The global fitness tracker market size was USD 36.34 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with fitness trackers witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a stellar growth of 19.5% in 2020. The market is projected to grow from USD 36.34 billion in 2020 to USD 114.36 billion in 2028 at a CAGR of 15.4% in the 2021-2028 period. The fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Fitness Tracker Industry Trends:
Advancements in any market are optimistic in leveraging the market potentiality and market value. The Fitness monitoring market has a high market value due to its adoption and high salability. Technology is progressively creating a place within people’s fitness routines. Apart from the advancement, the convenience that technology can offer is unsurpassed. Furthermore, there is also a shift toward consumer awareness.
Gym-goers are now interested to know more about their progress, such as body fat percentage to sleep quality, apart from only simple information such as their weight. Thus, technology is changing from both perspectives, customers, and suppliers. For Instance, in 2018, Apple redesigned and added an electrocardiogram (ECG) function on the Apple Watch Series 4, which allows for a more thorough analysis of its users’ heart health. Wearable fitness technology is likely to surge due to the intersection of healthcare and digital technologies and is expected to dominate the market.
Listing of Key Gamers Coated within the Honey Market:
- Gramin Ltd (Kansas, United States)
- Apple Inc (California, United States)
- Fitbit, Inc. (California, United States)
- Huawei Technologies
- Pebble Technology Corp (California, United States)
- Samsung Electronics Co Ltd (Suwon-si, South Korea)
- Google Inc. (California, United States)
- Xiaomi Technology Co., Ltd. (Beijing, China)
- Jawbone (California, United States)
- Nike (Oregon, United States)
- Other Players
June 2020 – Huami Corporation launched the ultra-lightweight and thin body Amazfit BIP S at Rs 4,999 in India. It has built-in GPS and GLONASS dual-mode positioning and assists users to track their routes and distances accurately. The product is available on e-commerce platforms like Amazon, Myntra, Flipkart, and Amazfit’s official website
March 2020 – Fitbit launched Fitbit Charge 4, its most advanced health & fitness tracker with built-in GPS, active zone minutes, Spotify, sleep tools, Fitbit pay, and more.
The global market has been segmented into large, medium, and small industries providing dynamic products to the healthcare fitness industry. Among this cluster, Apple Inc. tops the market, having a robust product portfolio for the fitness industry. Moreover, Companies are now aiming to offer advanced innovative products that include novel features and functionalities and growing their sales channels globally. For instance, in September 2019, Apple watches series 5 with advanced features, including tracking of onboard heart rate and GPS. The product is prominent in monitoring several physical activities with high accuracy.
Fitness Tracker worldwide market worth stood at USD 7.84 billion in 2020. It additionally gives the next:
- Unparalleled insights into the components driving and constraining the market progress;
- In-depth & piecemeal evaluation of the market segments;
- Exhaustive examination of the regional dynamics impacting the market; and
- Detailed profiling and research of the important thing market gamers and their methods.
- Skyrocketing Demand for Meals Worldwide to Propel the Market
Sales of fitness monitoring devices marked a positive impact owing to the rise in COVID-19 cases. COVID-19 increased awareness regarding health, thus increasing sales of fitness monitoring products. Companies such as Apple and Garmin have witnessed an increase in revenue by 20% in 2020 compared to the previous fiscal year. While COVID-19 has impacted several businesses, and there remains uncertainty around the economy and customer demand, manufacturers are developing advanced products and services to help customers during this time. For Instance, Fitbit is investing in research and development activities by collaborating with health industry leaders like Apple, Stanford Medicine, and The Scripps Research Institute to study how data from wearables can identify, track, and have infectious diseases like COVID-19.
Fitness trackers have become extremely popular and feasible for use among the general population. Fitness trackers track and monitor physical and fitness activities. Moreover, Tracking devices used anywhere by anyone to monitor fitness and health-related parameters. For Instance, according to the Pew Research center, in 2019, one in five Americans regularly use a fitness monitoring device. Thus, creating a high demand for fitness monitoring devices.