Fitness Tracker Market Analysis Report By Type, By Application, By Distribution Channel And Segment Forecasts From 2021 To 2028

Synopsis

The global fitness tracker market was prized by USD 34.6 billion in 2020. It is estimated to witness an 18.9% CAGR from 2021 to 2028.

Drivers

The augmented stages of disposable income of the customers, increasing alertness regarding fitness as well as healthiness, increasing infiltration of the smartphones and internet, are some of the factors, broadly credited to the expansion of the market for the fitness tracker. The attentiveness about the physical condition and fitness is, particularly, rising in the working category residents and younger adults. These are the intended customers for these trackers.

Besides, the eruption of the Covid-19 pandemic has considerably augmented alertness regarding these devices. The increasing acceptance has caused an enlargement in the device modernization & improvement; since additional contestants compete in fulfilling the increasing demand, along with secure a superior share.

A growth in the figure of manufacturing companies, presenting a variety of fitness trackers on the prices appropriate for every earnings group, is encouraging the fitness tracker market. The happening of diverse kinds of wearable like clothing, smart jewelry, and insoles is, furthermore, fascinating additional customers.

The retail business of the companies, the increasing e-commerce business, and a well-built delivery network, makes possible the availability of the most modern products globally, which is additionally propelling the market.

Application Insight

In 2020, the running application sector retained the highest, above 22.0% revenue share of the fitness tracker market. The end-user inclinations and greater contest have made it possible the availability of the majority of these applications, within the leading fitness trackers.

On the other hand, several devices, like Nurvv Run by Nurvv and Forerunner by Garmin are particularly intended for sports purposes because they offer features, like goal-setting, lap count, and Hill Splitter. By 2028, sports are likely to be the subsequent major application sector. It is projected to record the highest CAGR, during the forecast period.

The market is separated into cycling track, sports, sleep monitoring, running, glucose monitoring, heart rate tracking plus others, on the source of the application. The major companies concentrate on the research and development of the product to encounter the competition.

Type Insight

Due to the greater demand for smartwatches, the smartwatch division held the biggest, more than 48.0% revenue share of the fitness tracker market, in 2020. In terms of the functions and features, continuous development of the product is estimated to power the expansion of the division, during the near future.

Smartwatches offer an entire parcel of healthiness & fitness tracking, in addition to the announcement, and by way of the smartphone warning & call features, they perform like a wrist phone.

On the basis of type, the global market is subdivided into smart clothing, smartwatches, smart bands plus others. On account of the relatively low down price of these devices, along with constant development of the product in the conditions of features, like sleep and stress monitoring, the fitness band section is likely to record the highest CAGR, during the forecast period.

Distribution Channel Insight

The online distribution channel sector held, above 61.0% revenue share and led the global fitness tracker market, in 2020. The rising infiltration of the internet and smartphones, together with the rising attractiveness of e-commerce display places, because of the greater expediency along with fast service presented by them, will boost the expansion of the sector, during the forecast period.

The global market has split into offline and online, on the source of the distribution channels. Since offline stores permit customers to inspect the product prior to the purchase, the offline distribution channel sector is, moreover, expected to display a major enlargement. Additionally, the offline stores offer instant help from specialist personnel having knowledge of the product that pushes the sale of the product over this distribution channel.

Regional Insight

As a result of the increase in alertness along with the acceptance of the fitness trackers, North America retained the major, above 42.0% revenue share of the global fitness tracker market, in 2020.

Besides, rising cases of fitness issues, linked with the inactive everyday life, the arrival of pioneering products by the important companies, plus the increasing infiltration of the internet and smartphones in North America is expected to impel the local market.
Conversely, due to the increasing alertness about general fitness and healthiness between the employed people, along with the greater acceptance of fitness trackers, Asia Pacific is anticipated to be the highest rising local market, throughout the forecast period.

The rising infiltration of the e-commerce sector, effortless accessibility of sophisticated products of the diverse brand names, growth in the disposable income stages of the costumers are some of the factors, additionally impelling the Asia Pacific market for a fitness tracker, during the near future.

Companies

The modernization of the product by the major players of the market plus the speedy alterations in the technology is offering strong competition in the market. The companies are concentrating on the research & development, to present extra competent products to fulfill the increasing demand.

The growing number of trade names is presenting fitness trackers having advanced technology, incessant improvement of the features presenting the most excellent client experience along with at the prices, fit to the dissimilar income groups, plus increasing e-commerce segment, encourages the enlargement of the market.

Some of the companies for the fitness tracker market are:

    • Withings
    • Nurvv
    • Hexoskin
    • Beienda
    • Fitbit, Inc.
    • Oura Health Ltd.
    • Huawei Technologies
    • Ambiotex GmbH
    • Garmin Ltd.
    • Apple, Inc.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Million Insights has segmented the global fitness tracker market report on the basis of type, application, distribution channel, and region:

• Type Outlook (Revenue, USD Million, 2016 - 2028)
    • Smart Watches
    • Fitness Bands
    • Smart Clothing
    • Others

• Application Outlook (Revenue, USD Million, 2016 - 2028)
    • Heart Rate Tracking
    • Sleep Monitoring
    • Glucose Monitoring
    • Sports
    • Running
    • Cycling Tracking
    • Others

• Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)
    • Online
    • Offline

• Regional Outlook (Revenue, USD Million, 2016 - 2028)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • France
        • Italy
        • Spain
    • The Asia Pacific
        • China
        • India
        • Japan
        • Australia
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa
        • South Africa