North America is expected to dominate, registering the highest CAGR of 18.9% in terms of value
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, October 20, 2022 /EINPresswire.com/ — The increase in the trend of the Internet of Things is expected to fuel the growth of the fitness tracker market. Rising consumer propensity to use technology in daily life to make life easier, due to rising health issues, is increasing preference for fitness trackers
According to a new report published by Allied Market Research titled, Fitness Trackers Market by Device Type, Display Type, Sales Channel, and Compatibility: Global Opportunity Analysis and Industry Forecast, 2017-2023″, the global fitness trackers market size was assessed at $17,907 million in 2016 and is expected to reach $62,128 million by 2023, registering a CAGR of 19.6% from 2017 to 2023. North America led the global fitness tracker market in 2016, representing one third of total turnover.
The major players in the fitness tracker market are focusing on developing new products to gain a strong foothold in the market. Key players profiled in the report include Fitbit Inc., Google LLP., Apple Inc., Samsung, Xiaomi Inc., Jawbone, Nike, Adidas, Misfit Wearables, Inc., Shenzhen Motto Electronics Co. Ltd., Google LLP, and Apple . Inc.
Other fitness tracker manufacturers include Huawei Technologies Co., Ltd., Huawei Technologies Co., Ltd., Desay Infor Technology Co., Ltd., Shenzhen DO Intelligent Technology Co., Ltd., NJY Science and Technology CO., LTD , Shenzhen Beienda Technology Co., Limited.
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Fitness trackers are utility devices that record and measure data related to fitness activities such as walking and running distance, heart rate monitoring, sleep pattern tracking, etc. Rising fitness awareness among consumers and rapidly increasing per capita disposable income are expected to drive the demand for fitness trackers.
Additionally, the increase in the trend of wearable technologies among young people and advancements in technology are fueling the growth of the fitness tracker market. However, the risk of data theft is expected to drive down sales of existing fitness trackers; thus, manufacturers are focusing on secure wireless connection media for these devices to increase data security, thus hampering the growth of the fitness tracker market. Increase in the trend of wearable technologies and advancements in data security technology are expected to drive the growth of the fitness tracker market in the near future.
The smartwatch segment is expected to dominate the fitness tracker industry over the forecast period. However, the fitness bands segment is expected to gain traction, owing to the increase in the number of fitness-conscious consumers.
The surge in the adoption of fitness trackers in fitness centers is expected to drive the growth of the fitness trackers market over the forecast period. Rising online sales of fitness trackers is one of the major factors propelling the growth of the market, owing to the fact that this channel makes the products readily available for consumers across different regions. As a result, the offline sales platform provides a tangible demonstration of the product, which helps increase product promotion and awareness.
The smartwatch segment dominates the fitness tracker market, in terms of value, due to the increase in consumer preference for smartwatches, due to its benefits such as smartphone notification monitoring, customizable user interface and activity tracking features.
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The propensity of consumers to buy fitness trackers with color screen is increasing due to the features of colorful screens such as interactive display, vivid colors and enriched user experience.
The online sales segment dominates the fitness tracker market, in terms of value, owing to the increase in the number of online buyers, the increase in the advantages of online shopping and attractive offers on the sites. on line.
The iOS segment in the global fitness tracker market is growing exponentially as fitness trackers with iOS have unique applications and user interference which has increased the sales of iOS powered devices. Accordingly, the Android wearables segment is expected to show significant growth over the forecast period owing to the dominant presence of Android phones.
Key Findings of the Fitness Trackers Market:
In terms of value, the smartwatch segment is expected to grow at a CAGR of 20.3% during the forecast period.
North America is expected to dominate, registering the highest CAGR of 18.9% in terms of value.
Asia-Pacific is expected to show exponential growth in demand throughout 2023, with a CAGR of 21.2% in terms of value.
The color display segment is expected to dominate the global fitness tracker market, registering a CAGR of 19.9%.
The online platform segment is estimated to account for more than half of the total market share in 2016.
China and Japan collectively accounted for more than half of the total Asia-Pacific fitness tracker market in 2016.
In the global fitness tracker market, India is expected to grow at a CAGR of 15.5%, in terms of value.
North America and Europe collectively accounted for approximately more than half of the global fitness tracker market share in 2016. Changing lifestyles and increasing consumer disposable income are expected to drive the growth of the market Asia Pacific.
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