Fitness Tracker Market Strategies, Trends, and Forecast by 2031
The fitness tracker market size is expected to grow from US$ 55.30 billion in 2023 to US$ 236.24 billion by 2031; it is estimated to grow at a CAGR of 19.9% from 2023 to 2031. Advanced features that leverage wearable data, such as real-time health monitoring, sleep pattern analysis, and advanced activity tracking, are likely to remain key fitness tracker market trends.
Fitness Tracker Market Analysis
The rising health consciousness among individuals to stay fit is one of the major factors fueling the growth of the fitness tracker market. Also, the increasing popularity of fitness bands, smartwatches, and others, along with the growing penetration of smartphones, is boosting the market's growth globally. Furthermore, as smartwatches, fitness bands, and other athletic wearable tech devices can provide personalized fitness advice and immediate health feedback and analyze fitness data to identify patterns, their demand is continuously increasing among youngsters. Thus, the growing integration of such advanced features in fitness tracking devices is creating an opportunity for the growth of the fitness tracker market in the forecasted period. Moreover, the increasing awareness regarding health and fitness is expected to propel the development of the market in the coming years.
Fitness Tracker Market Overview
The fitness tracker is a wearable device that most people wear on their wrists. The majority of fitness trackers monitor heart rate, sleep patterns, and the amount of steps taken. Additionally, some include linked apps that let you establish objectives, monitor your overall progress, and get advice on how to reach your fitness objectives. A fitness tracker makes it easier for someone to work out, jog, or walk each day. It also offers a visual representation of the advancements and successes one makes each day. This progress helps to motivate an individual to improve more and more each day.
Furthermore, fitness trackers help to track food and water intake, which can help maintain a healthy lifestyle. Also, a fitness tracker may monitor a person's sleep habits, including the amount of time they spend sleeping, how long they have slept, and how often they wake up. Understanding sleep patterns might help to get a good night's rest and feel better the next day. Furthermore, the majority of fitness trackers can measure pulse to track heart rate. This makes it possible to work out at a desired heart rate every time.
Strategic Insights
Fitness Tracker Market Drivers and Opportunities
Rising Health Consciousness to Favor Market Growth
The rising health consciousness among people is fueling the demand for fitness trackers globally. Regular exercise helps people improve their cardio-respiratory capacity, thus reducing the risk of cardiovascular disease. Activities like cycling, running, and others help in improving lungs and breathing capacity. People with chronic lung disease, asthma, or chronic obstructive pulmonary disease (COPD) can improve their symptoms through physical activities. Because of this, people are building a habit of working out regularly as it helps them to feel more confident, decreases stress and anxiety, reduces the risk of various diseases, has anti-depressive effects, and is highly efficient against bad cholesterol. Due to this, the demand for fitness trackers has increased. Thus, the growing awareness regarding the above benefits of exercising and the rising inclination of people towards a healthy life is promoting the growth of the fitness tracker market globally.
Growing Penetration Of Smartphones And The Internet- An Opportunity in the Fitness Tracker Market
As more people around the world own smartphones and have access to the internet, more people will have access to various fitness apps and wearable activity trackers. For instance, according to BMJ Publishing Group Ltd, smartphone ownership is widespread, with activity trackers and fitness apps used by around a third of US and UK adults. Moreover, 60% of women ages 30-39 use fitness smartphone apps. Thus, the growing penetration of smartphones and the internet provides growth opportunities for the fitness tracker market.
Fitness Tracker Market Report Segmentation Analysis
Key segments that contributed to the derivation of the fitness tracker market analysis are the type, distribution channel, and application.
- Based on the type, the fitness tracker market is segmented into smartwatches, fitness bands, and others.
- Based on the distribution channel, the fitness tracker market is segmented into online and offline.
- Based on application, the fitness tracker market is segmented into heart rate monitor, sleep tracking, glucose measurement, sports, and others.
Fitness Tracker Market Share Analysis by Geography
- The fitness tracker market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
- North American countries like the US and Canada have been pioneers in the adoption of new technology across their businesses over the years. Additionally, the region has a high rate of health consciousness and a higher propensity to purchase fitness products. Such factors strongly boosted the market demand for fitness trackers. Moreover, as youngsters are more inclined towards fitness, the demand for more advanced fitness devices is increasing in the region. This is pushing the market players in the region to introduce more advanced fitness trackers with innovative features in the market. For instance, in September 2023, Fitbit introduced its new fitness tracker device with enhanced heart rate monitoring while tapping into Google's tech muscle for other smartwatch features. The new Charge 6 features Fitbit's most accurate heart rate on a fitness tracker and the ability to connect to compatible gym equipment. Fitbit also integrated Google tools into its latest fitness tracker, including Google Maps and Google Wallet for contactless payments. For the Charge 6, Fitbit tuned up its heart rate monitoring capabilities by improving its machine learning algorithm that brings over innovation from the Pixel Watch and has been optimized for a tracker. This made heart rate tracking during vigorous activities like HIIT workouts, spinning, and rowing up to 60% more accurate than before. Thus, all the above factors fuel the fitness tracker market growth in North America.
Fitness Tracker Market Report Scope
Fitness Tracker Market News and Recent Developments
The fitness tracker market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the fitness tracker market:
- In November 2023, Samsung announced that they will launch their next generation of fitness tracker, the Galaxy Fit 3. The device has received BIS (Bureau of Indian Standards) and TUV Rheinland certification and will likely feature a bigger battery and a larger display. The new Samsung Galaxy Fit 3 will have a button on the right side, a heart rate sensor, and a non-removable strap. In addition, the new fitness tracker will pack a 200 mAh battery, which is bigger than the 159mAh battery on the second-generation Galaxy Fit. (Source: Samsung, Press Release)
- In September 2023, Huawei launched a new suite of innovative and cutting-edge devices, including the HUAWEI WATCH GT 4 – the newest addition to the popular smartwatch series, HUAWEI FreeBuds Pro 3 high-fidelity TWS earbuds, HUAWEI Eyewear 2 smart glasses, the high-end HUAWEI WATCH Ultimate Gold Edition sporting Huawei's the first gold smartwatch, as well as the HUAWEI PaperMatte tablets. With this launch, Huawei aims to empower users to personalize their health and sports journey without compromising style. (Source: Huawei, Press Release)
Fitness Tracker Market Report Coverage and Deliverables
The "Fitness Tracker Market Size and Forecast (2021-2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Fitness tracker market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Fitness tracker market dynamics, such as drivers, restraints, and key opportunities
- Fitness tracker market trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Fitness tracker market industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Distribution Channel, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global fitness tracker market was estimated to be US$ 55.30 billion in 2023 and is expected to grow at a CAGR of 19.9% during 2023 - 2031.
The major factors driving the fitness tracker market are rising health consciousness and an increase in the consumer’s disposable income.
Advanced features that leverage wearable data, such as real-time health monitoring, sleep pattern analysis, and advanced activity tracking, are anticipated to play a significant role in the global fitness tracker market in the coming years.
The key players holding majority shares in the global fitness tracker market are Apple Inc., Samsung Electronics, Fossil Group Inc., Nike Inc., and Sony Corporation.
North America is expected to hold the highest market share in the fitness tracker market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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