NEW YORK, March 28, 2018 (GLOBE NEWSWIRE) -- According the latest report published by P&S Market Research, global wearable fitness trackers market size is forecasted to generate a revenue of $48.2 billion by 2023, the growth is led by increasing use of fitness tracking apps, rising demand for wireless and continuous health monitoring devices, thriving awareness about obesity, and increase in disposable income.
On the basis of the product, the wearable fitness trackers market is categorized into wrist-wear, smart garments and body sensors, leg-wear, and others. Among the various products, wrist-wear held the largest share in the global wearable fitness trackers market, in 2017. This leading position of the category is majorly attributed to its design, cost, ease of use and functionality. Increasing adoption of wrist-wear fitness trackers for fitness tracking and rising healthcare spending are some of the other factors driving the market demand.
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On the basis distribution channel, the wearable fitness trackers market has been segmented into indirect and direct distribution channels. Indirect distribution channels are estimated to hold 78.3% share in the global market in 2017, owing to the increasing number of online stores and growing consumers preference for online shopping, globally.
APAC is expected to be the fastest growing market for wearable fitness trackers
During the forecast period, the wearable fitness trackers industry is expected to witness fastest growth in Asia-Pacific (APAC), owing to the presence of local players providing low cost fitness tracker devices, rising adoption of fitness trackers due to increasing prevalence of chronic diseases, and surge in the number of internet users and e-shoppers.
Explore Report Overview with 91 Tables and 56 Figures Spread Through 155 Pages and Detailed TOC on "Wearable Fitness Trackers Market by Product (Wrist-wear [Watches, Bands], Smart Garments & Body Sensors, Leg-wear), by Distribution Channel (Indirect [Pure Play E-Retailer, Super Specialty Retailers, Wholesalers], Direct), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, China, Japan, Australia, India, Brazil, Mexico, Saudi Arabia, South Africa) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023"at:https://www.psmarketresearch.com/market-analysis/wearable-fitness-trackers-market
Many local market players such as Xiaomi Inc, Huawei Technologies Co Ltd, Intex Technologies and Guangdong Lifesense Medical Electronics Co., Ltd are continuously introducing low cost wearable fitness devices which further support the adoption of these devices in the region. Also, increasing disposable income fuels the growth of the wearable fitness trackers market in the region, as these devices have become affordable by the health-conscious consumers.
Expansion of local players through opening their own stores is also contributing in the growth of the market. For instance, Xiaomi Inc., has plans to open more Mi home stores in India by 2019. Thus, increasing internet penetration, rising online population, increasing disposable income, and expansion of local players are the major factors driving the growth of the APAC wearable fitness trackers market.
Key players launching new products for market expansion
Globally, key players in the wearable fitness trackers industry are launching products to gain a larger market share. For instance, in January 2018, Garmin Ltd. unit Garmin International, Inc. launched the Approach X10, a golf band, to its wearable lineup which is compatible with the Garmin Golf app. The Approach X10 comes preloaded with data for over 41,000 golf courses around the world.
Also, in September 2017, Apple Inc. introduced a third-generation Apple Watch Series 3, with cellular connectivity. Apple Watch Series 3 allows users to stay connected, receive texts, track fitness, and make calls. The company introduced two models for Apple Watch Series 3—one with GPS and cellular, and the other with GPS, combined with the power of watchOS.
Some of the other major players operating in the wearable fitness trackers market include Fitbit Inc., Sony Corporation, Samsung Electronics Co. Ltd., Lumo Bodytech Inc., Xiaomi Inc., Fossil Group, Inc., Moov Inc., Sensoria Inc., TomTom International BV, and Motiv Inc.
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