The increasing health consciousness among consumers and an increasing number of product launches are the factors driving the global wearable fitness trackers market.
According to TechSci Research report, “Wearable Fitness Trackers Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,” the global wearable fitness trackers market is expected to grow during the forecast period. An activity tracker, often known as a fitness tracker, is a tool or software program for keeping track of fitness-related metrics such as calories burned, distance walking or running, and in some cases, heart rate. The majority of fitness trackers monitor heart rate, sleep patterns, and the number of steps taken. Some of them also include connected apps that let one monitor the overall progress, establish goals, and get advice on how to reach the fitness objectives. Fitbit and Garmin are two of the most widely used fitness tracker manufacturers.
The industry is expected to develop as a result of rising consumer disposable income, increasing internet and smartphone use, and rising interest in fitness and health. Younger individuals and those from the working class are included in the target market for fitness trackers. Awareness of exercise and health is increasing in younger generation. Additionally, the COVID-19 epidemic has greatly raised public awareness of these devices. As more market participants compete to meet the escalating demand and seize a larger market share, the rising adoption has increased gadget development and innovation.
The industry is being driven by the increase in manufacturers providing different fitness trackers at rates acceptable for all income ranges. Additionally, the development of various wearable products, such as smart jewelry, insoles, and apparel, is drawing in more customers. Additionally, the market is being further stimulated by the expanding e-commerce sector, a robust distributor network, and retail alliances of the industry leaders.
The demand for visually attractive, technologically advanced products to better meet consumers’ daily needs, such as time schedules, has boosted the market for wearable fitness devices internationally due to the rising rates of urbanization. Additionally, a large portion of the millennial generation has been wearing smartwatches as a result of increased spending on luxury standards and regular work hour tracking.
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The global wearable fitness trackers market is segmented based on product type, end user, distribution channel, region, and competitive landscape. Based on product type, the global wearable fitness trackers market is segmented into wrist wear, fitness bands, and footwear. Among these, wrist wear holds the leading share in the market during the forecast period. The segment will continue to increase over the coming years as a result of ongoing product innovations in terms of features and functionality. With smartphone alerts and calling capabilities, smartwatches operate as a phone on the wrist and offer a comprehensive set of features for tracking fitness and health as well as communication.
Based on end-user, the global wearable fitness trackers market is segmented into sports person and patients. Among these, the sports person segment holds the leading share in the market during the forecast period. The market is expected to increase as a result of rising sports participation among consumers, rising healthcare awareness, rising demand for fitness trackers among athletes, and a surge in the popularity of gym fitness trackers.
Based on distribution channel, the global wearable fitness trackers market is segmented into offline and online. Among these, the online segment is the fastest-growing segment in the market during the forecast period. Over the coming years, the segment’s growth will be driven by the increasing use of smartphones and the internet, as well as the rising popularity of e-commerce platforms because of their high levels of convenience and reduced waiting times.
Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Among these, the North America region holds the leading share in the market during the forecast period due to the presence of cutting-edge technology and prominent companies operating in the market in the region. Due to the presence of companies like Apple, Fitbit Versa, Garmin, and Fossil Group in the US, this market is particularly lucrative for wearable fitness trackers.
Key market players operating in the Global Wearable Fitness Trackers Market include:
- Apple Inc.
- Fossil Group, Inc
- Garmin Ltd.
- Samsung Electronics Co., Ltd.
- Google LLC (Alphabet Inc.)
- Huawei Technologies Co., Ltd.
- Nike, Inc.
- Sensoria Inc.
- Xiaomi Corporation
- TomTom N.V.
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“Wearable technology, an emerging trend, adapts electronics to daily activities and takes into consideration the changing lifestyles by allowing them to be worn on any part of the body. The rise of the fitness trend among consumers has led to a huge increase in the popularity of wearables. Moreover, the need for health monitoring devices and growing awareness of the value of living a healthy lifestyle are the factors driving the growth of the wearable fitness trackers market globally.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Wearable Fitness Trackers Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F Segmented By Product Type (Wrist Wear, Fitness Bands, Footwear), By End User (Sports Person, Patients), By Distribution Channel (Offline Vs. Online), By Region, has evaluated the future growth potential of wearable fitness trackers market globally and provides statistics and information on market structure, size, share, and future growth. The report provides cutting-edge market intelligence and helps decision-makers to make sound investment decisions. Besides, the report also identifies the emerging trends along with essential drivers, challenges, and opportunities present in the market of the wearable fitness trackers globally.
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