The Fitness Trackers Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. The global fitness trackers market was valued at US$ 51.6 Bn in 2023 and is forecast to reach a value of US$ 215.4 Bn by 2030 at a CAGR of 19.6% between 2023 and 2030.
Market Overview:
Fitness trackers are wearable electronic devices that monitor and track fitness-related metrics such as distance walked/ran, heart rate, sleep quality, calories burned and more. Fitness trackers are used to monitor exercise routines and daily activities.
Market Dynamics:
Growing health conscious population and focus on preventive healthcare is expected to drive the growth of fitness trackers market. Rising awareness about importance of fitness and monitoring health metrics on regular basis is encouraging adoption of fitness trackers. Furthermore, increasing prevalence of lifestyle diseases such as obesity is also prompting people to adopt fitness tracker to monitor health statistics and control lifestyle diseases. Technological advancements in fitness trackers improving their functionality along with lower cost variants has made fitness trackers more accessible driving their adoption. Growing millennial population prone to adopt fitness gadgets is another factor fueling growth of this market during forecast period.
Market Drivers
Increasing health awareness among people
With rising health issues like obesity, diabetes and cardiovascular problems, people are becoming more conscious about their health and fitness. They want to monitor their daily activities like steps walked, calories burned, heart rate etc. to ensure they are meeting their health and fitness goals. Fitness trackers are helping people easily track these metrics and motivate them to lead an active lifestyle. The growing health awareness is a major driver for the rising popularity of fitness trackers.
Advanced technologies and features
Fitness trackers are becoming more sophisticated with the integration of new technologies like Bluetooth, WiFi, GPS etc. Trackers now offer advanced features like sleep tracking, heart rate monitoring, activity/workout tracking, smartphone notifications and more. Some models can even monitor blood pressure and oxygen levels. This innovation in features according to the changing consumer needs is attracting more users towards fitness trackers. The advanced technologies are proving to be a key growth driver for this market.
Market Restrain
Limited battery life
While fitness trackers have become smarter with new features, most models still struggle with short battery life. Continuous monitoring and connectivity to mobile drains the battery quickly. Users have to charge fitness bands frequently, sometimes even daily, to keep them running. This is a hassle that discourages some consumers from opting for trackers. Limited battery performance remains a major challenge for wider market acceptance of these devices.
Market Opportunity
Growing popularity among elderly population
With rising awareness, even elderly people are realizing the importance of an active lifestyle for maintaining good health. However, traditional gym routines and exercises may not suit their needs given age-related physical constraints. Fitness trackers emerge as a convenient option that allows elderly to gently monitor and improve their activities from the comfort of their home. If brands effectively target this customer segment with senior-friendly features, it can open up a huge untapped market opportunity.
Market Trend
Integration with smartphones
A prominent trend in the fitness trackers industry is their deepening integration with smartphones. Trackers now offer seamless syncing of data to companion mobile apps for easy access and analysis on a large screen. This allows users to readily view their progress, compare stats over weeks/months, get customized workout plans and more from their phones. The smartphone connectivity makes monitoring more convenient and motivates users to stay committed in their fitness journey. This emerging trend is gaining strong customer acceptance.
The global wearable fitness trackers market is projected to attain a revenue of $48.2 billion by 2023, progressing at a 16.5% CAGR during the forecast period (2018–2023), according to a study conducted by P Intelligence.
The market is witnessing growth due to the increasing demand for wireless and continuous health monitoring devices, rising utilization of fitness tracking apps, growing disposable income, and surging awareness regarding obesity.
On the basis of product, the market is divided into leg-wear, smart garments and body sensors, wrist-wear, and others.Receive Sample Copy of this Report: https://www.psmarketresearch.com/market-analysis/wearable-fitness-trackers-market/report-sampleSmart garments and body sensors are projected to register the highest CAGR during the forecast period, owing to the rising collaboration of fitness, fashion, and high-tech companies.
The wearable fitness trackers market is bifurcated into direct and indirect in terms of distribution channel.
Between the two, the indirect category is expected to hold the larger share of the market during the forecast period, owing to the rising preference of customers for online shopping and growing number of online stores across the globe.Make an Enquiry before Purchase: https://www.psmarketresearch.com/send-enquiry?enquiry-url=wearable-fitness-trackers-marketGeographically, North America dominated the wearable fitness trackers market in the past, due to a large number of established players, rising spending in the healthcare sector, growing adoption of fitness trackers for health monitoring, and surging prevalence of chronic diseases.
The Asia-Pacific region is projected to register the fastest growth during the forecast period.
