Fitness Tracker Market Size, Share & Trends Analysis Report By Type (Smartwatches, Smart Bands), By Application (Glucose Monitoring, Sports), By Distribution Channel (Online, Offline), And Segment Forecasts, 2021 - 2028

Report Overview

The global fitness tracker market size to be valued at USD 138.7 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 18.9% during the forecast period. The market growth is extensively attributed to the rising health & fitness awareness, growing penetration of the internet & smartphones, and increased consumer disposable income levels. The awareness regarding fitness and health is growing especially in the younger adults and working-class population, who are the target customers for fitness trackers. Moreover, the Covid-19 pandemic has significantly increased awareness about these devices. The rising adoption has led to an increase in device development & innovation as more market players race in to deliver the growing demand and capture a higher market share.

For instance, in August 2020, Fitbit Inc. launched Sense, an advanced smartwatch that features an ECG monitor, stress management, skin temperature sensor, sleep monitor, SpO2 levels monitor, built-in GPS, period tracker, and 20+ exercise modes. The rising prevalence of Cardiovascular Diseases (CVDs) & obesity and other health issues related to sedentary lifestyles are likely to boost the product demand. About 13% of the world’s adult population reported to be obese in 2017, and 39% were overweight.

Arise in the number of manufacturers offering various fitness trackers at prices suitable for all income groups is driving the market. In addition, the development of different types of wearables, such as smart jewelry, insoles, and clothing, is attracting more consumers. Furthermore, the growing e-commerce industry, a strong distributor network, and retail partnerships of the industry players enable the availability of the latest products worldwide further driving the market.

Fitness Tracker Market Trends

Different age groups are seeking interest in health consciousness, especially the millennials and the Gen-Z population. Rising health problems due to desk-oriented jobs, such as insomnia, obesity, depression, diabetes, and the rising awareness about the importance of a healthy lifestyle fuel the demand for fitness products, thus, driving the market growth.

The popularity of smart gadgets and the improving benefits of fitness trackers coupled with the increasing adoption of technology is another factor driving the market growth. Moreover, the fitness tracker synchronizes with an individual’s smartphone to provide meaningful insights into heart rate, pace, and calories burned for improving the overall understanding of well-being. Innovative displays like organic light-emitting diodes (OLEDs), and AMOLED improve the quality of the display of the fitness tracker. These advancements and benefits offered by the fitness tracker manufacturers to gain industry share are expected to drive market growth in the forecast period.

Furthermore, several economic factors such as rising per capita healthcare expenditure, increasing investment in the field of innovative technology, and improving healthcare infrastructure are expected to boost the growth of the market over the forecast period.

Data security risks and the high cost of the product obstruct industry growth. During the COVID-19 pandemic, the supply chain got disrupted for months, which in turn increased the prices of the products hampering the market growth. The strong price pressure on manufacturers and the high costs associated with high-quality fitness trackers pose a major challenge to market growth. Increasing privacy and security concerns, and fierce competition from other counterfeit products further obstructed the market growth. This coupled with the lack of a strong distribution network in lagging areas is expected to limit the industry growth over the forecast period.

Type Insights

The smartwatch segment dominated the market in 2020 accounting for the largest revenue share of over 48% owing to the high demand for smartwatches. Constant product developments, in terms of features and functions, will drive the segment growth over the years to come. Smartwatches provide a total package of fitness & health tracking as well as communication and, with smartphone notifications & calling features, they act as a phone on the wrist.

Based on type, the global industry is segmented into smartwatches, smart bands, smart clothing, and others. The fitness band segment is expected to register the fastest CAGR from 2021 to 2028 owing to the comparatively low cost of these devices and continuous product developments in terms of features, such as stress and sleep monitoring.

Application Insights

The running application segment held the maximum revenue share of more than 22% in 2020. High competition and consumer preferences have led to the availability of most of these applications in the majority of fitness trackers. However, some devices, such as Forerunner by Garmin and Nurvv Run by Nurvv, are specifically designed for sports applications as they provide features, such as lap count, Hill Splitter, and goal-setting.

Sports is estimated to be the second-largest application segment by 2028. On the other hand, the glucose monitoring segment is estimated to register the fastest CAGR from 2021 to 2028. On the basis of application, the market is divided into heart rate tracking, sleep monitoring, glucose monitoring, sports, running, cycling tracking, and others. Key companies focus on product development and research to sustain the competition.

Distribution Channel Insights

In 2020, the online distribution channel segment dominated the global market accounting for a revenue share of more than 61%. The growing penetration of smartphones &the internet, along with the growing popularity of e-commerce platforms due to high convenience and quick service offered by them, will propel the segment growth over the forecast years.

On the basis of distribution channels, the global industry has been bifurcated into online and offline. The offline distribution channel segment is also estimated to showcase significant growth as offline stores allow consumers to examine the product before buying it. Moreover, offline stores provide immediate assistance from a skilled workforce with product knowledge, which drives product sales through this distribution channel.

Regional Insights

In 2020, North America held the highest revenue share of more than 42% owing to the rise in awareness and adoption of fitness trackers. Moreover, rising cases of health issues related to sedentary lifestyles, the advent of innovative products by key market players, and the growing penetration of smartphones and the internet in North America will drive the regional industry.

On the other hand, Asia Pacific is expected to be the fastest-growing regional market from 2021 to 2028 on account of the high adoption of fitness trackers and growing awareness regarding overall health &fitness among the working-class population. In addition, a rise in the consumer disposable income levels, easy availability of advanced products of various brands, and the growing e-commerce penetration in Asia Pacific will drive the regional market over the coming years.

Key Companies & Market Share Insights

The rapidly changing technology and innovations by the key market players present a tough industry competition. The market players are focusing on research and development to provide more efficient products to cater to the rising demand. For instance, Apple Inc. invested about 6.23% of its total revenue in 2020 into R&D. Garmin Ltd. invested about 16.10% of the total revenue in innovation in 2019.

The increasing number of brands offering fitness trackers with cutting-edge technology, continuous development of features offering the best customer experience and at prices suiting different earning groups, and growing e-commerce sector support the market growth.

Recent Development

• In August 2021, Catapult announced the launch of its new wearable performance solution called Catapult One, for the next generation of athletes. Catapult One provides players and coaches with the tools to track, analyze, and improve performance with professional accuracy at all levels.

• In July 2021, Garmin launched two health focused smart watches in India. These two smart watches are Venu 2S and Venu 2 with features such as an AMOLED touchscreen with Gorilla Glass 3 protection, a health snapshot feature, and a boast of more than twenty-five built-in sports apps.

Some of the key players in the global fitness tracker market are:

• Apple, Inc.

• Fitbit, Inc.

• Garmin Ltd.

• Beienda

• Ambiotex GmbH

• Hexoskin

• Huawei Technologies

• Nurvv

• Oura Health Ltd.

• Withings

Fitness Tracker Market Report Scope

Global Fitness Tracker Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global fitness tracker market report on the basis of type, application, distribution channel, and region:

• Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Smart Watches

  • Fitness Bands

  • Smart Clothing

  • Others

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Heart Rate Tracking

  • Sleep Monitoring

  • Glucose Monitoring

  • Sports

  • Running

  • Cycling Tracking

  • Others

• Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

  • Online

  • Offline

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa