Dublin, Feb. 15, 2024 (GLOBE NEWSWIRE) -- The "Fitness Tracker Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The fitness tracker market size has grown exponentially in recent years. It will grow from $47.65 billion in 2023 to $57.77 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth observed in the historical period can be attributed to several factors, including increased awareness of health and fitness, a shift towards wellness and preventive health practices, a demand for weight management solutions, the integration of health insurance and corporate wellness programs, and trends in sports and athleticism. These factors collectively contributed to the growth experienced in the historic period, reflecting a broader societal emphasis on maintaining a healthy and active lifestyle.
The fitness tracker market size is expected to see rapid growth in the next few years. It will grow to $116.48 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing emphasis on sleep tracking and overall wellness, a focus on fitness among seniors and the elderly, the development of pediatric fitness trackers, enhanced ecosystem integration, and the inclusion of mental health monitoring features in fitness trackers. Major trends expected in the forecast period encompass the incorporation of wearable ECG and health tracking capabilities, the rise of remote health monitoring solutions, the integration of AI and data analytics, customization and personalization options for users, and an increased emphasis on fashion and design in fitness tracker products.
The anticipated rise in the prevalence of health disorders is set to drive the growth of the fitness tracker market in the foreseeable future. According to the World Health Organization's September 2022 data, non-communicable diseases (NCDs) or chronic diseases account for 74% of the 41 million deaths annually worldwide. Cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes collectively represent a substantial portion of these health disorders. The use of fitness trackers, promoting regular physical activity, is positioned as a preventive measure against various health disorders, fostering the demand for fitness tracking solutions.
The increasing penetration of smartphones is expected to propel the fitness tracker market forward. As of February 2023, Uswitch Limited reported a 3.8% increase in mobile connections in the UK, reaching 71.8 million. The anticipated growth indicates that by 2025, around 95% of the UK population, approximately 65 million individuals, will own smartphones. This surge in smartphone penetration is a significant driver for the fitness tracker market, as users seek integrated health and fitness functionalities.
Technological advancement emerges as a prominent trend in the fitness tracker market, with major companies actively pursuing innovations to maintain their market positions. In April 2021, Fitbit, a prominent U.S.-based consumer electronics and fitness company operating in the fitness tracker market, introduced Fitbit Luxe. This fashion-forward health and wellness tracker incorporates essential features like heart and sleep tracking, breathing rate monitoring, and stress management. Notably, it integrates advanced technologies such as a blood oxygen sensor and color AMOLED display. Fitbit Luxe caters to consumer demands for both functionality and aesthetics, featuring a stainless-steel case, exemplifying the company's commitment to technological excellence in the fitness tracker market.
Leading companies in the fitness tracker market are actively introducing innovative products to fortify their market positions. In March 2023, Tricorder.Zero, a U.S.-based sensor health and fitness tracker provider, unveiled its state-of-the-art health and fitness tracker equipped with seven precise sensors. This cutting-edge device empowers users to monitor diverse health metrics, including visualizations of the ear, nose, throat, outer eye, and skin, infrared forehead temperature readings, heart rate, blood oxygenation, heart and lung sounds, EKG patterns, and body fat and muscle tone over a month. Enhanced by artificial intelligence (AI), the tracker provides alerts for abnormal readings, prompting users to seek professional advice. It also supports medication tracking and consolidates all data in a user-friendly app, ensuring end-to-end data security.
In January 2021, Google, a prominent U.S.-based technology company, completed the acquisition of Fitbit for $2.1 billion. This strategic move positions Google to broaden its fitness platform portfolio and enhance accessibility to health and wellness solutions for a wider audience. Fitbit, the acquired company, is a U.S.-based consumer electronics and fitness company renowned for its production of wireless-enabled wearable technology, including physical fitness monitors and activity trackers like smartwatches. The acquisition reflects Google's commitment to advancing its presence in the health and fitness technology sector.
North America was the largest region in the fitness tracker market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fitness tracker market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the fitness tracker market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Report Scope
Markets Covered:
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
Key Companies: Fitbit Inc.; Apple Inc.; Garmin Ltd.; Google LLC; Huawei Technologies Co. Ltd
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/fld5in
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