The global fitness trackers market is gaining significant traction owing to the rising wellness culture and growing demand for wearable devices that can monitor health round the clock. Fitness trackers provide real-time information on physical activities such as steps walked, calories burned, and active minutes among others to the users. These devices seamlessly integrate into the daily lives of health-conscious individuals and fitness enthusiasts to help them lead healthier lifestyles.
Fitness trackers are wearable consumer electronic devices that can be worn on the body and track various health metrics such as distance covered, heart rate, quality of sleep, steps taken, calories burned etc. in real-time. These devices are lightweight, compact, and easy to use. They come with advanced features and compatibility with smartphones to keep a check on holistic wellness.
The Global Fitness Trackers Market is estimated to be valued at US$ 4,112.4 Mn in 2024 and is expected to exhibit a CAGR of 47.% over the forecast period 2023 to 2030.
Key players: Key players operating in the fitness trackers market are Pfizer Inc., Fibrogen Inc., BioMarin, Santhera Pharmaceuticals, PTC Therapeutics, NS Pharma Inc., Nobelpharma Co. Ltd., Bristol-Myers Squibb, Sarepta Therapeutics, and Eli Lilly and Company. These players are adopting various organic and inorganic growth strategies to expand their global footprint.
Growing demand: There is a significant uptick in the demand for fitness trackers among young adults and millennials due to increasing health awareness. With rising disposable incomes, consumers are willing to invest in advanced wearable devices that can help monitor their fitness activities and progress in real-time.
Global expansion: Major fitness tracker companies are expanding their manufacturing and distribution networks globally to leverage the opportunities in international markets. They are launching low-cost products with localized features to cater to diverse consumer demographics worldwide and drive further revenue growth.
Market key trends
One of the key trends gaining momentum in the fitness trackers market is the increasing integration of advanced technologies. Many devices are incorporating features such as GPS, heart rate variability tracking, SpO2 monitoring, and sleep analysis using sensors and algorithms. They can provide deeper health insights beyond basic step counting. This fusion of cutting-edge technologies is attracting more users and boosting the market lucrative growth.
Threat of new entrants: Entry of new players is difficult due to established brands, high capital requirements and economies of scale of existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of several brands but brands try to retain customers through loyalty programs and improved features.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components however suppliers of core technologies can negotiate on pricing.
Threat of new substitutes: Threat of substitutes is moderate as fitness apps provide some functionality but lack physical attributes of trackers.
Competitive rivalry: Intense competition due to presence of global and regional players competing on technology, features and pricing.
North America currently holds the largest market share in terms of value led by United States. High health awareness and tech adoption have contributed to large consumer base in the region for fitness trackers.
Asia Pacific is projected to grow at the fastest rate during the forecast period with China and India being major revenue generators. Rising disposable incomes, growing millennial population and increasing focus on fitness are driving the market in Asia Pacific region.
- Source: Coherent Market Insights, Public sources, Desk research
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