand for fitness trackers among the people leading to expansion of regional market share. For Instance, according to ValuePenguin article published in 2022, around 45% of the Americans wear smartwatches on regular basis which includes Fitbits, and Apple Watches.
The Asia Pacific region is projected to have rapid growth rate during the forecast period. The growing population in the region, increasing geriatric population who are highly prone to chronic diseases, and rising awareness among the people regarding the benefits of trackers, enlarging technological advancements are contributing to the regional market growth. The rising number of fitness enthusiasts and increased adoption of fitness trackers across the working population are augmenting the regional market growth opportunities.
Recent Market Developments
- In May 2024, WHOOP, a leading brand in fitness tracking technology, announced its expansion into the Indian market. This initiative is estimated to make significant milestone in company growth.
- In May 2024, Soccer superstar Cristano Ronaldo announced his partnership with WHOOP, a leading fitness brand for utilization of its advanced technology for performance and health monitoring.
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