Penetration of IoT to Dictate the Growth Trajectory of Fitness Tracker Market
Competitive Dashboard
The players dominating the global fitness tracker market include Fitbit, Apple Inc., Garmin, Samsung, Jawbone, Suunto, Polar, Casio, Adidas, Nike, Xiaomi, Misfit Wearable, Inc., and Nokia.
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Market Scenario
The global fitness tracker market is estimated to surpass a valuation of USD 15.88 billion, attaining a CAGR of 13.02% during the forecast period (2019-2023), Market Research Future (MRFR) unveils in a detailed report. A fitness tracker or activity tracker, as the name suggests, is a device which is used to track and monitor activities and health-related metrics like distance walked, heart rate, sleep analysis, and others. These devices are generally connected to computers or smartphones through wireless connectivity mediums.
Market Potential and Pitfalls
The global fitness tracker market has witnessed a tectonic surge over the past few years, mainly due to the increased health awareness among the global population. The market’s course is chiefly directed by the increased adoption of technology and shifting preferences towards smart gadgets. The fitness tracker market is highly competitive, as several domestic brands, established international brands, and new entrants form a competitive landscape. Industry bigshots are extensively looking forward to market expansion through innovation, mergers & acquisitions, R&D, and cost-effective product portfolio. This is likely to influence the market growth in the foreseeable future.
The craze for fitness trackers has majorly increased among the youth due to the increasing trend of wearable technology. The market is also gaining popularity among the geriatric population due to an increase in healthy retirement trend. The devices are equipped with interactive OS and high-end activity tracking features, which trigger the demand across the globe. The growth of the market is further cushioned by the increased proliferation of IoT across the globe.
On the contrary, the constant change in product advancement and technology may hamper the growth of the market. Moreover, fitness trackers are expensive, which further restricts the market’s growth across the globe. Also, the risk of data theft by tampering connection of such devices remains a challenging factor for the growth of the market.
Industry Updates
June 2019: Xiamo has recently started launching its IoT products in the global market, with several smart products available in the Chinese market. The company has launched a smart T-shirt from the brand named ZENPH. It is a sports T-shirt, specifically designed for the runners. It comes equipped with SensElast 3D adhesive technology at the back. The T-shirt is also equipped with a fitness tracker on the front side.
Segmental Analysis
The global Fitness Tracker Market is segmented on the basis of product type, age group, sales channel, wearing type, application, and end users.
By age group, the fitness tracker market is segmented into children’s fitness tracker and adult's fitness tracker. Among these, fitness trackers for adults are likely to command the major share due to the surging demand from the youth generation. Moreover, increased health awareness among the youth has propelled its demand among adults.
By product type, the fitness tracker market is segmented into smartwatches, activity monitors, and smart clothing. Among these, the smartwatches type is considered the most prevalent segment. The ease to access smartphone features like live monitoring of data and compatibility with OS of smartphones are some of the influencing factors for smartwatches.
By wearing type, the fitness tracker market includes legwear, handwear, headwear, and others.
By sales channel, the market includes online sales and retail sales. Among these, the online sales channel is likely to gain prominence. This channel is considered to increase the sales of fitness trackers across the globe due to certain benefits offered by online shopping. These include ease of shopping, attractive deals, and faster shipping.
The applications covered by the fitness tracker market comprises sleep measurement tracking, heart rate tracking, sports, glucose measurement tracking, cycling, and running.
By end users, the market includes hospitals and diagnosis center, sports, and others.
Regional Frontiers
Geographically, the fitness tracker market spans across Asia Pacific, Europe, North America, and the Rest of the World (RoW).
Considering the global scenario, North America acquires the lion’s share as the demand for high-end technology solutions is skyrocketing. With the increased awareness related to health, the fitness tracker market is expected to gain impetus in the foreseeable future. The early adoption of technologically advanced devices has influenced the growth of the regional market. Moreover, the existence of top manufacturers also assists in the growth of the regional market.
Europe is expected to gain prominence in the fitness tracker market due to the increased demand for fitness tracker from sports enthusiasts. The surging adoption of innovative technologies has further influenced the growth of the regional market.
The Asia Pacific is predicted to witness a healthy growth in the foreseeable future, mainly due to the surging health awareness among the population. Moreover, the high availability of cheaper products in emerging nations like China and India is likely to generate growth opportunities for the regional market. Chinese customers highly accept fitness trackers due to rising awareness regarding fitness. This is further estimated to propel the growth of the market in the region.
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LIST OF TABLES
TABLE 1 FITNESS TRACKER MARKET, BY AGE GROUP
TABLE 2 FITNESS TRACKER MARKET, BY PRODUCT TYPE
TABLE 3 FITNESS TRACKER MARKET, BY WEARING TYPE
TABLE 4 FITNESS TRACKER MARKET, BY SALES CHANNEL
TABLE 5 FITNESS TRACKER MARKET, BY APPLICATION
Continued……
LIST OF FIGURES
FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 FITNESS TRACKER MARKET, BY AGE GROUP (%)
FIGURE 3 FITNESS TRACKER MARKET, BY PRODUCT TYPE (%)
FIGURE 4 FITNESS TRACKER MARKET, BY WEARING TYPE (%)
FIGURE 5 FITNESS TRACKER MARKET, BY SALES CHANNEL (%)
Continued……
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