With a CAGR of 15.4%, the fitness tracker market size is worth $114.36 billion by 2028

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According to Fortune Business Insights, the global fitness tracker market size is expected to reach USD 114.36 billion by 2028, growing at a CAGR of 15.4% during the forecast period. Rising Health and Fitness Awareness to Fuel Demand for Fitness Monitoring Products

Pune, India, May 04, 2022 (GLOBE NEWSWIRE) — The world fitness tracker market The size is expected to reach USD 114.36 billion by 2028, showing a CAGR of 15.4% during the forecast period. Rising adoption of wearable devices among young demographic will significantly bolster the healthy growth of the market, says Fortune Business Insights, in a report titled “Fitness Tracker Market, 2021-2028”. the market size stood at USD 36.34 billion in 2020.

Significant development:
October 2019: Fitbit has worked with the Bristol-Myers Squibb-Pfizer alliance to close the atrial fibrillation detection gap to speed diagnosis.

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XIAOMI’s MI Smart Band 5 Launched to Drive Market Development
Xiaomi, a major leader in advanced gadgets and devices, has announced that it has introduced the latest Mi Smart Band 5 to its wearable product line. The new Advanced Strip offers a larger 1.1-inch Dynamic AMOLED display compared to its predecessor. Additionally, the upgrades involve better fitness tracking accuracy, female health tracking, stress rating, remote shutter control, and more. The new Mi Smart Band 5 comes in 8 colorful bands and hundreds of themes. The Mi Smart Band 5 battery supports up to 14 days* of continuous use. Moreover, 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 thanks to its stunning large 1.1-inch AMOLED display with a 2.5D tempered glass panel for protection as well as a maximum brightness of 450 nits and five adjustable brightness levels.

Scope and Segmentation of the Fitness Trackers Market Report:

Report cover

Details

Forecast period

2021 to 2028

Forecast Period 2021 to 2028 CAGR

15.4%

2028 value projection

$114.36 billion

base year

2020

Market size in 2020

$36.34 billion

Historical data for

2017 to 2019

Number of pages

133

Segments Covered

Device type, application, distribution channel

Growth engines

Growing Health and Fitness Awareness to Fuel Demand for Fitness Monitoring Products

Increase in the prevalence of health disorders to propel the market

Security and privacy concerns to limit market growth

Strong fitness propensity to drive demand for fitness trackers

The growing vigilance 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 more, leading to a healthy lifestyle. The boom in the fitness industry owing to the growing youthful population in countries like India and China will influence the growth of the fitness tracker market. The propensity for health clubs and gyms among millennials will have an amazing impact on the market. Hectic lifestyles can cause stress, anxiety and depression, leading to poorer health. Growing need for physical activities and healthy diet due to sedentary lifestyle will drive the market opportunities in the foreseeable future.

Preference for fitness during the pandemic is positively influencing the market

The outbreak of COVID-19 has disrupted the business of the fitness tracker industry. The disruption triggered in the manufacturing, production, shipping and sale of these products has massively affected the market. However, OEMs’ constant development of technologically advanced products will meet fitness demand amid the coronavirus outbreak. For example, Fitbit has announced the launch of an innovative tracker, Fitbit Charge 4. The new device will support and offer support to home customers during this period.
Moreover, Fitbit also offers a 90-day free trial and access to premium content, which helps increase the number of premium subscribers. Likewise, the growing demand for fitness products during COVID-19 will enhance the sales of fitness trackers through online mediums, thereby boosting the market. In addition, the huge research and development activities of major brands aimed at integrating technologies into devices capable of identifying and tracking infectious diseases such as COVID-19 will further enhance the market potential.

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Fitness bands are expected to hold the highest share

Based on device type, the market is divided into smartwatches, fitness bands, smart glasses, smart wearables, and others. Fitness bands held the dominant fitness tracker market share in 2020 owing to their user-friendliness and convenience.

Based on application, the market is divided into heart rate tracking, sleep measurement, glucose measurement, sports, running and cycling. The running segment is expected to hold the maximum share during the forecast period.

Based on sales channels, the market is segmented into online, retail and others. Online channels are expected to take the lion’s share over the forecast period. This dominance is attributed to the increasing penetration of the Internet.

Geographically, this market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.

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The Fitness Trackers Market Report Includes:

  • Through industry analysis

  • Key market information

  • Latest trends and market developments

  • Crucial information about COVID-19

  • Present and future market values

Increase in obese population to aid expansion in Europe

The North America market size stood at USD 17.36 billion in 2020 and is expected to account for the largest share during the forecast period. The region’s growth is attributed to the increasing health problems such as chronic diseases among the general population. Europe is expected to witness a substantial growth rate over the forecast period owing to the rise in obesity in the region. The market in Asia-Pacific is expected to grow significantly in the foreseeable future owing to the growing adoption of tracking devices among the young population in countries like Japan, China, and India. India has 60% of young people in Asia-Pacific.

Sedentary lifestyle of people to drive market demand

Rising health issues such as obesity, lack of sleep, diabetes and others due to the current office generation will simultaneously create lucrative opportunities for the market over the forecast period. The growing emphasis on health and fitness to prevent major health issues bodes well for the market. Rising awareness of the importance of a healthy lifestyle will fuel the demand for fitness products, thereby enabling the growth of the fitness tracker market. Additionally, an increase in the number of gym goers and fitness enthusiasts has potentially boosted lucrative opportunities for the market.

The report lists the top companies in this market:

  • Gramin Ltd (Kansas, USA)

  • Apple Inc (California, USA)

  • Fitbit, Inc. (California, USA)

  • Pebble Technology Corp (California, USA)

  • Samsung Electronics Co Ltd (Suwon-si, South Korea)

  • Google Inc. (California, USA)

  • Xiaomi Technology Co., Ltd. (Beijing, China)

  • Jawbone (California, USA)

  • Nike (Oregon, USA)

  • Other players

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