Wearable Fitness Trackers Market Statistics - 2028
The global wearable fitness trackers market size was valued at $38.68 billion in 2020 and is projected to reach $124.32 billion by 2028, registering a CAGR of 17.3% from 2021 to 2028.
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 tracker 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.
A wearable fitness tracker is an electronic device, that is connected via the internet or the user’s smartphone for long-term tracking of user’s fitness data as well as sharing of user’s data with other fitness fanatics. A wearable fitness tracker includes several activity trackers according to the user’s needs. These trackers offer various features such as goal setting, sleep monitor, exercise tracker, calorie monitor and counter, heart monitor, and step counter. Also, the fitness watch industry share contributes a key role in the global wearable fitness trackers market growth. In addition, the high growth of fitness trackers leads to global market development. Devices that are loaded with blood oxygen sensors, automatic handwashing detection, and encourage users to be more active, stay connected, & better manage their health in new ways are the best fitness tracker on the market.
Segment Overview
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. Based on connectivity, it is segregated into Bluetooth, Wi-Fi, cellular, NFC, and others.
By Device Type
Smartwatches segment is projected as one of the most lucrative segments.
By operating system, it is fragmented into Android, iOS, Windows, and Tizen. Based on the distribution channel, it is classified online and offline. Depending on the application, it is separated into running, cycling, heart rate tracking, stress management, and others.
By Application
Running segment is expected to secure leading position during forecast period.
Region-wise, the wearable fitness trackers market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is dominating the wearable fitness trackers market, owing to growing demand for consumer electronics and automotive products. Asia-Pacific is also projected to register significant growth rate during the forecast period. Furthermore, Europe holds a subsequent position and is expected to increase its growth rate by the end of the forecast period, followed by North America.
By Region
Asia-Pacific region would exhibit the highest CAGR of 19.30% during 2021-2028
Top Impacting Factors
The prominent factors that impact the wearable fitness trackers market growth are an increase in health awareness among consumers and a surge in demand for wireless fitness & sports devices. In addition, the emergence of a large number of players in the market drives the wearable fitness tracker market growth. However, the high initial cost of wearable fitness devices restricts the market growth. On the contrary, an increase in investment in building a connected ecosystem is expected to create lucrative opportunities for the market. Therefore, these factors are expected to affect the development of the global wearable fitness trackers market during the forecast period.
Competition Analysis
Competitive analysis and profiles of the major wearable fitness trackers market players, such as 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, are considered in the report.
Covid-19 Impact Analysis
The outbreak of COVID-19 has significantly affected the electronics and semiconductor sectors. Businesses and manufacturing units across various countries were closed, owing to the increase in the number of COVID-19 cases, and are estimated to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted global supply chains, posing challenges for manufacturers to reach customers.
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day by day as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market, falling business confidence, massive slowing of the supply chain, and increasing panic among customer segments.
Asian and European countries under lockdowns have suffered major losses of business and revenue due to the shutdown of manufacturing units in their regions. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, which negatively impacted the growth of the wearable fitness trackers market in 2020.
The COVID-19 pandemic has impacted the electronics sector, as the production facility halted, which, in turn, resulted in significant demand for electronics and semiconductor products in industries. Its major impacts include large-scale manufacturing interruption across Europe and interruption in Chinese parts exports, which are expected to hinder market growth.
Key Benefits for Stakeholders
- This study comprises an analytical depiction of the global wearable fitness trackers market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall wearable fitness trackers market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current wearable fitness tracker market forecast is quantitatively analyzed from 2020 to 2028 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the wearable fitness trackers market share of key vendors.
- The report includes the market trends and the market share of key vendors.
Wearable Fitness Trackers Market, by Device Type Report Highlights
| Aspects | Details |
 By Device Type |
|
 By Component |
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 By Connectivity |
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 By Operating System |
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 By Distribution Channel |
|
 By Application |
|
 By Region |
|
 Key Market Players | Sensoria Inc., NIKE, Inc., Garmin Ltd., Samsung Electronics, TomTom N.V., Apple Inc., Xiaomi Corporation, Fossil Group, Inc., Huawei Technologies Co., Ltd. (Huawei), Google LLC (Alphabet Inc.) |
Analyst Review
A wearable fitness tracker is used to measure particular metrics involved in fitness such as heart rate, number of steps walked, quality of sleep, and others. It comes predominantly in the form of wristbands and smartwatches. However, other wearable technologies include strips and shirts. These trackers usually sync with smart devices via wireless connection. Its apps also enable the users to record & track weight, heart rate, food consumption, activities, ECG, and temperature and then share the information with medical professionals or trainers.
The global wearable fitness trackers market 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 growth of the wearable fitness trackers market. In addition, presence of high-end tracking systems makes it popular among users. However, data privacy risk is a major restraint to the global wearable fitness trackers industry. Rise in trend of building IoT ecosystem is expected to create opportunities for the wearable fitness trackers industry.
The key players of the market focus on introducing technologically advanced products to remain competitive in the market. Acquisition, agreement, collaboration, product expansion, and product launch are expected to be the prominent strategies adopted by the market players. North America accounted for a major share of the market in 2020, owing to the presence of major players in the region; however, Asia-Pacific is expected to grow at the highest CAGR, owing to rise in adoption of wearable fitness trackers in a variety of fields.
The Wearable Fitness Trackers Market is estimated to grow at a CAGR of 17.30% from 2021 to 2028.
The Wearable Fitness Trackers Market is projected to reach $124.32 billion by 2028.
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Increasing awareness about the importance of a healthy lifestyle and demand for health monitoring devices, drive the wearable fitness trackers market growth.
The key players profiled in the 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.
On the basis of top growing big corporations, we select top 10 players.
The Wearable Fitness Trackers Market is segmented on the basis of device type, component, connectivity, operating system, distribution channel, application, and region.
The key growth strategies of Wearable Fitness Trackers Market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Heart rate tracking is projected to be the major application during the forecast period.
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