Global Fitness Trackers Market Expected to Reach $62,128 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, April 16, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research titled, "Fitness Trackers Market by Device Type, Display Type, Sales Channel, and Compatibility: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global fitness trackers market size was valued at $17,907 million in 2016, and is expected to reach $62,128 million by 2023, registering a CAGR of 19.6% from 2017 to 2023. North America dominated the global fitness trackers market in 2016, accounting for one-third share of the total revenue.
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Fitness trackers are utility devices, which record and measure data related to fitness activities such as distance covered walking & running, heart beat monitoring, sleep pattern tracking, and others. Increase in fitness consciousness among consumers and rapid rise in per capita disposable income are expected to boost demand for fitness trackers.
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Furthermore, increase in trend of wearable technology among youth and technological advancements fuel the fitness trackers market growth. However, risk of data theft is expected to decline the sales of existing fitness trackers; thus, the manufacturers are focusing on secure mediums of wireless connection for these devices to increase data security, thereby impeding the fitness trackers market growth. Increase in trend of wearable technology and advancements in data security technology are expected to drive the fitness trackers market growth in the near future.
The smartwatch segment is expected to dominate the fitness trackers industry during the forecast period. However, fitness bands segment is expected to gain traction, owing to increase in fitness concerned consumers.
Surge in adoption of fitness trackers in fitness centers is anticipated to drive the growth of fitness trackers market during the forecast period. Rise in online sales of fitness trackers is one of the major factors that propels the growth of the market, owing to the fact that this channel makes products easily available for consumers across various regions. Correspondingly, offline sales platform provides tangible demonstration of the product, which leads to augmenting promotion and product awareness.
Smartwatch segment is dominating the fitness trackers market, in terms of value, owing to rise in consumer preference for smartwatches, owing to its advantages such as smartphone notifications monitoring, customizable user interface, and activity tracking features.
Consumer propensity towards purchasing fitness trackers with colored display is growing due to the features of colored displays such as interactive display, vivid colors, and enriched user experience.
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Online sales segment is dominating the fitness trackers market, in terms of value, owing to increase in number of online shoppers, rise in benefits of shopping online, and attractive offers on online sites.
iOS segment in the global fitness trackers market is witnessing exponential growth, as fitness trackers with iOS have unique apps and user interference, which have increased the sales of iOS powered devices. Correspondingly, the android wear segment is anticipated to show significant growth during the forecast period, owing to the dominant presence of android phones.
Key findings of the Fitness Trackers Market:
- In terms of value, the smartwatch segment is expected to grow at a CAGR of 20.3% during the forecast period.
- North America is expected to dominate, registering highest CAGR of 18.9% in terms of value.
- Asia-Pacific is projected to show exponential growth in demand throughout 2023, growing at a CAGR 21.2% of in terms of value.
- Colored display segment is anticipated to dominate global fitness tracker market registering CAGR of 19.9%.
- The online platforms segment is estimated to account for more than half of the share of the total market in 2016.
- China and Japan collectively accounted for more than half of the total Asia-Pacific fitness trackers market in 2016.
- In the global fitness trackers market, India is expected to grow at a CAGR of 15.5%, in terms of value.
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North America and Europe collectively accounted for about more than half of the share of the global fitness tracker market in 2016. Change in lifestyle and rise in disposable income of consumers are expected to drive the growth of the Asia-Pacific market.
Major players in the fitness tracker market are focusing on new product development to gain a strong foothold in the market. Key players profiled in the report include Fitbit Inc., Google LLP., Apple Inc., Samsung, Xiaomi Inc., Jawbone, Nike, Adidas, Misfit Wearables, Inc., Shenzhen Motto Electronics Co. Ltd., Google LLP, and Apple Inc.
Other fitness tracker manufacturers include Huawei Technologies Co., Ltd., Huawei Technologies Co., Ltd., Desay Infor Technology Co., Ltd, Shenzhen DO Intelligent Technology Co., Ltd., NJY Science and Technology CO., LTD, Shenzhen Beienda Technology Co., Limited.
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