Description:Global wearable fitness tracker market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 15% during the forecast period.
... moreGlobal wearable fitness tracker market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 15% during the forecast period.
Global Wearable Fitness Tracker Market
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Global wearable fitness tracker market Definition
Wearable fitness trackers are small electronic devices which are designed to be worn on the consumer’s body and used to track the fitness related metrics such as heartbeat, calorie consumption and run or walked distance. Wearable fitness trackers are available in different forms such as medical devices, smart watches, smart clothing and so on.
Global wearable fitness tracker market Dynamics
The wearable fitness tracker market has been seeing ample growth from the past few years. The growth is primarily driven by increasing trend of wearable technology among the people across the globe. Rising user preference for smart gadgets, surge in the demand of wearable medical and fitness devices, growing awareness regarding fitness, high disposable income of consumers, increased use of e-textiles and smart textiles in wearable fitness devices, rising demand for smart connected devices and massive availability of various fitness trackers in the market are expected to improve the growth of the market during the forecast period.
However, high costs related with wearable fitness tracking devices such as watches, and low battery run-time are the major restraining factors that could hinder the growth of the market.
Global Wearable Fitness Tracker Market: Segmentation Analysis
By product type, the activity monitor segment dominated the market in 2019 and is expected to maintain its dominance at a CAGR of XX% during the forecast period. Activity trackers or monitors are fitness tracking devices which are basically used to track and monitor some of the movements of the user such as cycling, walking, swimming, and running. However, smart watches are projected to witness fast growth at a CAGR of XX% during the forecast period. A rising preference towards handwear fitness smart watch as it provide various functions such as steps tracking, heart rate tracking, sleep monitoring and many other sensor-related applications is impelling the growth of market.
By End-user, the sports segment dominated the market in 2019 and is projected to witness fast growth at a CAGR of XX% during the forecast period. The growing sports activities by users, increasing healthcare awareness; rising demand of fitness trackers from sport persons and surge in adoption of gym fitness trackers is attributed to the growth of the market.
Global Wearable Fitness Tracker Market: Regional Analysis
Region-wise, North America dominated the market in 2019 and is expected to maintain its dominance at a CAGR of XX% during the forecast period. The US and Canada are the major contributors behind the growth of the market in region. The growth is attributed to the increased awareness about various wearable fitness tracking device among consumers and high adoption of these devices.
High disposable income, rising health concerns, growing old age population, large scale adoption of various digital technologies and increasing demand from sports persons and from hospitals are driving the growth of the market. MMR study found that, in North America, one in five adults wear a wearable fitness tracker or smart watch and nearly 22% of Americans use wearable fitness tracing devices. The number is estimated to increase by the end of the forecast period, which results into the growth of the market.
The Asia Pacific is projected to witness high growth at a CAGR of XX%. China, India, South Korea and Japan are expected to contribute to the market growth. The increasing population along with the adoption of wearable fitness devices, vast presence of leading market players, rising number of fitness enthusiastic, growing sports activities, and increasing health awareness are propelling the growth of the market in APAC region.
Global Wearable Fitness Tracker Market: Key Development
• On 2nd Sept 2020, Samsung launched its Samsung Galaxy Fit 2 fitness tracker to expand its Galaxy portfolio. This device is launched to address the rising demand of fitness trackers for home workouts.
• In Aug 2020, Fitbit has launched its three new fitness trackers to help monitor and manage stress.
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The objective of the report is to present a comprehensive analysis of the Global Wearable Fitness Tracker Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects... less
