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What Is The Estimated Market Size And Growth Rate Of The Fitness Tracker Market In 2024?
The size of the fitness tracker market has exploded in recent times, and it's set to continue on this growth trajectory. Its value will rise from $47.65 billion in 2023 to $57.77 billion in 2024, growing at an impressive compound annual growth rate CAGR of 21.2%. This historical growth has been propelled by a greater awareness of health and fitness, a shift towards wellness and preventive healthcare, the growing need for weight management, health insurance and corporate wellness, and new sports and athletic trends.
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How Is The Fitness Tracker Market Expected To Develop In The Future?
Forecasting the growth trajectory for the fitness tracker market, we see a rapid expansion on the horizon. The market is predicted to soar to $116.48 billion by 2028 at a compound annual growth rate CAGR of 19.2%. This expected surge during the forecast period can be ascribed to several factors such as the focus on sleep tracking and wellness, the rise in senior and elderly fitness activities, the popularity of pediatric fitness trackers, ecosystem integration, and mental health monitoring. Consequently, the key trends that will appear during the forecast period encompass wearable ECG and health tracking, remote health monitoring, AI and data analytics, customization and personalization, and an emphasis on fashion and design.
Who Are The Major Players Operating In The Fitness Tracker Market?
A host of prominent companies currently operate in the fitness tracker market. This sector is dominated by the likes of 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, and Beienda International Co. Limited. Other active participants include 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., and Under Armour Inc.
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What Are The Major Market Drivers And Emerging Trends?
The growing incidence of health disorders is a prime factor driving the growth of the fitness tracker market. Health disorders relate to conditions with known physical causes and observable psychopathology. Fitness trackers promote daily physical activity, which helps prevent a multitude of health disorders. This burgeoning health crisis is highlighted by data from the World Health Organization. In September 2022, it reported that non-communicable diseases NCDs or chronic diseases caused 74% of the annual 41 million deaths globally. There were 17.9 million deaths resulting from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Therefore, this escalating health crisis is propelling the growth of the fitness tracker market.
The fitness tracker market is also witnessing a wave of technological advancements. For example, Fitbit, a leading player in the fitness tracker market, unveiled its latest product, Fitbit Luxe, in April 2021. This is a fashion-forward health and well-being tracker enhanced with heart and sleep tracking, breathing rate monitoring, stress management features, and more. It adds luxury with a stainless-steel case and cutting-edge color AMOLED display technology. Further, it is equipped with a blood oxygen sensor and monitors stress with a daily stress score, sleep, heart rate, steps, active zone minutes, and offers a 50-meter water resistance.
How Is The Fitness Tracker Market Segmented?
The fitness tracker market covered in this report is segmented as follows:
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
Which Regions Are Dominating The Fitness Tracker Market?
In 2023, North America was the largest market for fitness trackers. However, Asia-Pacific is anticipated to be the fastest-growing region in the future. The fitness tracker market report covers several regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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