North America to Dominate Wearable Fitness Trackers Market During the Forecast Period
The
increasing health consciousness among consumers and an increasing number of
product launches are the factors driving the global wearable fitness trackers
market.
According to TechSci
Research report, “Wearable Fitness Trackers Market– Global Industry
Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,” the global wearable fitness trackers market
is expected to grow during the forecast period. An activity tracker, often
known as a fitness tracker, is a tool or software program for keeping track of
fitness-related metrics such as calories burned, distance walking or running,
and in some cases, heart rate. The majority of fitness trackers monitor heart
rate, sleep patterns, and the number of steps taken. Some of them also include
connected apps that let one monitor the overall progress, establish goals, and
get advice on how to reach the fitness objectives. Fitbit and Garmin are two of
the most widely used fitness tracker manufacturers.
The industry is expected to develop as a
result of rising consumer disposable income, increasing internet and smartphone
use, and rising interest in fitness and health. Younger individuals and those
from the working class are included in the target market for fitness trackers.
Awareness of exercise and health is increasing in younger generation. Additionally,
the COVID-19 epidemic has greatly raised public awareness of these devices. As
more market participants compete to meet the escalating demand and seize a
larger market share, the rising adoption has increased gadget development and
innovation.
The industry is being driven by the
increase in manufacturers providing different fitness trackers at rates
acceptable for all income ranges. Additionally, the development of various wearable
products, such as smart jewelry, insoles, and apparel, is drawing in more
customers. Additionally, the market is being further stimulated by the
expanding e-commerce sector, a robust distributor network, and retail alliances
of the industry leaders.
The demand for visually
attractive, technologically advanced products to better meet consumers' daily
needs, such as time schedules, has boosted the market for wearable fitness
devices internationally due to the rising rates of urbanization. Additionally,
a large portion of the millennial generation has been wearing smartwatches as a
result of increased spending on luxury standards and regular work hour
tracking.
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The global wearable fitness
trackers market is segmented based on product type, end user, distribution channel,
region, and competitive landscape. Based on product type, the global wearable
fitness trackers market is segmented into wrist wear, fitness bands, and
footwear. Among these, wrist wear holds the leading share in the market during
the forecast period. The segment will continue to increase over the coming
years as a result of ongoing product innovations in terms of features and
functionality. With smartphone alerts and calling capabilities, smartwatches
operate as a phone on the wrist and offer a comprehensive set of features for
tracking fitness and health as well as communication.
Based on end-user, the
global wearable fitness trackers market is segmented into sports person and
patients. Among these, the sports person segment holds the leading share in the
market during the forecast period. The market is expected to increase as a
result of rising sports participation among consumers, rising healthcare
awareness, rising demand for fitness trackers among athletes, and a surge in the
popularity of gym fitness trackers.
Based on distribution channel,
the global wearable fitness trackers market is segmented into offline and
online. Among these, the online segment is the fastest-growing segment in the
market during the forecast period. Over the coming years, the segment's growth
will be driven by the increasing use of smartphones and the internet, as well
as the rising popularity of e-commerce platforms because of their high levels
of convenience and reduced waiting times.
Based on region, the market
is segmented into North America, Europe, Asia-Pacific, Middle East & Africa,
and South America. Among these, the North America region holds the leading
share in the market during the forecast period due to the presence of
cutting-edge technology and prominent companies operating in the market in the
region. Due to the presence of companies like Apple, Fitbit Versa, Garmin, and
Fossil Group in the US, this market is particularly lucrative for wearable
fitness trackers.
Key market players operating
in the Global Wearable Fitness Trackers Market include:
- 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 N.V.
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“Wearable technology, an emerging trend,
adapts electronics to daily activities and takes into consideration
the changing lifestyles by allowing them to be worn on any part of the
body. The rise of the fitness trend among consumers has led to a huge increase
in the popularity of wearables. Moreover, the need for health monitoring
devices and growing awareness of the value of living a healthy lifestyle are
the factors driving the growth of the wearable fitness trackers market
globally.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Wearable Fitness Trackers Market – Global Industry
Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F Segmented By Product Type (Wrist Wear, Fitness Bands, Footwear), By End
User (Sports Person, Patients), By Distribution Channel (Offline Vs. Online), By
Region, has evaluated the future growth potential of wearable
fitness trackers market globally
and provides statistics and
information on market structure, size, share, and future growth. The report
provides cutting-edge market intelligence and helps decision-makers to make sound
investment decisions. Besides, the report also identifies the emerging trends
along with essential drivers, challenges, and opportunities present in the
market of the wearable fitness trackers globally.
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