According to FutureWise analysis the market for fitness tracker in 2023 is US$ 63.47 billion, and is expected to reach US$ 269.65 billion by 2031 at a CAGR of 19.82%.
Fitness trackers are devices that assist in monitoring and tracking various activities, such as the length of sleep, heart rate monitoring, and daily steps taken by various demographic segments. The majority of the time, wireless connectivity platforms are used to connect fitness trackers to computers or smartphones. In the past few years, the market for fitness trackers has grown rapidly, and even clinical settings are trying to incorporate these products to obtain real-time data. Smart glasses, fitness bands, smart wear, and smartwatches are popular fitness trackers. Athletes who compete in various sports have regularly used these devices to better understand their fitness levels.
Increased growing internet and smartphone penetration, consumer disposable income levels, and growing health and fitness awareness are all major contributors to the market growth. Younger adults and working-class members, who make up the target market for fitness trackers, are particularly conscious of their physical fitness and health. Furthermore, the Covid-19 pandemic has greatly increased individual awareness of these devices. Since more market players are competing to meet the rising demand and acquire a larger market share, the rising adoption has resulted in an increase in device development and innovation.
Due to growing consumer awareness of the importance of maintaining a healthy weight and remaining active, industry expansion is expected to rise. These monitoring devices have substantially improved over basic pedometers, becoming clever gadgets with colored displays that track sleep patterns, gauge heart rates, keep exercise track and more. Although it is still in its initial phase, the Indian fitness industry expects significant growth, especially among the younger generation. Individuals today tend to join fitness clubs and gyms more frequently to combat the negative effects of a hectic lifestyle. Regular exercise also lessens the symptoms of stress, anxiety, and depression. The growing health concerns are encouraging individuals to engage in physical activity and eat a nutritious diet. Moreover, the adoption of technology, which is growing along with the popularity of smart devices and the benefits of fitness trackers, is another factor affecting the market's expansion. The fitness tracker also connects to a user's smartphone through Bluetooth to provide beneficial information on heart rate, pace, and calories burned for improving overall well-being awareness. Modern displays like organic light-emitting diodes (OLEDs) and AMOLED improve the fitness tracker's screen. Fitness tracker manufacturers' innovations and competitive advantages will likely drive market expansion over the forecast period. Due to several economic factors, including rising per capita healthcare spending, rising investments in cutting-edge technology, and enhanced healthcare infrastructure, the market is expected to expand more rapidly. However, costs and data security risks are projected to prevent the sector from growing. A major obstacle to the market's growth is the high cost of premium fitness trackers and the continuous price pressure on manufacturers. Additional obstacles to industry growth include escalating privacy and security concerns, fierce competition from other counterfeit goods, and other factors. This, combined with the lack of a strong distribution network in developing countries, is anticipated to impede the industry's expansion.
FutureWise Market Research has published a report that provides an insightful analysis of fitness tracker market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. According to the analysis conducted by FutureWise research analysts, the fitness tracker market is estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.