Fitness Tracker Market Size to Reach USD 105110 Million by 2027 at CAGR 25.4% - Valuates Reports

BANGALORE, India, Aug. 4, 2021 /PRNewswire/ -- The Fitness Tracker Market is Segmented by Type (Basic, Smart), by Application (Specialist Retailers, Factory Outlets, Online, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Beauty & Fitness Category.

The global Fitness Tracker market size is projected to reach USD 105110 Million by 2027, from USD 23470 Million in 2020, at a CAGR of 25.4% during the forecast period 2021-2027.

Market Factors Driving the growth of the fitness trackers market are:

• Rising awareness about leading a healthy life and easy availability of various wearable fitness devices to monitor health is driving the growth of the fitness tracker market.
• Increasing incidences of cardiovascular diseases and the increasing need to monitor heart rate are expected to increase the fitness tracker market.

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TRENDS INFLUENCING THE GROWTH OF FITNESS TRACKERS MARKET

The fitness tracker market is expected to develop as people become more aware of the need of staying healthy and fit by tracking their exercise activities. These fitness trackers have progressed from being merely a pedometer to becoming a smarter device with a colorful display that records sleep patterns, measures heart rate, and acts as an activity monitor, among other things. People are being pushed not only towards a healthy diet but also into physical activities as a result of rising health concerns. Fitness trackers enable consumers to keep track of their workouts, resulting in a surge in demand for fitness monitoring devices.

Furthermore, the rise in COVID-19 cases has in turn increased the sales of fitness tracking gadgets. COVID-19 raised health awareness among the masses, resulting in an increase in sales of fitness trackers.

 Rising disposable income and increasing expenditure on wearable technology are factors likely to foster fitness tracker's market growth.

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FITNESS TRACKER MARKET SHARE ANALYSIS

Based on region, Europe is the largest market with about 37% market share. The USA held the second position, accounting for about 28% market share.

Based on end-user, online channels are likely to dominate the fitness tracker market share in the global market. The market's domination is attributed to a rise in internet penetration, as well as the widespread availability of these apps on smartphones, which is boosting the market's online distribution channel globally.

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Major Players in the Fitness Tracker Market

• Apple
• Epson
• Garmin
• Jawbone
• Misfit
• Nike
• XiaoMi
• Fitbit
• Under Armour
• Samsung
• Others

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-  The global online/virtual fitness market size was valued at USD 6,046 Million in 2019 and is projected to reach USD 59,231 Million by 2027, growing at a CAGR of 33.1% from 2020 to 2027.

-  The Global Fitness App Market size is expected to grow from USD 3,312.58 Million in 2019 to USD 13,016.77 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 25.61%.

-  The global mHealth Apps market size is projected to reach USD 101,550 Million by 2026, from USD 30,160 Million in 2019, at a CAGR of 18.4% during the forecast period 2021-2026.

-  The fitness equipment market size was valued at USD 11.5 Billion in 2019, and is expected to reach USD 15.2 Billion by 2027, registering a CAGR of 3.5% from 2020 to 2027.

-  Treadmill market size was valued at USD 3,284.8 Million in 2020, and is projected to reach USD 5,932.0 Million by 2030, registering a CAGR of 5.1%.

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