The global fitness tracker market size is expected to reach USD 91.98 billion by 2027, exhibiting a CAGR of 15.2% during the forecast period. The rising adoption of wearable devices among the young population will significantly bolster healthy growth of the market, states Fortune Business Insights. The market size stood at USD 30.41 billion in 2019. The market size in North America stood at USD 14.57 billion in 2019 and is expected to account for the largest share during the forecast period. The growth in the region is attributed to the growing health issues such as chronic diseases among the general population. Key Prominent Players Covered in the Fitness Tracker Market Research Report Are Gramin Ltd, Apple Inc, Fitbit, Inc., Pebble Technology Corp, Samsung Electronics Co Ltd, Google Inc., Xiaomi Technology Co., Ltd., Jawbone, Nike and other key market players.
June 2020 - Huami Corporation, launched the ultra-lightweight and thin body Amazfit BIP S at Rs 4,999 in India. The latest Amazfit Bip S is equipped with a sleep tracker, 64 Gamut color display, 5 ATM water resistance, and Bluetooth music control. It has built-in GPS and GLONASS dual-mode positioning and assists users to accurately track their routes and distances. The product is available on e-commerce platforms like Amazon, Myntra, Flipkart, and Amazfit's official website
March 2020 - Fitbit launched Fitbit Charge 4, its most advanced health & fitness tracker with built-in GPS, active zone minutes, Spotify, sleep tools, Fitbit pay, and more.
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Sedentary Lifestyle of People to Spur Market Demand
The growing health issues such as obesity, lack of sleep, diabetes, and others because of the present deskbound generation will simultaneously create lucrative opportunities for the market during the forecast period. The growing emphasis on health and fitness to prevent major health conditions is expected to bode well for the market.
The rising awareness about the importance of a healthy lifestyle will subsequently fuel the demand for fitness products, thus enabling the growth of the market. Additionally, an escalation in gym-goers and fitness enthusiasts has potentially spurred lucrative opportunities for the market.
The coronavirus incident has disturbed various industries across the globe. The governments of several countries have instigated lockdown to prevent the spread of this infectious disease. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
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Preference for Fitness During Pandemic to Positively Sway Market
The occurrence of COVID-19 has caused disturbance to the business of fitness trackers because of the interruption triggered in manufacturing, production, shipment, and sales of these products. However, the ongoing development of technologically advanced products by OEMs will cater to the demand for fitness amid the coronavirus epidemic. For Instance, Fitbit announced the launch of an innovative tracker, Fitbit Charge 4.
The new device will assist and offer support to customers at home during this time. Moreover, Fitbit is also providing a free 90-day trial and access to premium content, thus leading to more premium subscribers. Similarly, the growing demand for fitness products during COVID-19 will improve sales of fitness trackers through online mediums, hence boosting the market.
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Surging Obese Population to Aid Expansion in Europe
The market size in North America stood at USD 14.57 billion in 2019 and is expected to account for the largest share during the forecast period. The growth in the region is attributed to the growing health issues such as chronic diseases among the general population.
Europe is expected to witness a substantial growth rate during the forecast period due to the growing obesity in the region. The market in Asia Pacific is expected to rise tremendously in the foreseeable future due to the growing adoption of tracking devices among the young population in countries such as Japan, China, and India. India accounts for 60% of the young people in Asia Pacific.
The Report Lists the Main Companies in the Fitness Tracker Market:
-- Gramin Ltd (Kansas, United States)
-- Apple Inc (California, United States)
-- Fitbit, Inc. (California, United States)
-- Pebble Technology Corp (California, United States)
-- Samsung Electronics Co Ltd (Suwon-si, South Korea)
-- Google Inc. (California, United States)
-- Xiaomi Technology Co., Ltd. (Beijing, China)
-- Jawbone (California, United States)
-- Nike (Oregon, United States)
-- Other Players
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Segments Covered in the Report
By Device Type
-- Smart Watches
-- Fitness Band
-- Smart Glasses
-- Smart Clothing
-- Heart Rate Tracking
-- Sleep Measurement
-- Glucose Measurement
-- Cycling Tracking
By Distribution Channel
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SECONDARY DATA SOURCES THAT WE REFER TO:
-- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
-- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
-- Website, reports, and press releases of end user facilities - Hospitals, Ambulatory Surgery Centres, Clinics
-- Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
-- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
-- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
-- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
-- Number of procedures and average price of procedures
-- Replacement rate and pricing of capital equipment
-- Market dynamics in relation to the market under focus - Drivers, restraints, trends, and opportunities
-- Market & technological trends, new product developments, product pipeline.
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