Press release
Fitness Tracker Market Expected To Reach USD 15.88 Bn with double digit CAGR through 2023
Market Synopsis of Global Fitness Tracker Market:
The global fitness tracker market is highly competitive. Various established international brands, domestic brands and as well as new entrants form a competitive landscape. The key players are nonstop increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. The fitness tracker market is highly competitive due to the presence of several large vendors. The competition among the vendors will intensify due to the increase in product extensions and various above-mentioned factors. The players in the fitness tracker market compete on the basis of the factors such as technology, features, design and compatibility. The vendors or the manufacturers are continuously coming up with new ideas and technologies to gain competitive advantage over their competitors.
Market Scenario:
The key players in the global fitness tracker market include- Apple Inc., Fitbit, Samsung, Garmin, Suunto, Jawbone, Casio, Polar, Nike, Adidas, Misfit Wearable, Inc., Xiaomi and Nokia among others.
Regionally, North America accounted for the largest market share from countries such U.S., Canada and Mexico among others. The reason is attributed to growing demand for high-end technology solutions and growing health awareness. However, Asia Pacific is expected to grow over the forecast period, 2017-2023.
The global fitness tracker market can be bifurcated as age group, product type, wearing type, sales channel, application, end-users and region. On the basis of age group, the market can be segmented as adult's fitness tracker, children’s fitness tracker. Out of these, adult's fitness tracker accounted for the largest market share majorly due to high demand from young generation. Based on product type, the market is segmented into activity monitors, smart watches, and smart clothing. The wearing type segment of the fitness tracker market is segmented into handwear, legwear, headwear and others (torsowear, clothwear etc.). Online sales and retail sales are the sales channels of the fitness tracker market. The applications covered by the fitness tracker include heart rate tracking, sleep measurement tracking, glucose measurement tracking, sports, running, and cycling tracking. Sports, hospitals and diagnosis center, others are the end-users of this market. Geographically, the market is segmented into North America, Europe, Asia Pacific and Rest of the World.
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The factors contributing to the growth of the fitness tracker market are growing adoption of technology, rising popularity towards smart gadgets and benefits of fitness trackers.
Furthermore, factors such as user-friendly devices and increasing health awareness are expected to boost the growth of the fitness tracker market over the forecast period, 2017-2023. However, high cost of the devices and continuous change in technology or product advancement are the factors hampering the growth of the overall market.
The global fitness tracker market is highly competitive. Various established international brands, domestic brands and as well as new entrants form a competitive landscape. The key players are nonstop increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. The fitness tracker market is highly competitive due to the presence of several large vendors.
The global fitness tracker market is expected to reach approximately USD 15.88 billion by the end of 2023 with 13.02% CAGR during forecast period 2017-2023.
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Segments:
For the purpose of this study, Market Research Future has segmented the market of fitness tracker into age group, product type, wearing type, sales channel, application, end-users and region.
By Age Group
•Adult's Fitness Tracker
•Children’s Fitness Tracker
By Product Type
•Activity Monitors
•Smart Watches
•Smart Clothing
By Wearing Type
•Handwear
•Legwear
•Headwear
•Others (Torsowear, clothwear etc.)
By Sales Channel
•Online Sales
•Retail Sales
By Application
•Heart Rate Tracking
•Sleep Measurement Tracking
•Glucose Measurement Tracking
•Sports, Running, Cycling Tracking
By End-users
•Sports
•Hospitals and diagnosis center
•Others
By Region
•North America
•Europe
•Asia-Pacific
•Rest Of The World
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