Fitness Trackers Market Scope
The fitness tracker is a wearable electronic device or a software application that monitors an individual’s physical fitness and daily physical activity. It is capable of to detect some combination of running distance, walking steps, heart rate, sleep patterns, swimming laps, among other activities. It also measures the data related to health & fitness including the number of calories burned. A Fitness band interacts via Bluetooth with an app in a mobile device that configures the device and downloads the wearer's activity data. Smartwatch and fitness band are some of the major types of fitness bands being used by individuals to track their daily physical activity.
According to AMA, the Global Fitness Trackers market is expected to see growth rate of 6.7% Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Fitness Trackers market throughout the predicted period.
Adidas AG (Germany), Apple Inc. (United States), Fitbit, Inc. (United States), Garmin Ltd. (United States), Jawbone (United States) and Lumo Bodytech Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Moov Inc. (United States), Nike, Inc. (United States), Samsung Electronics Co. Ltd. (South Korea) and Xiaomi Inc. (China).
Segmentation Overview
The study have segmented the market of Global Fitness Trackers market by Type (Smarts Watches, Fitness bands, Smart Glasses, Smart Clothing and Others), by Application (Heart Rate Tracking, Sleep Measurement, Glucose Measurment, Sport Running and Others) and Region with country level break-up.
On the basis of geography, the market of Fitness Trackers has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
The Rapid Use of Wearable Fitness Trackers among the Youth
Market Growth Drivers:
Change in Lifestyle and Rise in Disposable Income of Consumers, The surge in Adoption of Fitness Trackers in Fitness Centers, Increase In Adoption of Utility Fitness Trackers, The surge in Demand for Flagship Devices, The Rising Popularity of Fitness Trackers among the Aging Population and Rapid Growth in Fitness & Athlete Activities across the Globe
Challenges:
The fitness Tracker is increasing demand
Restraints:
Risk of Data Theft Associated With Fitness Trackers and High Cost of the Device
Opportunities:
Increase in Fitness Enthusiasts across the Globe and The Technological Advancements in the Internet of Things
Market Leaders and their Expansionary Development Strategies
In February 2018, Fitbit Inc., a leading fitness tracker brand has announced an acquisition of Twine Health. The acquisition is expected to strengthen its product offerings as well as will expand its offering to healthcare.
In March 2021,Peloton purchased Atlas Wearables last year for an undisclosed sum along with companies Otari and Aiqudo that specialize in digital voice assistants and interactive workout mats; however, the deal was only recently confirmed, Wearable.com reported. The new technology could give the New York City-based fitness company access to new software to enhance its products.
Key Target Audience
Fitness Trackers Manufacturers, Fitness Trackers Traders/Distributors, Fitness Trackers Importer/Exporter, Technology Investors, Regulatory Bodies and Downstream Vendors
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.