Wearable Fitness Trackers Market Opportunity By | Apple Inc.; Fitbit Inc.; Samsung Electronics; Sony Corporation; Xiaomi; Garmin Ltd.; Fossil Group; Jawbone; TomTom International BV; Huawei Technologies Co., Ltd.
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On the basis of product type, the wrist wear segment is expected to register attractive growth over the forecast period in the global wearable fitness tracker market. Based on application, the pedometer segment is expected to gain a higher market share during the forecast period in the global wearable fitness tracker market.
The global annual revenue from the wearable fitness tracker market was valued at US$ 21,661.3 Mn by the end of 2017, which is expected to grow at a steady pace over the coming years. The dominating regions, i.e., North America, Western Europe, Japan, China and SEA & Other of APAC, are expected to collectively account for a majority share of the global wearable fitness tracker market. The North America wearable fitness tracker market, Western Europe wearable fitness tracker market and APEJ wearable fitness tracker market are likely to dominate the global market over the forecast period.
Wearable Fitness Trackers Market: Factors Boosting Adoption
Since last few years, the adoption of wearable fitness trackers has been increasing considerably, especially in the 25-44 years category. Development in the imaging technologies of wearable fitness trackers and continuously emerging new features in the products are boosting the adoption of wearable fitness trackers in the consumer segment. Nowadays, consumers prefer modern ways of fitness tracking as “guesstimating” is not accurate to keep track of the fitness data. Hence, the availability of technology-based smart wearable devices for keeping track of fitness activities is driving the wearable fitness trackers market. Disposable income and rising concerns regarding a healthy lifestyle are also driving the wearable fitness trackers market across major economies of the world. Continuous technological developments intended to reduce the overall cost of various components of wearable fitness trackers are facilitating a decrease in the overall cost of wearable fitness trackers, which is making it more affordable for the middle-income population. At present, wearable fitness trackers are largely being used by the high-income population for an enhanced end-user experience with reference to fitness and health aspects. However, the slightly high cost associated with the adoption of wearable fitness tracker is hampering the growth of the global wearable fitness tracker market in terms of value.
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Wearable Fitness Trackers Market: Segmental & Regional Analysis
On the basis of FMI analysis, the wrist wear sub-segment of the product type segment is expected to dominate the wearable fitness tracker market since wrist wear is easy to use and increases the focus of users towards fitness. On the basis of application, the pedometer segment is expected to be a dominating 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 America wearable fitness tracker market is expected to dominate the global wearable fitness tracker market due to high growth in the overall revenues generated from the wrist wear segment, high disposable income as well as the high standard of living in the region. The wearable fitness tracker market in Western Europe has high potential owing to the increasing 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 participants owing to the high growth opportunities in countries such as India and China. The MEA wearable fitness tracker market is estimated to grow at an above-average CAGR over the forecast period due to the rising focus towards healthy living as well as increasing government spending in the healthcare segment. GCC Countries are expected to hold a major revenue share in the MEA wearable fitness tracker market over the forecast period.
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Wearable Fitness Trackers Market: Key Player Analysis
According to FMI analysis, the integration of advanced healthcare technologies by the manufacturers of wearable fitness trackers, along with feature enhancements in products, will help increase revenue. Some of the market participants in the global wearable fitness tracker market report are Apple Inc.; Fitbit Inc.; Samsung Electronics; Sony Corporation; Xiaomi; Garmin Ltd.; Fossil Group; Jawbone; TomTom International BV; Huawei Technologies Co., Ltd. and others.
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