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Fitness Tracker Market on Track for Strong Growth, Estimated to Grow at 18.5% CAGR Through 2029
Fitness Tracker Market
What Is the Expected CAGR for the Fitness Tracker Market Through 2025?
The scale of the fitness tracker market has seen substantial enlargement in the previous years. Projected expansion is from $58.1 billion in 2024 to $70.22 billion in 2025, displaying a compound annual growth rate (CAGR) of 20.8%. The significant growth trajectory during the historical period is tied to heightened cognizance about health and wellness, transformation towards a focus on preventive healthcare and wellness, demand for weight management solutions, health insurance considerations, corporate health culture, as well as existing trends in sports and athletics.
What's the Projected Size of the Global Fitness Tracker Market by 2029?
There is a predicted swift expansion for the fitness tracker market in the coming years, with an estimated value of $138.64 billion in 2029 and a Compound Annual Growth Rate (CAGR) of 18.5%. This significant growth during the forecast period is attributed to several aspects such as sleep and wellness tracking, fitness for the senior and elderly population, trackers for children's fitness, integration of ecosystems, and mental health monitoring. The forecast period will also witness certain pivotal trends like the use of wearable ECG and health trackers, remote health observation, the utilization of AI and data analytics, customization and personalization, and a focus on fashion and design.
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Top Growth Drivers in the Fitness Tracker Industry: What's Accelerating the Market?
The rise in health-related complications is likely to fuel the expansion of the fitness tracker market. A health disorder generally implies a condition that has recognizable physical causes and evident signs of pathology. Consistent physical activity promoted by using a fitness tracker can significantly help in staving off various ailments. For example, as per reports by the World Health Organization, a United Nations' specialized agency based in Switzerland, there were 41 million deaths globally in September 2022. This accounted for 74% of the total annual fatalities due to non-communicable or chronic diseases. The data included 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2 million from diabetes. Consequently, the surge in health disorders is propelling the growth of the fitness tracker market.
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What Trends Will Shape the Fitness Tracker Market Through 2029 and Beyond?
Advancements in technology is a prevailing trend in the fitness tracker market. Many leading companies are embracing these technological advancements to maintain their market dominance. For instance, in August 2024, Sonde Health, a U.S. company that focuses on health technology, specifically voice-enabled symptom detection and monitoring for long-term and mental health disorders, introduced a voice-controlled cognitive fitness tracker. This tracker analyses vocal characteristics such as speech patterns and tone to gauge cognitive function and mental health statuses. Offering real-time feedback and exercises that are customized to individual necessities, these trackers strive to increase cognitive performance and boost mental health in the long-run. This technology offers significant benefits, especially for users wishing to sustain or improve their cognitive skills.
What Are the Main Segments in the Fitness Tracker Market?
The fitness tracker market covered in this report is segmented -
1) By Device Type: Smart Watches, Fitness Band, Smart Glasses, Smart Clothing, Other Device Types
2) By Application: Heart Rate Tracking, Sleep Measurement, Glucose Measurement, Sports, Running, Cycling Tracking
3) By Distribution Channel: Online, Retail, Other Distribution Channel
Subsegments:
1) By Smart Watches: GPS Smart Watches, Hybrid Smart Watches
2) By Fitness Bands: Basic Fitness Bands, Advanced Fitness Bands With Heart Rate Monitoring
3) By Smart Glasses: Augmented Reality (AR) Glasses, Heads-Up Display (HUD) Glasses
4) By Smart Clothing: Fitness Tracking Shirts, Smart Sports Bras, Smart Pants
5) By Other Device Types: Fitness Trackers (Standalone Devices), Heart Rate Monitors, Smart Shoes
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Which Top Companies are Driving Growth in the Fitness Tracker Market?
Major companies operating in the fitness tracker market include Fitbit Inc., Apple Inc., Garmin Ltd., Google LLC, Huawei Technologies Co. Ltd., NIKE Inc., Samsung Electronics Co. Ltd., Xiaomi Inc., Adidas Inc., Jawbone, Polar Electro Oy, Beienda International Co. Limited, Ambiotex GmbH, Hexoskin, Fossil Group Inc., TomTom N.V., Huawei Technologies Co. Ltd., TomTom International BV, Misfit Inc., Moov Inc., Lumo Bodytech Inc., Atlas Wearables Inc., Basis Science Inc., Bragi GmbH, Casio Computer Co. Ltd., Catapult Sports Pty Ltd., Coros Wearables Inc., Epson America Inc., Jaybird LLC, LG Electronics Inc., LifeBEAM Technologies Ltd., Motorola Mobility LLC, Pebble Technology Corp., Razer Inc., Sony Corporation, Timex Group USA Inc., Under Armour Inc.
Which Regions Will Dominate the Fitness Tracker Market Through 2029?
North America was the largest region in the fitness tracker market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fitness tracker market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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