What Has Been The Evolution of the Fitness Tracker Market in Recent Years?
The fitness tracker market has seen considerable growth due to a variety of factors.
• There has been a remarkable growth in the size of the fitness tracker market in the recent past. Projection suggests that it may surge from $58.1 billion in 2024 to $70.22 billion in 2025, showing a compound annual growth rate (CAGR) of 20.8%.
The surge during the historical period could be due to a rise in health and fitness consciousness, a shift towards wellness and preventive health, a need for weight management, health insurance and corporate wellness, as well as trends in sports and athletics.
What Is the Forecasted Market Size and Growth Rate for The Fitness Tracker Market?
The fitness tracker market is expected to maintain its strong growth trajectory in upcoming years.
• The market for fitness trackers is anticipated to experience substantial expansion in the upcoming years, reaching a valuation of $138.64 billion in 2029, with a compound annual growth rate (CAGR) of 18.5%.
Factors contributing to this rise in the forecast period include capabilities for monitoring sleep and wellness, fitness for the elderly and children, integration into broader ecosystems, and mental health monitoring. Key trends for this forecast period are wearable ECG and health tracking, telehealth monitoring, artificial intelligence and data analysis, customization and personalization, along with a focus on fashion and design.
What Are The Core Factors Supporting Growth In The Fitness Tracker Market?
The rising prevalence of health conditions is anticipated to spur the expansion of the fitness tracker market. A health disorder is typified by identifiable physical causes and apparent psychopathology. The daily physical activity encouraged by a fitness tracker can aid in warding off diverse health disorders. For example, as per the World Health Organization (WHO), a United Nations specialized agency based in Switzerland, in September 2022, global annual deaths due to non-communicable diseases (NCDs) or chronic illnesses were 41 million, comprising 74% of all causes. Cardiovascular diseases caused 17.9 million deaths, cancer 9.3 million, while chronic respiratory diseases resulted in 4.1 million and diabetes 2.0 million deaths. Consequently, the escalating prevalence of health disorders is pushing the growth in the fitness tracker market.
What Are The Major Segments Within The Global Fitness Tracker Market?
The fitness tracker market covered in this report is segmented –
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
Subsegments:
1) By Smart Watches: GPS Smart Watches, Hybrid Smart Watches
2) By Fitness Bands: Basic Fitness Bands, Advanced Fitness Bands With Heart Rate Monitoring
3) By Smart Glasses: Augmented Reality (AR) Glasses, Heads-Up Display (HUD) Glasses
4) By Smart Clothing: Fitness Tracking Shirts, Smart Sports Bras, Smart Pants
5) By Other Device Types: Fitness Trackers (Standalone Devices), Heart Rate Monitors, Smart Shoes
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Which Trends Are Expected To Transform The Fitness Tracker Market?
Technological progress is becoming a crucial trend in the fitness tracker market, with leading companies focusing on technical upgrades to maintain market dominance. For example, in August 2024, Sonde Health, a company operating out of the US that specializes in health technology, especially voice-activated detection and monitoring for chronic and mental illnesses, introduced a voice-based cognitive fitness tracker. This tracker analyses voice patterns, tone, and various vocal signs to evaluate cognitive function and mental health. These trackers, by offering immediate feedback and exercises tailored to the individual's needs, aim to boost cognitive performance and support mental health over time. This innovation is particularly useful for those wishing to preserve or enhance their cognitive capabilities.
Who Are the Key Players in the Fitness Tracker Market?
Major companies operating in the fitness tracker market include:
• 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.
What Is The Most Dominant Region In The Fitness Tracker Market?
North America was the largest region in the fitness tracker market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fitness tracker market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
