According to a new report published by Allied Market Research, titled, "Wearable Fitness Trackers Market by Device Type, Component, Connectivity, Operating System, Distribution Channel, and Application: Global Opportunity Analysis and Industry Forecast, 2020–2028," the global wearable fitness trackers industry size was valued at $38.68 billion in 2020, and is projected to reach $124.32 billion by 2028, registering a CAGR of 17.30%. The Asia-Pacific region is expected to be the leading contributor to the global market during the forecast period, followed by Europe and North America.
A wearable fitness tracker is a type of electronic device that helps to monitor human activities such as running, walking, heart rate, and sleep quality. It can be a smartwatch or any other device, which is generally linked with smartphones. These trackers can calculate the number of steps somebody walks as well as their heart rate and other indicators. A significant number of these wearable gadgets can port information straightforwardly to a smartphone or PC. These devices have a lot of potential to transform the ways that people monitor their health & fitness. They also help with conditions such as obesity and sleep apnea.
Also, the fitness watch market share contributes a key role in the global wearable fitness trackers industry. In addition, high growth of fitness tracker market leads to global market development. Devices which are loaded with the blood oxygen sensor, automatic handwashing detection, and encouraging users to be more active, stay connected, & better manage their health in new ways are the best fitness tracker on the market.
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The global wearable fitness trackers market share is anticipated to witness significant growth during the forecast period. Factors, such as increasing awareness about the importance of a healthy lifestyle and demand for health monitoring devices, drive the wearable fitness trackers market growth. The presence of high-end tracking systems makes it popular among users. However, data privacy risk is a major restraint to the global market. In addition, rise in trend of building IoT ecosystem is expected to create opportunities for the wearable fitness trackers industry.
Moreover, developing nations tend to witness high penetration of wearable fitness tracker products, especially in healthcare and consumer electronics sectors. Factors, such as increase in health awareness among users and rise in technological advancements, accelerate the demand for wearable fitness trackers.
The global wearable fitness trackers market share is segmented into device type, component, connectivity, operating system, distribution channel, application, and region. By device type, the market is divided into smartwatches, fitness bands, smart glasses, smart clothing, and others. By component, it is bifurcated into hardware and software. On the basis of connectivity, the market is classified into Bluetooth, Wi-Fi, cellular, NFC, and others. By operating system, it is fragmented Android, iOS, Windows, and Tizen. On the basis of distribution channel, it is segregated into online and offline. Depending on application, it is separated into running, cycling, heart rate tracking, stress management, and others.
Region-wise, the wearable fitness trackers market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed maximum revenue in 2020. However, between 2020 and 2028, the wearable fitness tracker market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging economical countries such as India, China, Japan, and South Korea. The overall wearable fitness trackers market analysis is determined to understand the profitable trends to gain a stronger foothold
Covid-19 Impact Analysis
The outbreak of COVID-19 has significantly affected the electronic and semiconductor sectors. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases, and are estimated to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted global supply chain, posing challenges for manufactures to reach customers. The overall production process has been adversely affected, but the surge in sales of healthcare products is expected to boost the overall wearable fitness trackers market growth globally.
Key Findings Of The Study
- Heart rate tracking is projected to be the major application during the forecast period, followed by stress management. The rising demand for wearable devices to monitor personal health information, such as body temperature and heart rate, is anticipated to surge the product demand in future.
- Asia-Pacific and North America collectively accounted for more than 60% of the wearable fitness trackers market share in 2020.
- India is anticipated to witness the highest growth rate during the forecast period.
- U.S. was the major shareholder in the North America wearable fitness trackers market revenue, accounting for approximately 53% share in 2020.
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The key players profiled in the wearable fitness trackers market report include Apple Inc., Fossil Group, Inc., Garmin Ltd., Google LLC (Alphabet Inc.), Huawei Technologies Co., Ltd. (Huawei), NIKE, Inc., Samsung Electronics, Sensoria Inc., TomTom N.V., and Xiaomi Corporation. These players have adopted various strategies, such as acquisition, agreement, collaboration, product expansion, and product launch, to expand their foothold in the industry.
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