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The fitness tracker market size is estimated to grow at a CAGR of 16.14% between 2022 and 2027. The market size is forecast to increase by USD 44,314.14 million. The growth of the market depends on several factors, including growing markets in emerging countries, growing adoption of wearable devices, and increasing awareness about the benefits of a healthy lifestyle.
This fitness tracker market report extensively covers market segmentation by application (running, cycling, heart rate tracking, stress management, and others), distribution channel (online and offline), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing markets in emerging countries are notably driving the market growth, although security and privacy concerns may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing markets in emerging countries are notably driving the fitness tracker market growth. Providers strive to develop and market their products in developing countries such as Brazil, India, and China. The growing awareness of advanced technology in emerging markets has led to the use of innovative and advanced technologies in many applications, sectors, and industries. To enter such a market, manufacturers focus on enhancing their products with sleek designs and upgraded hardware. They are also working on improving the battery life of these devices to make them a more attractive offer for such countries.
The new product launches is a key trend influencing the fitness tracker market growth. Focusing on end-user requirements, the vendors develop fitness trackers based on the latest technological developments which are favored by customers. Recently, Fitbit released its Fitbit Charge 4 which is a state-of-the-art health and fitness tracker with built-in GPS, Spotify, Fitbit Pay, active zone time, sleep tools, and more. Apple Inc. redesigned the Apple Watch Series 4 to add an electrocardiogram (ECG) feature that provides a more detailed analysis of the user's heart health.
With the integration of such additional features and the emergence of local players, competition in the market is expected to intensify, leading to price competition as most providers try to copy other providers. All this will be a differentiator for fitness trackers, with vendors adversely impacting margins due to fierce competition, leading to increased adoption of fitness trackers during the forecast period.
Security and privacy concerns are challenging the fitness tracker market growth. The data collected by fitness trackers are mostly personal and include user information such as weight, photos, date of birth, GPS coordinates, social data, steps taken, heart rate, and background data used by the device. Therefore, if the person is exposed to a breach of privacy, they may be harmed. Fitness tracker users are probably unaware of the privacy implications of how data can be misused if it is collected over time or associated with other information.
The integration of advanced features into fitness trackers has increased the amount of data stored and retrieved through these devices. Safety standards are therefore paramount. These devices are equipped with motion sensors and are vulnerable to hackers, so privacy issues can have a major negative impact on the market. Some hackers can track athletes' training routines and their strengths and weaknesses of him/her which can be used against them during championships. Therefore, the privacy and security reasons mentioned above are expected to hinder the market growth during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Fitness Tracker Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alphabet Inc: The company provides different types of fitness trackers under its subsidiary brand Google Fit.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the running segment will be significant during the forecast period. Physical activity is an important part of everyday life. The benefits of physical activity like running include physical and mental rejuvenation through gentle thinking that promotes mental, physical, psychological, and emotional well-being and improves concentration, creativity, and cognitive abilities. Increased participation in outdoor and physical fitness activities such as running increases the growth potential of the market. Participation in running activities is higher among men, but women's participation in fitness activities has also increased significantly, bridging the gap between male and female ratios.
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The running segment was valued at USD 7,877.26 million in 2017 and continued to grow until 2021. The growing trend toward female runners and providers like Fitbit is manufacturing more and more fitness trackers that meet the needs and demands of women, boosting the growth of the market. Hence, all these factors drive the segment in the market during the forecast period.
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North America is estimated to contribute 39% to the growth of the global fitness tracker market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Demand for fitness trackers in North America is driving the market in this region. An early adopter of new inventions and technologies, the United States is now a major market for these devices. The manufacturers in this region are also making the device available at retailers. Major retail brands such as Apple Stores, Amazon, AT and T, Best Buy, Sprint, T-Mobile, Target, and Verizon are seeking to target customer segments with greater visibility and awareness as manufacturers seek to increase their visibility and awareness. Additionally, the region is home to several fitness tracker manufacturers. North American-based providers include Apple, Garmin, and Alphabet (Fitbit). These manufacturers focus on developing new products and improving the functionality of existing products. Therefore, new product launches by vendors operating in the market will drive the growth of the market in this region during the forecast period.
The COVID-19 outbreak forced governments of several countries across the world to implement complete lockdowns, resulting in people being isolated at home. The COVID-19 outbreak also negatively impacted demand for non-essential products such as fitness trackers. The pandemic slowed manufacturing, transportation, and other industrial activities across the world. The supply chains were also disrupted by the pandemic. A significant increase in the number of COVID-19 cases prompted various vendors to close retail stores and sell online. Such a strategy helped them survive in the competitive fitness tracker market and keep customers loyal to a particular brand. Additionally, a massive vaccination campaign significantly increased business operations for manufacturers of fitness trackers, redesigning the supply chain for these products and moving them offline. The number of COVID-19 cases drove the growth of the market during the forecast period. Additionally, the pandemic also raised health and fitness awareness, which increased the adoption of fitness trackers.
The fitness tracker market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global fitness tracker market as a part of the global personal products market within the global household and personal products market. The parent global personal products market includes products and companies engaged in research and development (R&D) and manufacturing of personal and beauty care products such as cosmetics and perfumes. The scope of the global personal products market also includes personalized gifts, sleep masks, sex toys, hair wigs, extensions, and polarized sunglasses markets.
Fitness Tracker Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.14% |
Market growth 2023-2027 |
USD 44314.14 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
14.81 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 39% |
Key countries |
US, China, Japan, France, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., Apple Inc., DO Technology Co. Ltd., Garmin Ltd., Hexoskin, Huawei Technologies Co. Ltd., Lenovo Group Ltd., Mensa Brand Technologies Pte Ltd., Moov Inc., Nike Inc., NURVV Ltd., Oura Health Oy, Samsung Electronics Co. Ltd., Sensoria Inc., Shenzhen Beienda Technology Co. Ltd., Sony Group Corp., Withings France SA, Xiaomi Communications Co. Ltd., Zepp Health Corp., and Fossil Group Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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