“Global Fitness Tracker Market to reach a market value of USD 157.7 Billion by 2030 growing at a CAGR of 17.5%”
The Global Fitness Tracker Market size is expected to reach $157.7 billion by 2030, rising at a market growth of 17.5% CAGR during the forecast period. In the year 2022, the market attained a volume of 5,45,182.4 thousand units, experiencing a growth of 20.7% (2019-2022).
The global interest in cycling as a form of exercise and recreational activity has surged. Therefore, the cycling tracking segment captured $6,498.8 million revenue in the market in 2022. As more people adopt cycling as a fitness routine, there is an increased demand for fitness trackers that specifically cater to the unique metrics and data associated with cycling. The growing awareness of health and wellness has led to an increased focus on monitoring and improving physical activity.
The major strategies followed by the market participants are Partnerships, Collaborations & Agreements as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2023, Garmin Ltd. came into a partnership with Aparito Limited. Under this partnership, the Garmin smartwatches were incorporated into the Atom5 clinical trial platform of Aparito. Additionally, In May, 2023, Nike, Inc. entered into a partnership with Strava, Inc., an American internet service for tracking physical exercise. Under this partnership, the companies offered the members access to track their activity across both platforms.
Based on the Analysis presented in the KBV Cardinal matrix; Apple Inc. is the forerunner in the market. Companies such as Google LLC (Alphabet Inc.), Samsung Electronics Co., Ltd. (Samsung Group), Nike, Inc. are some of the key innovators in the market. In October, 2023, Nike, Inc. formed a partnership with Dimension 6 Fitness Corporation, a global leader in the sporting goods industry. Under this partnership, Nike offered its Nike Strength equipment to satisfy the requirements of the athletes.
Consumers are becoming more health-conscious, realizing the importance of regular physical activity, proper sleep, and overall well-being. There is a growing trend toward preventive healthcare, where individuals proactively take measures to maintain good health and prevent potential health issues. Hence, these aspects will assist in the growth of the market.
GPS tracking capabilities enable users to accurately measure the distance travelled during outdoor activities such as running, cycling, or hiking. Some high-end models and smartwatches incorporate ECG capabilities, allowing users to record and analyze their heart's electrical activity. Therefore, these aspects will boost the expansion of the market.
With many fitness trackers offering similar basic features, the market has become highly competitive. Companies struggle to differentiate their products solely based on these common functionalities, leading to price wars and reduced profit margins. As consumers become more tech-savvy and health-conscious, a growing demand for advanced features and a comprehensive health tracking experience is growing. Hence, these factors can lead to a downturn in their demand in the coming years.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Based on distribution channel, the market is divided into offline and online. In 2022, the online segment witnessed 66.1% revenue share in the market. The overall surge in e-commerce has played a pivotal role in the rising dominance of the online mode segment in the market. Consumers increasingly prefer the convenience of shopping online, where a wide range of options is available at their fingertips. Online platforms provide unparalleled convenience and accessibility for purchasing fitness trackers.
Based on type, the market is segmented into smart watches, smart bands, and others. In 2022, the smart bands segment garnered 35.9% revenue share in the market. Smart bands often offer streamlined features, focusing primarily on health and activity tracking. This simplicity appeals to users who prioritize core functionalities such as step counting, calorie tracking, and sleep monitoring without the additional features of more complex smart watches. Therefore, the segment will grow rapidly in the coming years.
On the basis of application, the market is divided into running, sports, cycling tracking, glucose monitoring, heart rate tracking, sleep monitoring, and others. The running segment recorded 32.2% revenue share in the market in 2022. The global trend towards healthier lifestyles and increased awareness of the importance of physical activity has fueled their demand. Running is a popular form of exercise, and models tailored for runners are in demand among health-conscious individuals.
Free Valuable Insights: Global Fitness Tracker Market size to reach USD 157.7 billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe segment acquired 28.68% revenue share in the market. Fitness trackers are increasingly integrated into broader healthcare systems in Europe. Collaborations between fitness tracker manufacturers and healthcare institutions contribute to the growing acceptance of these devices in the healthcare ecosystem. Thus, these factors will contribute to the growth of the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 44.1 Billion |
| Market size forecast in 2030 | USD 157.7 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 17.5% from 2023 to 2030 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 333 |
| Number of Tables | 621 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, Application, Region |
| Country scope |
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| Companies Included | Adidas AG, Apple Inc., Nike, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Google LLC (Alphabet Inc.), Garmin Ltd., Xiaomi Corporation, Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Fossil Group, Inc., Sony Corporation |
By Distribution Channel (Volume, Thousand Units, USD Billion, 2019-2030)
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
By Application
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)
This Market size is expected to reach $157.7 billion by 2030.
Growing health and fitness awareness are driving the Market in coming years, however, Limited standalone functionality in many fitness trackers restraints the growth of the Market.
Adidas AG, Apple Inc., Nike, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Google LLC (Alphabet Inc.), Garmin Ltd., Xiaomi Corporation, Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Fossil Group, Inc., Sony Corporation
In the year 2022, the market attained a volume of 5,45,182.4 thousand units, experiencing a growth of 20.7% (2019-2022).
The Smart Watches segment is generating highest revenue in the Market by Type in 2022; there by, achieving a market value of $78.6 billion by 2030.
The North America region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $62.5 billion by 2030.
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