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Fitness Tracker Market to Grow at a CAGR of 19.1% During 2023-2030; Rising Disposable Income to Propel Market Growth

October 27, 2023 | Healthcare

The global fitness tracker market size was valued at USD 47.36 billion in 2022. The market 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 the forecast period.


Fortune Business Insights™ presents this information in its report titled, Fitness Tracker Market Size, Share & COVID-19 Impact Analysis, By Device Type (Smart Watches, Fitness Bands, 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, 2023-2030”


Fitness trackers are the most popular and feasible for use among the general population. These trackers are used to monitor and track fitness and physical activities, including calories burned and consumed, distance covered, sleep duration, breathing, heart rate, and steps covered. Increasing disposable income and rising expenditure on wearable technology are expected to drive market growth during the forecast period.


Increased Fitness Monitoring Devices Sales Boosted the Market Growth


The COVID-19 pandemic positively impacted the fitness tracker market growth. The increased sales of monitoring devices during the pandemic aided market growth. Key players, including Garmin and Apple, experienced an increase in revenue by 20% in 2020 compared to the 2021. Post-pandemic, these market players also witnessed significant growth in fitness device sales due to the increasing launch of technologically advanced devices.                                                


Garmin Ltd. Launched ECG App1 to Help Users Record Heart Rhythm


In January 2023, Garmin Ltd. introduced the ECG App1, an FDA-cleared app for the Venu 2 Plus smartwatch. The ECG App1 help user to record heart rhythm and frequently check atrial fibrillation (AFib) signs. Launch of advanced products in the market is set to drive the market growth.


Increasing Awareness Related to Fitness and Health to Drive Market Growth


The rising awareness among people to stay healthy and fit and increasing activities to monitor fitness are expected to drive the market growth during the forecast period. The growing number of health issues globally are pushing the population toward adopting a healthy diet and fitness activities, which is further projected to aid market growth. The ability of these trackers to track various exercises is propelling the demand for fitness monitoring products.


However, the misuse of the highly personal information of people stored on fitness tracker devices is expected to hinder market growth during the forecast period.


Growing Key Players Focus on Collaborative Strategies to Aid Market Growth


The market consists of key players, such as Huawei Technologies Co. Ltd., Samsung Electronics Co. Ltd., Apple, and Xiaomi Technology Co. Ltd. The growing focus of these key players on the adoption of collaborative strategies to launch new and advanced devices globally is expected to drive market growth during the forecast period.


Notable Industry Development



  • June 2020 – Xiaomi launched Mi Smart Band 5, the latest iteration of the company’s wearable technology series. Mi Smart Band 5 mainly offers several unique health-tracking functions. The company also aims at innovation and quality and continuously pursues operational efficiency and high-quality user experience.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/fitness-tracker-market-103358


List of the Companies Profiled in the Report:



  • Garmin Ltd. (U.S.)

  • Apple Inc. (U.S.)

  • Fitbit, Inc. (U.S.)

  • Huawei Technologies Co., Ltd. (China)

  • Pebble Technology Corp (U.S.)

  • Samsung Electronics Co., Ltd. (South Korea)

  • Google Inc. (U.S.)

  • Xiaomi Technology Co., Ltd. (China)

  • Polar Electro (U.S.)

  • Nike, Inc. (U.S.)


Further Report Findings-



  • The increasing prevalence of chronic diseases among the population of North America is estimated to boost the fitness tracker market share during the forecast period. The market size in North America stood at USD 22.48 billion in 2022.  

  • In terms of revenue, Europe stood at the second-largest position in the market, owing to the rising adoption of technology and several benefits of fitness monitoring devices in the region.

  • Asia Pacific is estimated to witness significant growth during the forecast period due to the rising trend of adopting tracking devices among the young generation in the region.


Table of Segmentation:






















































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)



By Device Type




  • Smart Watches

  • Fitness Band

  • Smart Glasses

  • Smart Clothing

  • Others



By Application




  • Heart Rate Tracking

  • Sleep Measurement

  • Glucose Measurement

  • Sports

  • Running

  • Cycling Tracking



By Distribution Channel




  • Online 

  • Retail

  • Others



 


 


 


 


 


 


 


 


 


 


 


By Geography


 




  • North America (By Device Type, Application, Distribution Channel, and Country)





    • U.S. (By Device Type)

    • Canada (By Device Type)




 



  • Europe (By Device Type, Application, Distribution Channel, and Country)



  • U.K. (By Device Type)

  • Germany (By Device Type)

  • France (By Device Type)

  • Italy (By Device Type)

  • Spain (By Device Type)

  • Scandinavia (By Device Type)

  • Rest of Europe (By Device Type)


 



  • Asia Pacific (By Device Type, Application, Distribution Channel. and Country)





    • Japan (By Device Type)

    • China (By Device Type)

    • India (By Device Type)

    • Australia (By Device Type)

    • Southeast Asia (By Device Type)

    • Rest of Asia Pacific (By Device Type)




 



  • Latin America (By Device Type, Application, Distribution Channel, and Country)





    • Brazil (By Device Type)

    • Mexico (By Device Type)

    • Rest of Latin America (By Device Type)




 



  • The Middle East & Africa (By Device Type, Application, Distribution Channel, and Country)





    • GCC (By Device Type)

    • South Africa (By Device Type)

    • Rest of MEA (By Device Type





 

Global Fitness Tracker Market
  • PDF
  • 2022
  • 2019-2021
  • 150

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