by The global fitness tracker market achieved remarkable heights, reaching an astounding US$39.8 billion in 2021, with forecasts predicting a robust double-digit growth trajectory through the end of 2027. This unprecedented growth is attributed to a confluence of factors that are reshaping the landscape of health and fitness tracking worldwide.
Rising Smart Health and Fitness Boom Energizes Fitness Tracker Market
The surge in consumer disposable income, widespread internet and smartphone penetration, and an increasing awareness of health and fitness have emerged as key drivers behind the rapid expansion of the fitness tracker market. The target demographic for fitness trackers, including younger individuals and working-class members, is witnessing a surge in health consciousness, propelling market growth. Factors such as rising sleep problems and escalating disposable income across various demographics have further fueled the adoption of fitness trackers. Additionally, the global COVID-19 pandemic has significantly heightened public awareness of these devices, driving innovation and development in the sector.
Cutting-Edge Innovations Fueling Market Expansion
Innovation is at the forefront of the fitness tracker market, with companies like Fitbit Inc. introducing sophisticated wristwatches equipped with ECG monitors, stress management tools, skin temperature sensors, sleep monitors, SpO2 level monitors, built-in GPS, period trackers, and over 20 workout modes. This innovation is in response to the increasing prevalence of cardiovascular diseases, obesity, and sedentary lifestyles, with reports suggesting that 39% of adults worldwide were overweight and 13% obese in 2017. The market is witnessing a surge in manufacturers offering fitness trackers across a wide range of income levels, further driving adoption. Beyond wristwatches, wearable products like smart jewelry, insoles, and apparel are attracting a broader customer base. Furthermore, the flourishing e-commerce sector, robust distribution networks, and strategic retail partnerships among industry leaders are set to power the fitness tracker markets growth, with over two billion people making online purchases in 2020.
Fitness Tracker Market: COVID-19 Impact
The COVID-19 pandemic has had a profound positive impact on the sales of fitness monitoring equipment. The heightened awareness of health brought about by the pandemic has driven sales in the fitness tracker market. Leading companies such as Apple and Garmin witnessed a 20% increase in revenue in 2020 compared to the previous year. Despite ongoing uncertainty in the economy and consumer demand, manufacturers are actively developing innovative products and services to assist individuals in these challenging times. Collaborative research and development efforts are underway, with companies like Fitbit partnering with Apple, Stanford Medicine, and The Scripps Research Institute to explore how wearable data can diagnose, track, and combat infectious diseases such as COVID-19.
Growing Health and Fitness Awareness Powers Market Growth
As consumer awareness regarding the importance of maintaining a healthy lifestyle continues to grow, the fitness tracker market is poised for substantial expansion. These tracking devices have evolved from basic pedometers to intelligent gadgets with vivid displays that monitor sleep patterns, heart rates, physical activity, and more. The global fitness industry, still in its infancy, anticipates significant growth, particularly among younger populations. With a growing number of gyms worldwide, the demand for fitness trackers is expected to surge. Regular exercise not only contributes to better health but also reduces stress, anxiety, and depression. Additionally, economic factors, including increasing per capita healthcare spending, expanding healthcare infrastructure, and rising industrial sector investments, are expected to accelerate the global markets growth by 2028.
Rising Prevalence of Health Disorders Drives Demand
The modern sedentary lifestyle poses significant health risks, including obesity, inadequate sleep, diabetes, and other ailments. To combat these health challenges, people are increasingly encouraged to incorporate daily exercise into their routines. Cardiovascular diseases, such as hypertension, heart attacks, strokes, and diabetes, are among the most common lifestyle-related conditions. The rising prevalence of diabetes, often linked to obesity, age, ethnicity, and urbanization, underscores the need for fitness activities. Fitness tracking products offer users greater flexibility and the means to prevent serious health issues, aligning with the growing emphasis on health consciousness.
Security and Privacy Concerns Present Challenges
While fitness tracking devices provide valuable health data, they also collect highly personal information, including weight, birth date, GPS coordinates, and heart rate. Data theft and privacy breaches are major concerns, potentially leaving users vulnerable to privacy invasions and misuse of their data. The industry faced challenges when anonymous user fitness tracking data was used to reveal sensitive information about military sites. Instances of unauthorized data access by hackers have also raised security concerns. Addressing these issues will be crucial to sustain market expansion.
Smartwatch Sales Surge
The demand for smartwatches is on the rise, driven by increasing health awareness and rapid technological advancements. Smartwatches offer a wide range of functionalities, from gaming and calls to music streaming and message alerts, making them a versatile tool for health and fitness tracking. The growth of connected ecosystems, the proliferation of connected devices across industries, and the potential for smartwatches in the fitness tracker market are all driving factors. A robust distribution network, with collaborations between major companies and suppliers, is further expanding the smartwatch segment of the fitness tracker market.
Online Sales Thrive with Social Media Influence
The online category within the fitness tracker market is expected to dominate in terms of revenue share, driven by the rapid growth of the e-commerce sector and extensive marketing efforts on social media platforms like YouTube and Instagram. Social media platforms allow advertisers to create unique target audiences based on post engagement, customer lists, and video views. Instagram, in particular, offers a high engagement rate and a strong return on investment (ROI). This trend has allowed new brands to showcase their product offerings and attract potential customers, contributing to the segments revenue growth.
North America Leads Revenue Generation
North America is poised to dominate revenue generation in the fitness tracker market compared to other regional markets. The explosive growth of the e-commerce industry in North America, with retail e-commerce sales projected to surpass $560 billion by 2025, is driving demand for cutting-edge fitness trackers. Key players such as Apple Inc., Google LLC, Garmin Ltd., and others are expected to play pivotal roles in further boosting market revenue. Notably, young adults and women in the United States are among the leading users of fitness trackers in high-income households, with approximately 50% of such adults utilizing these devices. The relatively lenient regulatory policies of the FDA regarding wellness wearables are expected to facilitate continued fitness tracker production, providing opportunities for innovation without the burden of regulatory compliance. Additionally, the presence of renowned e-commerce firms like Amazon and eBay is enhancing the accessibility and visibility of new brands in the marketplace.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/fitness-tracker-market
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This press release first seen on Brilad
COMTEX_442430672/2840/2023-10-25T09:54:58
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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