Wearable Fitness Trackers Market

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 Wearable Fitness Tracker Market registered increasing growth rate and was impacted positively due to COVID-19.

A wearable fitness tracker is an electronic device, which is connected via internet or 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 a number of activity trackers according to 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, high growth of fitness trackers 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.

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.

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, it is segregated into Bluetooth, Wi-Fi, cellular, NFC, and others. By operating system, it is fragmented into Android, iOS, Windows, and Tizen. On the basis of distribution channel, it is classified 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 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. 

Leading wearable fitness trackers manufacturers, such as Apple Inc., Huawei Technologies Co., Ltd. (Huawei), and Samsung Electronics, are focusing their investment on technologically advanced, cost-effective, and more secure products and solutions for various applications.

Top Impacting Factors

The prominent factors that impact the wearable fitness trackers market growth are increase in health awareness among consumers and surge in demand for wireless fitness & sports devices. In addition, emergence of large number of players in the market drives the wearable fitness tracker market growth. However, high initial cost of wearable fitness devices restricts the market growth. On the contrary, increase in investment on building a connected ecosystem is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely 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 increase in 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 manufactures 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 supply chain, and increasing panic among customer segments.

Asian and European countries under lockdowns have suffered major loss 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 the market growth. 

Key Benefits For Stakeholders

• This study comprises 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 the 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.

Key Market Segments

By Device Type

• Smartwatches
• Fitness Bands
• Smart Glasses
• Smart Clothing
• Others

By Component

• Hardware 
• Software

By Component

• Bluetooth
• Wi-Fi
• Cellular
• NFC
• Others

By Operating System

• Android
• iOS
• Windows
• Tizen

By Distribution Channel

• Online
• Offline

By Application

• Running 
• Cycling
• Heart Rate Tracking
• Stress Management
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• LAMEA
  • Latin America
  • Middle East 
  • Africa

Key Players

• 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.
• Xiaomi Corporation

 Wearable Fitness Trackers Market Report Highlights