"Designing Growth Strategies is in our DNA"
The fitness tracker market size was valued at USD 47.36 billion in 2022 and is projected to grow from USD 53.94 billion in 2023 to USD 182.90 billion by 2030, exhibiting a CAGR of 19.1% during 2023-2030. North America dominated the global market with a share of 47.46% in 2022.
Fitness trackers have become extremely popular and feasible among the general population. These devices are used to track and monitor physical and fitness activities, such as steps covered, calories burned and consumed, heart rate, distance covered, sleep duration, and breathing. Tracking devices are wirelessly synced with a computer or a smartphone and can be used anywhere by anyone to monitor fitness and health-related parameters. For Instance, according to the Pew Research Center statistics, in January 2020, one in five Americans regularly use a fitness monitoring device. Thus creating a high demand for fitness monitoring devices.
Though the integration of consumer-based wearable technologies into health research is still new, the field is progressing rapidly. Several wearable devices are paving their way into clinical settings and are used to offer real-time monitoring data to integrate into wellness programs. For example, Geisinger Orthopedic Institute initiated a research program with the help of wearable devices to collect patient data in real time to monitor and track their activities along with personal data collection. The data collected can help doctors or helpers to research, understand, and analyze what practices should be adopted to offer quick recovery, improve decision-making, and obtain desired health outcomes. The global market is currently growing at a substantial rate due to an increase in these trackers' adoption among young people. Furthermore, rising disposable income and increasing expenditure on wearable technology are factors likely to foster market growth.
Increased Sales of Fitness Monitoring Devices During COVID-19 Pandemic Aided Market Growth
Sales of fitness monitoring devices marked a positive impact owing to the rise in COVID-19 cases. COVID-19 increased awareness regarding health, thus increasing sales of fitness monitoring products.
Companies, such as Apple and Garmin, have witnessed an increase in revenue by 20% in 2020 compared to the previous fiscal year. While COVID-19 impacted several businesses, and there remains uncertainty around the economy and customer demand, manufacturers are developing advanced products and services to help customers during this time. For Instance, Fitbit is investing in research and development activities by collaborating with health industry leaders, such as Apple, Stanford Medicine, and The Scripps Research Institute, to study how data from wearables can identify, track, and have infectious diseases like COVID-19.
However, post-pandemic, the market witnessed substantial growth in 2021 compared to 2020, owing to a rising shift in consumer behavior toward health and increasing demand for fitness products post-COVID-19 pandemic. Moreover, leading market players recognized considerable growth in fitness device sales generated in 2021 compared to 2020. Similarly, the rising launch of technologically advanced devices by key players propelled the adoption of fitness devices among the population, further augmenting the market growth in 2021.
As per Garmin Ltd.'s annual report 2021, the company generated revenue through its fitness segment of USD 1.53 billion in 2021 compared to USD 1.31 billion in 2020.
Technological Advancements in Fitness Monitoring Devices to Increase Market Value Potentiality
Advancements in any market are optimistic in leveraging the market potentiality and market value. The Fitness monitoring market has a high market value due to its adoption and high scalability. Technology is progressively creating a place within people’s fitness routines.
Apart from the advancement, the convenience that technology can offer is unsurpassed. Furthermore, there is also a shift toward consumer awareness.
Gym-goers are now interested to know more about their progress, such as body fat percentage and sleep quality, apart from only simple information, such as their weight. Thus, technology is changing from both perspectives, including customers and suppliers. Wearable fitness technology is likely to surge due to the intersection of healthcare and digital technologies and is expected to dominate the market.
Request a Free sample to learn more about this report.
Growing Awareness Related to Health and Fitness to Fuel Demand for Fitness Monitoring Products
Growing awareness of staying healthy and fit to monitor fitness activities is anticipated to boost market growth. These tracking products have come a long way from being just a basic pedometer to becoming a smarter device with a colored display that tracks the sleep pattern, measures heart rate, activity tracker, and others. Being at its nascent stage in India, the fitness industry foresees a good amount of wearable device adoption, particularly amongst the younger generation. People are currently more inclined toward health clubs and gyms to limit the side-effects of a hectic lifestyle. Moreover, a regular workout helps in reducing stress, anxiety, and depression. The growing health issues are pushing people not only toward a healthy diet but also toward fitness activities.
The fitness trackers help them track their exercises, thus, propelling the demand for fitness monitoring products.
Besides, certain economic factors such as growing per capita healthcare expenditure, developing healthcare infrastructure, and rising investment in the industry sector to expand innovative technologies are expected to boost the global market's growth rate by 2030. Thus, growing health awareness and demand of these trackers is anticipated to drive the growth of the market.
Increasing Prevalence of Health Disorders to Propel Market Growth
Deskbound lifestyles associated with contemporary living are baring people to the high risk of developing several health issues, including obesity, lack of sleep, diabetes, and other diseases.
The frantic work timetables and growing health issues have urged people to commence daily exercise to sustain their health and avoid numerous health conditions. Consequently, increasing awareness about the prominence of healthy living will increase the requisite for fitness activities. This, in turn, is expected to foster the demand for fitness monitoring products. Besides, fitness products offer better flexibility to customers, as a result, help to prevent major health conditions. Thus, rising health awareness is expected to drive the global fitness tracker market growth.
Data Safety and Privacy Concerns to Limit the Market Growth
The data collected by fitness monitoring devices is mainly personal, entailing the user's information, which includes weight, birth date, photos, GPS coordinates, or social data, heart rate, steps, and background data used by the device. Besides the highly personal data, the primary concern is data theft. Thus, leaving the person open to privacy destructions that may cause them harm. Though, fitness tracker users are likely uninformed of the privacy implications of how the data could be misused when collected over time or when linked with other information.
The emerging usage patterns exposed troops' locations and habits using their fitness app at secret military bases in Afghanistan, Iraq, and Syria. The same year, hackers gained unapproved access to data, penetrating fitness monitoring devices accounts of 150 million MyFitnessPal users. Thus, the aforementioned security reasons are likely to hamper the market growth.
Increasing Launch of Advanced Smart Watches by Key Players Propelled the Smartwatches Segment Growth
Based on device type, the market includes smartwatches, fitness bands, smart glasses, smart clothing, and others.
The smartwatches segment dominated the market in 2022. The dominance was attributed to the rising launch and presence of technologically advanced fitness devices by major players across developing countries. Moreover, the smartwatches segment is experiencing a rise as it includes high-end activity tracking features and interactive operating systems, which foster these devices' demand.
The fitness bands segment held a considerable fitness tracker market share in 2022 owing to their user-friendly usability, low cost, and rising incidence of tracking physical activities among athletes.
Smart glasses and smart clothing segments to show a significant CAGR during the forecast period. The segments are gaining traction due to its advancing features. Sensors used in the fabric monitor heartbeats, pulse rate, and other fitness and medical metrics. The market is growing due to the adoption of new technologies, such as glucose monitoring, inspiring customers to adopt wearable fitness trackers. Thus, creating a massive demand for these products and propelling the market growth.
Rising Awareness of Fitness Trackers Among Athletes Propelled the Running Segment Growth
Based on the application, the market is segmented into heart rate tracking, sleep measurement, glucose measurement, sports, running, and cycling tracks. The running segment dominated the market in 2022, followed by the sports segment. The growth is attributable to rising awareness about trackers in running activities, and their growing adoption by athletes is also driving the overall market growth.
The sports segment is expected to grow at a considerable CAGR during 2023-2030. The growth is due to the rising demand for these trackers for sports activities among adults and the rising emphasis on the production and launch of sports-specific fitness trackers by leading players across the globe.
To know how our report can help streamline your business, Speak to Analyst
The heart rate tracking segment is showing a significant demand owing to growing cardiovascular disease due to changing lifestyles. On the other hand, the sleep and glucose measurement segment is expected to witness a considerable CAGR during the forecast period.
Increasing Distribution of Fitness Trackers Online Across the Globe Drive Online Channels Segment Growth
By distribution channel, the market is segmented into online, retail, and others. The online segment is expected to have a dominant market share during the forecast period. The dominance is due to an increase in the growing penetration of the internet and the easy availability of these apps in smartphones is propelling the online distribution channel for the market globally.
On the other hand, the retail segment is expected to grow at a considerable CAGR during the forecast period. The growth is attributed to rising presence of fitness devices across retail channels and growing focus of industry players on product distribution through retail settings.
North America Fitness Tracker Market Size, 2022 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
The global market size in North America stood at USD 22.48 billion in 2022. This region's dominance is attributable to the growing concern towards health issues coupled with rising chronic diseases among the population of North America.
Europe stood at the second-largest position in terms of revenue. Increasing technology adoption, an upsurge in acceptance toward smart gadgets, and several benefits of fitness monitoring devices are likely to propel the demand for fitness monitoring products. Hence, creating vast opportunities for fitness monitoring devices in the region.
The market in Asia Pacific is expected to exhibit healthy growth owing to the adoption trend of tracking devices among the young generation. Japan, China, and India are the key market regions and are projected to have the largest market growth. India has 60% of young people below 35 years. Thus, it offers favorable backgrounds for the market to grow.
Latin America and the Middle East & Africa hold the least share in the market due to the lesser adoption rate of fitness products and poor economies.
To know how our report can help streamline your business, Speak to Analyst
Advancing Features and Functionality of Innovative Products of Key Players to Propel Market Growth
The global market has been segmented into large, medium, and small industries, providing dynamic products in the healthcare industry. Among this cluster, Apple Inc. tops the market, having a robust product portfolio for the fitness industry. Companies are now aiming to offer advanced innovative products that include novel features and functionalities and grow their sales channels globally.
Moreover, other significant players, such as Samsung Electronics Co. Ltd, Huawei Technologies Co., Ltd., and Xiaomi Technology Co., Ltd., emphasize strategic collaborations with major players to introduce advanced devices globally, further propelling their market share.
Therefore, advancing technologies and innovations in the market are anticipated to boost the key player’s revenue during the forecast period.
An Infographic Representation of Fitness Tracker Market
To get information on various segments, share your queries with us
The market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses major factors that have contributed to the market's growth in recent years.
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 19.1% from 2023-2030 |
Unit | Value (USD billion) |
Segmentation | By Device Type, Application, Distribution Channel, and Region |
By Device Type |
|
By Application |
|
By Distribution Channel |
|
By Geography
|
|
Fortune Business Insights says that the global market size was USD 47.36 billion in 2022 and is expected to reach USD 182.90 billion by 2030.
In 2022, the North America market value stood at USD 22.48 billion.
The market is expected to grow at a CAGR of 19.1% during the forecast period (2023-2030).
The smartwatch segment led the segment in this market in 2022.
The growing adoption of advanced technologies, changing lifestyles, and rising disposable incomes are the factors driving the growth of the market.
Apple Inc., Fitbit Inc., Garmin Ltd., and Xiaomi are some of the global market players.
North America dominated the market share in 2022.
Growing awareness related to health and fitness is expected to drive the adoption of fitness monitoring devices globally.