Fitness trackers

Wearable Fitness Trackers Market Expected to Grow at CAGR

Future Market Insights provides key insights on the global wearable fitness tracker market in its report titled “Wearable Fitness Tracker Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027”. The market value growth of the global wearable fitness tracker market will remain attractive as the market is expected to grow continuously at a CAGR of 15.8% in value during the forecast period 2017-2027.

The global wearable fitness tracker market is expected to register a CAGR of 15.8% between 2017 and 2027, with North America, Western Europe, Japan and China accounting for significant market shares by the end of the forecast period.

The global annual revenue of the wearable fitness tracker market was valued at US$21,661.3 million at the end of 2017, which is expected to grow at a steady rate in the coming years. The dominant regions, namely North America, Western Europe, Japan, China, and APAC SEA & Other, are collectively expected to account for a majority share of the global wearable fitness tracker market. North America wearable fitness tracker market, Western Europe wearable fitness tracker market and APEJ wearable fitness tracker market are expected to dominate the global market during the forecast period.

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Wearable Fitness Tracker Market: Factors Driving Adoption

Over the past few years, the adoption of wearable fitness trackers has increased dramatically, especially in the 25-44 age category. The development of wearable fitness tracker imaging technologies and the continuous emergence of new features in products are driving the adoption of wearable fitness trackers in the consumer segment. Nowadays, consumers prefer modern fitness tracking methods because the “guesswork” is not accurate to track fitness data. Hence, the availability of technology-based smart wearables to track fitness activities is driving the wearable fitness tracker market.

Disposable income and rising concerns over healthy lifestyle are also driving the wearable fitness tracker market in major economies around the world. Ongoing technological developments aimed at reducing the overall cost of various components of wearable fitness trackers are facilitating a decrease in the overall cost of wearable fitness trackers, making them more affordable for the middle income population. At present, wearable fitness trackers are widely used by the high income population for enhanced user experience when it comes to fitness and health aspects.

Wearable Fitness Trackers Market: Segmental and Regional Analysis

Based on FMI analysis, wrist wear sub-segment of product type segment is expected to dominate the wearable fitness tracker market as wrist wear is easy to use and increases users’ attention towards the physical form. Based on the application, the pedometer segment is expected to be a dominant segment in the global wearable fitness tracker market. The development and integration of healthcare processes with technology and the evolution of new functions/features are some of the major factors driving the adoption of wearable fitness trackers.

The North American wearable fitness tracker market is expected to dominate the global wearable fitness tracker market due to strong growth in overall revenue generated from wrist wear segment, high disposable income as well as high standard of living in the region. The wearable fitness tracker market in Western Europe has a high potential owing to the growing adoption of wearable fitness trackers as one of the solutions for living a healthy life. The APEJ wearable fitness tracker market will be a target market for market players due to strong growth opportunities in countries such as India and China.

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Wearable Fitness Tracker Market: Competition Landscape

The vendors in the wearable fitness tracker market are now focusing on introducing advanced innovative features, as well as expanding their sales channels across the globe. Some of the Wearable Fitness Tracker Market vendors included in this Global Wearable Fitness Tracker Market study are Apple Inc.; Fitbit Inc.; Samsung Electronics; Sony Corporation; Xiaomi; Garmin Ltd. ; Fossil group; Maxillary; TomTom International BV and Huawei Technologies Co., Ltd.

The vendors are continuously innovating their wearable fitness tracker products to penetrate the technology influenced global market. For example, in May 2017, Apple Inc. partnered with Nokia, an information and communications technology provider. Pursuant to the partnership agreement, Nokia provides certain network infrastructure products and services to Apple. In June 2017, Fitbit Inc. partnered with the Minnesota Timberwolves, an American professional basketball team based in Minnesota.

As part of this partnership, Fitbit is an “Official Wearable” and an “Official Sleep Tracker” for Minnesota Timberwolves players. In March 2017, Samsung partnered with Under Armour, a leading manufacturer of sportswear, casual wear, footwear, etc., to support the “Under Armor Connected Fitness Suite”, which includes various fitness apps.

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Key Segments Covered

Type of product:

wrist wear
Leg wear
Smart clothes
Others

Application:

Pedometer
heart rate monitor
Daily activity tracking
Call text and calendar
sleep tracking
GPS Tracking
Others

Distribution channel:

E-commerce
Retail stores

Age range:

0-5 years
6-18 years old
19-24 years old
25-44 years old
45-60 years old
60+ years old

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Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.

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