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The global fitness tracker market size is expected to reach USD 114.36 billion by 2028. The rising consumer awareness for health and fitness will consequently aid the expansion of the market, mentioned in a 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, 2021-2028.” The market size stood at USD 36.34 billion in 2020 and is expected to exhibit a CAGR of 15.4% between 2021 and 2028.
Launch of XIAOMI’s MI Smart Band 5 to Incite Market Development
Xiaomi, a major leader in gadgets and advanced devices, announced that it had introduced the latest Mi Smart Band 5 to its wearable product line. The new advanced band offers a larger 1.1-inch AMOLED dynamic display compared to its predecessor. Moreover, the upgrades involve improved fitness tracking accuracy, women’s health tracking, stress assessment, remote shutter control, and more. The new Mi Smart Band 5 comes in 8 colorful straps and hundreds of themes. The battery on Mi Smart Band 5 supports up to 14 days* of continuous usage. In addition, to that, the device is compatible with both Android and iOS platforms, thus enabling a seamless user experience. The introduction of the new Mi Smart Band 5 is expected to have a positive effect on the market owing to its stunning 1.1-inch large AMOLED display with a 2.5D tempered glass panel for protection alongside maximum brightness of 450 nits and five adjustable brightness levels.
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High Proclivity towards Fitness to Boost Demand for Fitness Trackers
The rising alertness of an individual’s well-being and health will create lucrative opportunities for the market. These fitness trackers help track sleep patterns, measure heart-rate, sports activities, and others, thus leading to a healthy lifestyle. The surge in the fitness industry owing to the growing young population in countries such as India and China will influence the fitness tracker market growth. The propensity for health clubs and gyms among millennials will have an astonishing impact on the market. Hectic lifestyles can cause stress, anxiety, and depression, hence leading to deteriorated health. The rising necessity for physical activities and healthy diet plans due to the sedentary lifestyle will spur the market's opportunities in the foreseeable future.
Integration of Innovative Features in wearables to Augment Business
The global market is steered by the dominance of major companies offering dynamic products to the healthcare industry. The robust product portfolio of Apple makes it a top brand among other companies. The focus towards innovative products with enhanced features and functionalities by key players will maintain their market position. For instance, in September 2019, Apple launched its Apple watch series 5 with advanced features that include tracking onboard heart rate and GPS. The wearable device helps to monitor several physical activities with high accuracy. Hence, the ongoing development of innovative products by companies will subsequently enable speedy expansion of the market.
The Report Lists the Main Companies in the Fitness Tracker Market:
Further Report Findings:
This Market is Segmented into:
Value (USD Billion)
Device Type; Application; Distribution Channel; and Geography
By Device Type
By Distribution Channel