Fitness Tracker Market to 2031 - Size, Trends and Growth

Coverage: Fitness Tracker Market covers analysis By Type (Smartwatches, Fitness Bands, Others), Distribution Channel (Online, Offline), and Application (Heart Rate Monitor, Sleep Tracking, Glucose Measurement, Sports, Others)

Publication Month : Mar 2024

  • Report Code : TIPTE100000910
  • Category : Electronics and Semiconductor
  • Status : Upcoming
  • No. of Pages : 150
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[Research Report] The fitness tracker market size is expected to grow from US$ 46.13 billion in 2022 to US$ 174.62 billion by 2030; it is estimated to grow at a CAGR of 18.1% from 2022 to 2030.

Analyst Perspective:

The rising health consciousness among individuals to stay fit is one of the major factors fueling the growth of the fitness tracker market. Also, the increasing popularity of fitness bands, smartwatches, and others, along with the growing penetration of smartphones, is boosting the market's growth globally. Furthermore, as smartwatches, fitness bands, and other athletic wearable tech devices can provide personalized fitness advice and immediate health feedback and analyze fitness data to identify patterns, their demand is continuously increasing among youngsters. Thus, the growing integration of such advanced features in fitness tracking devices is creating an opportunity for the growth of the fitness tracker market in the forecasted period. Moreover, the increasing awareness regarding health and fitness is expected to propel the development of the market in the coming years.

Market Overview:

The fitness tracker is a wearable device that most people wear on their wrists. The majority of fitness trackers monitor heart rate, sleep patterns, and the amount of steps taken. Additionally, some include linked apps that let you establish objectives, monitor your overall progress, and get advice on how to reach your fitness objectives. A fitness tracker makes it easier for someone to work out, jog, or simply walk each day. It also offers a visual representation of the advancements and successes one makes each day. This progress helps to motivate an individual to improve more and more each day. Furthermore, fitness trackers help to track the food and water intake which can help maintain a healthy lifestyle. Also, a fitness tracker may monitor a person's sleep habits, including the amount of time they spend sleeping, how long they have slept, and how often they wake up. Understanding sleep patterns might help to get a good night's rest and feel better the next day. Furthermore, the majority of fitness trackers can measure pulse to track heart rate. This makes it possible to work out at a desired heart rate every time.

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Fitness Tracker Market: Strategic Insights

fitness-tracker-market
Market Size Value inUS$ 46.13 billion in 2022
Market Size Value byUS$ 174.62 billion by 2030
Growth rateCAGR of 18.1% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Fitness Tracker Market Driver:

Rising Health Consciousness is Driving the Growth of the Fitness Tracker Market

The rising health consciousness among people is fueling the demand for fitness trackers globally. Regular exercise helps people improve their cardio-respiratory capacity, thus reducing the risk of cardiovascular disease. Activities like cycling, running, and others help in improving lungs and breathing capacity. People with chronic lung disease, asthma, or chronic obstructive pulmonary disease (COPD) can improve their symptoms through physical activities. Because of this, people are building a habit of working out regularly as it helps them to feel more confident, decreases stress and anxiety, reduces the risk of various diseases, has anti-depressive effects, and is highly efficient against bad cholesterol. Due to this, the demand for fitness trackers has increased.

In addition, regular exercise can help burn a lot of calories, thus making it very effective for weight loss. Also, physical activities, such as cycling, increase hormone secretion, such as endorphins and serotonin, which improve individuals' health and help regulate mood, stress, and anxiety. It also promotes good cholesterol and lowers bad cholesterol. It helps to reduce the risks and delay the symptoms of degenerative diseases, such as Parkinson's or Alzheimer's. Thus, the growing awareness regarding the above benefits of exercising and the rising inclination of people towards a healthy life is promoting the growth of the fitness tracker market globally.

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Segmental Analysis:

Based on type, the fitness tracker market is segmented into smartwatches, fitness bands, and others. The smartwatches segment held the largest fitness tracker market share in 2022, whereas the fitness bands segment is anticipated to register the highest CAGR during 2022-2030. As smartwatches can help in effective fitness tracking, their demand is continuously increasing in the market. Smartwatches can help in heart rate monitoring or step counting, thus making it a cost-effective option for a great healthcare routine. Furthermore, the market players are continuously working on new and advanced product developments by adding enhanced features and functions is further expected to boost the demand for smartwatches, propelling the fitness tracker market growth.

Regional Analysis:

North America is expected to witness significant growth in the fitness tracker market in the forecasted period. In the region, the US will hold the largest fitness tracker market share in 2022 and will register the highest CAGR during the forecasted period. North American countries like the US and Canada have been pioneers in the adoption of new technology across their businesses over the years. Additionally, the region has a high rate of health consciousness and a higher propensity to purchase fitness products. Such factors strongly boosted the market demand for fitness trackers. Moreover, as youngsters are more inclined towards fitness, the demand for more advanced fitness devices is increasing in the region. This is pushing the market players in the region to introduce more advanced fitness trackers with innovative features in the market. For instance, in September 2023, Fitbit introduced its new fitness tracker device with enhanced heart rate monitoring while tapping into Google's tech muscle for other smartwatch features. The new Charge 6 features Fitbit's most accurate heart rate on a fitness tracker and the ability to connect to compatible gym equipment. Fitbit also integrated Google tools into its latest fitness tracker, including Google Maps and Google Wallet for contactless payments. For the Charge 6, Fitbit tuned up its heart rate monitoring capabilities by improving its machine learning algorithm that brings over innovation from the Pixel Watch and has been optimized for a tracker. This made heart rate tracking during vigorous activities like HIIT workouts, spinning, and rowing up to 60% more accurate than before. Thus, all the above factors fuel the fitness tracker market growth in North America.

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Key Player Analysis:

Fitbit Inc, Apple Inc, Samsung Electronics, Fossil Group Inc, Nike Inc, Sony Corporation, Xiaomi Inc, Huawei Technologies Co Ltd, Garmin Ltd, and COROS Wearables, Inc. are among the key fitness tracker market players. These fitness tracker market players are focused on continuous product development and innovation.

Recent Developments: 

Inorganic and organic strategies such as product launches, partnerships, collaboration, and mergers and acquisitions are highly adopted by companies in the fitness tracker market. A few recent key market developments by these companies are listed below: 

  • In November 2023, Samsung announced that they will launch their next generation of fitness tracker, the Galaxy Fit 3. The device has received BIS (Bureau of Indian Standards) and TUV Rheinland certification and will likely feature a bigger battery and a larger display. The new Samsung Galaxy Fit 3 will have a button on the right side, a heart rate sensor, and a non-removable strap. In addition, the new fitness tracker will pack a 200 mAh battery, which is bigger than the 159mAh battery on the second-generation Galaxy Fit.
  • In September 2023, Huawei launched a new suite of innovative and cutting-edge devices, including the HUAWEI WATCH GT 4 – the newest addition to the popular smartwatch series, HUAWEI FreeBuds Pro 3 high-fidelity TWS earbuds, HUAWEI Eyewear 2 smart glasses, the high-end HUAWEI WATCH Ultimate Gold Edition sporting Huawei's the first gold smartwatch, as well as the HUAWEI PaperMatte tablets. With this launch, Huawei aims to empower users to personalize their health and sports journey without compromising style.
  • In September 2022, Apple introduced the Apple Watch Series 8 and the new Apple Watch SE, which bring groundbreaking technology and performance, and important safety innovations to the two best-selling smartwatches. Apple Watch Series 8 features the beloved design of the Apple Watch, including a large, Always-On Retina display and a strong crack-resistant front crystal. With an all-day 18-hour battery life, the Apple Watch Series 8 builds on best-in-class health and safety features like the ECG app and fall detection by introducing temperature-sensing capabilities, retrospective ovulation estimates, Crash Detection, and international roaming. The new Apple Watch SE delivers the core Apple Watch experience, including Activity tracking, high and low heart rate notifications, Emergency SOS, and the new Crash Detection feature.
  • In June 2022, Garmin International, Inc. launched the vívosmart 5, a comfortable, easy-to-read smart fitness tracker featuring Garmin’s most advanced sleep features, including sleep score. Designed for customers seeking a simpler solution for monitoring their health or wellbeing, the vívosmart 5 features at-a-glance health stats for Pulse Ox, 24/7 heart rate monitoring, Body BatteryTM energy monitoring, all-day stress tracking, and more without any subscription. The vívosmart 5 also tracks steps, calories burned, and intensity minutes. It also has various built-in sports apps for activities like walking, pool swimming, cycling, yoga, cardio, and more. The vívosmart 5 delivers on all of the essentials with smart notifications and features like calendar reminders and safety features that can be triggered with the easy press of a button.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Distribution Channel, and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List of Companies

1. Fitbit Inc.
2. Apple Inc.
3. Samsung Group
4. Xiaomi Inc.
5. Jawbone.
6. Nike, Inc.
7. Adidas AG
8. Misfit, Inc.
9. Shenzhen Motto Electronics Co.,Ltd
10. Sony Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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