GVR Report cover Fitness Tracker Market Size, Share & Trends Report

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

  • Published Date: Jul, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-291-4
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 80

Report Overview

The global fitness tracker market size was valued at USD 34.6 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 18.9% from 2021 to 2028. 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.

U.S. fitness tracker market size, by type, 2016 - 2028 (USD Billion)

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 market players enable the availability of the latest products worldwide further driving the market.

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 market 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.

Global fitness tracker market share, by distribution channel, 2020 (%)

On the basis of distribution channels, the global market 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 market.

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 market 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. 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

Report Attribute

Details

Market size value in 2021

USD 41.3 billion

Revenue forecast in 2028

USD 138.7 billion

Growth rate

CAGR of 18.9% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company share, competitive landscape, growth factors & trends

Segments covered

Type, application, distribution channel, and region

Regional scope

North America; Europe; Asia Pacific; Latin America; and MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; China; India; Australia; Brazil; Mexico; South Africa

Key companies profiled

Apple, Inc.; Fitbit, Inc.; Garmin Ltd.; Beienda; Ambiotex GmbH; Hexoskin; Huawei Technologies; Nurvv; Oura Health Ltd.; Withings

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

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Segments Covered in the Report

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

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