DUBLIN, April 10, 2023 /PRNewswire/ — The report “Wearable Fitness Tracker Market – Global industry size, share, trends, competition, opportunities and forecast, 2018 – 2028F segmented by product type, by end-user, by distribution channel, by region” has been added to from ResearchAndMarkets.com offer.
The global wearable fitness tracker market is expected to grow with an impressive CAGR during the forecast period
The industry is growing through increased funding for advanced technology development plans that would benefit health care and fitness. A wearable fitness tracker can have multiple activity trackers, depending on the needs of the user.
These trackers include goal setting, sleep tracking, activity tracking, calorie tracking, heart monitoring, and step counting. Customers can link a wearable fitness tracker to their smartphone or the internet to track their fitness data over time and share it with other fitness enthusiasts.
Monitoring and tracking daily fitness activities such as steps taken, calories burned, distance traveled and others is made easy with the help of wearable fitness trackers. Around 533.6 million units of watches, bracelets and other wearables were shipped worldwide in 2021.
A 20% year-over-year increase suggests the market is booming. Simple Bluetooth or wireless network connections are available for wearable fitness trackers and smartphones. Hence, one of the most important factors driving the growth of the global market is the rise in demand for wireless sports and fitness equipment.
Currently, many international companies are competing to provide cutting-edge fitness trackers that will dominate the industry. IoT, AI, and wireless connectivity are some of the cutting-edge elements that these players are implementing in their products.
Consumer awareness of health monitoring is widespread through the use of wearable fitness trackers. These devices offer many health benefits, including heart rate monitoring, sleep monitoring, step monitoring, and pulse monitoring.
Technological advancement is fueling market growth
A new device frequently used these days is the wearable fitness tracker. In an effort to have the edge over the rest, many international companies are competing to provide cutting-edge fitness trackers.
These companies use advanced features such as wireless networking, artificial intelligence and IoT in their products. Wearable fitness trackers are frequently used to educate consumers about health monitoring. These watches offer a number of health benefits, including the ability to track pulse, steps, sleep, and heart rate.
For example, the Apple Watch Series 8 includes most third-party apps from any smartwatch, including Runkeeper, Strava, and Nike Run Club, plus a comprehensive set of built-in health, fitness, and security features.
Heart rate zone information, a new multisport tracking option for triathletes, and support for custom workouts are all features of its watchOS 9 operating system. It can display real-time power, length stride, ground contact time and vertical oscillation while following a run.
Increase in mergers and acquisitions between companies propels the growth of the market
In 2021, Google completed the acquisition of Fitbit. Fitbit has been helping people around the world lead healthier, more active lives for over a decade. As the undisputed pioneer in the field, Fitbit has grown a thriving community of over 29 million active users by producing incredible wearable technology and engaging wellness experiences.
Fitbit Sense, the brand’s latest and most technologically advanced health and fitness wristwatch, has anti-stress features and new ways to manage heart health, like an ECG app to check heart rate for indicators atrial fibrillation (AFib). Additionally, HRX, an Indian fitness company owned by actor Hrithik Roshan and Exceed Entertainment, is teaming up with Noise.
The partnership has introduced a range of fitness trackers that have been created with the demands of GenZ and millennials in mind. heart rate and blood pressure monitor, smart DND and noise health suite.
Plus, it gives noisemakers access to over 100 custom cloud-based watch faces.
Product launches fuel market growth
Companies are launching new products for health-conscious consumers. Consumer demand for these products is growing at a steady pace, providing more incentive for companies to expand their product portfolios to meet consumer demand. For example, Fitbit’s new generation of fitness wearables will be introduced in India in 2022.
The Fitbit company introduced the Fitbit Inspire 3, Fitbit Versa 4 and Fitbit Sense 2 in the country. The new Fitbit Inspire 3, Versa 4, and Fitbit Sense 2 all have updated designs that make them more comfortable to wear for long periods of time. This factor is expected to further enhance the market growth over the forecast period.
Competitive landscape
Detailed analysis of the major companies present in the global Wearable Fitness Tracker market.
- Apple Inc.
- Fossil Group, Inc
- Garmin Ltd.
- Samsung Electronics Co., Ltd.
- Google LLC (Alphabet Inc.)
- Huawei Technologies Co., Ltd.
- Nike, Inc.
- Sensoria Inc.
- Xiaomi Corporation.
- TomTom AG
Market dynamics
Drivers
- Increase consumer awareness of health benefits
- Increase internet penetration
- Development of partnerships between various companies
- New product launches
Market trends and developments
- Upward trend in fitness
- Growing demand for activity tracker, calorie tracker, heart monitor devices
- Growing trend of smart watches
Challenges
- limited battery space
- High cost of wearable trackers
Report Scope:
Wearable Fitness Trackers Market, By Product Type:
- Wrist Wear
- fitness bands
- Shoe
- Wearable Fitness Tracker Market, End User:
- Jock
- The patients
Wearable Fitness Tracker Market, By Distribution Channel:
Wearable Fitness Tracker Market, By Region:
- North America
- UNITED STATES
- Canada
- Mexico
- Europe
- Russia
- France
- United Kingdom
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- Indonesia
- Vietnam
- Middle East & Africa
- Saudi Arabia
- Egypt
- United Arab Emirates
- Türkiye
- South America
- Brazil
- Argentina
- Colombia
For more information about this report visit https://www.researchandmarkets.com/r/e7hcjn
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