February 2024
25 Sep 2023
The global fitness tracker market size is anticipated to reach around USD 258.48 billion by 2032 up from USD 47.54 billion in 2022 with a CAGR of 18.5% between 2023 and 2032.
The fitness tracker market is expanding as a result of increasing artificial intelligence, the internet of things, increase in wearables, online shopping trends, healthy lifestyles, and increase in human health disorders are some of the reasons responsible for the increase in fitness tracker market.
Fitness Tracker Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 56.1 Billion |
| Projected Forecast Revenue by 2032 | USD 258.48 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 18.5% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Dynamics:
Drivers:
Increase in healthcare awareness
As the world is transforming more towards a digital and internet world, there is a relative increase in health education and health awareness through the internet and smart devices. This growth is attributed to the increase in digital health apps. For instance, according to the IQVIA reports 2021, it is found out that the digital health app is booming and has surpassed by more than 350,000 health apps available currently. All these factors successfully give increase to health awareness in people around the world. Due to health awareness, there is an increase in the selection of healthy options and healthy lifestyles, which has increased the focus towards fitness. Fitness tracker allows not one but multiple options in tracking health measurements which is helpful to people focusing on health. As a result, the increase in health awareness is a main driver in the expansion of the fitness tracker market.
Restraints:
Inaccurate readings and battery issues
The primary reason for using smart fitness devices is to track, schedule, and concentrate on your health via a digital platform. The fitness trackers allow for glucose monitoring, which is extremely useful for diabetes patients in tracking their sugar levels. It also monitors the rate of sleep and the heart rate. These are primary and significant health issues, and accurate tracking is required. Fitness trackers are only partially reliable and can produce inaccurate readings, which can have serious health consequences if used for treatment. Furthermore, fitness trackers are powered by batteries, and most trackers have limited battery life. As a result, these factors can be major hindrances in the expansion of the market.
Opportunities:
Increase in trend in stay fit and healthy
The increase in the geriatric population, increase in chronic diseases, increase in obesity, diabetes, and lifestyle are the essential factors for the rise in the trend of staying fit and healthy. People have turned more to look at fitness and wellness. The main reason is that they want to feel good and stay healthy. Additionally, the rise of the elderly population in tracking their health through the feasible and easy method is another reason. Moreover, focusing on being fit and healthy, primarily by all the population's age group, is a fair opportunity to increase in the market.
Segmental Landscape
Type Landscape
The increase in the various digital smart devices, the increase in health consciousness are the two prime factors for the growth in the market. The armband fitness tracker is growing due to the trends in young population to stay healthy and fit. This is attributed to improving the sleeping schedule, tracking the calorie count, and upgrading the exercise routine. The arm smart fitness trackers are also used mostly by athletes as exercising and maintaining a proper diet is a critical thing for them. Additionally, the armband offers a lot of features including it grip provided on the arm for stability during exercise. Also, the bands are waterproof, can be easily folded and bended and can be easily used on any size of arm.
Application Landscape
The heart rate application segment is expected to expand with a CAGR in the projected period, 2023-2032. The increasing number of cardiovascular diseases in the following years has raised the rate of taking care of the health of older adults and the average population. The increase in the number of deaths due to cardiac arrest has made the population focus on their health. Therefore, tracking the heart rate through fitness devices is the most used feature of the fitness tracker as it gives you clear insights into your daily routine and workouts.
According to a report from Hindustan Times, the Apple watch heart rate monitoring feature saved a girl’s life as it continuously kept sending her alarms, which were caused due to an unusually high heart rate.
Sales Landscape:
The offline sale segment is expected to expand with a CAGR in the projected period, 2023-2032. With the increase in the online selling market in all sectors, the offline market is also been trending especially for electronics products. Trust of customers buying it offline, detailed information about the warranty and guarantee, retail discounts are the main reasons in the increase in demand in the offline sales of the fitness tracker market. Additionally, the offline market is an easy market in reaching the target customers than the online. Furthermore, the online experience is not good for all customers, due to the precious experience, customers prefer offline buying.
According to a news by Economic Times 2022, there has be an increase in around 6-7% in the offline market in the past two years.
Regional Landscape:
Asia-Pacific
Asia-Pacific market is expected to dominate the market in the forecast period. An increase in advancement and technology, an increase in the population especially the youthful population, a change in the standard of living, and growth in the number of fitness enthusiasts are the demanding factors in the growth of the market in the Asia-pacific region. According to a news report, in 2023, the wearables market in India to hit more than 117 million users in 2023 surpassing the USA. In addition to this, the population in Asia-Pacific has increased which simultaneously increases the fitness tracker wearables. According to the current population stats, India and China are the highest populous countries.
Additionally, many countries in the Asia-Pacific region take health issues seriously and a healthy diet is their part of lifestyle. With the increasing chronic diseases danger, many people believe in tracking their health though these fitness trackers in order to start the treatment or maintain their physical state. For instance, according to the stats, Japan ranks number one country in the life expectancy followed by Korea.
Key Developments:
Company Profiles and Competitive Intelligence
The key players operating in the global fitness tracker market:
Market Segmentation:
By Type
By Application
By sales type
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