The global fitness tracker industry size is expected to reach USD 91.98 billion by 2027, exhibiting a CAGR of 15.2% during the forecast period. The rising adoption of wearable devices among the young population will significantly bolster healthy growth of the industry, the industry size stood at USD 30.41 billion in 2019
A fitness tracker is a device that monitors and tracks various physical activities, such as steps taken, distance traveled, calories burned, heart rate, and sleep patterns. Fitness trackers typically consist of a wearable device, such as a wristband or watch, that uses sensors and algorithms to collect and analyze data about the user’s movements and biometric information.
Some fitness trackers also include additional features, such as GPS tracking, water resistance, and integration with mobile apps and other devices. Fitness trackers are commonly used by people who want to monitor their physical activity and track progress towards fitness goals, as well as by athletes and fitness enthusiasts who want to optimize their training and performance.
There are many different brands and types of fitness trackers available on the market, ranging from simple and affordable models to more advanced and expensive options with a wider range of features and capabilities.
The growing health issues such as obesity, lack of sleep, diabetes, and others because of the present deskbound generation will simultaneously create lucrative opportunities for the industry during the forecast period. The growing emphasis on health and fitness to prevent major health conditions is expected to bode well for the industry. The rising awareness about the importance of a healthy lifestyle will subsequently fuel the demand for fitness products, thus enabling the growth of the industry. Additionally, an escalation in gym-goers and fitness enthusiasts has potentially spurred lucrative opportunities for the industry.
The coronavirus incident has disturbed various industries across the globe. The governments of several countries have instigated lockdown to prevent the spread of this infectious disease. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised researchs will help companies to receive in-depth information about the present scenario of every industry so that you can adopt the necessary strategies accordingly.
Sedentary Lifestyle of People to Spur Industry Demand
The occurrence of COVID-19 has caused disturbance to the business of fitness trackers because of the interruption triggered in manufacturing, production, shipment, and sales of these products. However, the ongoing development of technologically advanced products by OEMs will cater to the demand for fitness amid the coronavirus epidemic. For Instance, Fitbit announced the launch of an innovative tracker, Fitbit Charge 4. The new device will assist and offer support to customers at home during this time. Moreover, Fitbit is also providing a free 90-day trial and access to premium content, thus leading to more premium subscribers. Similarly, the growing demand for fitness products during COVID-19 will improve sales of fitness trackers through online mediums, hence boosting the industry. Besides, the enormous research and development activities by major brands to incorporate technologies in devices that can identify and track infectious diseases such as COVID-19 will further enhance industry potential.
Surging Obese Population to Aid Expansion in Europe
The industry size in North America stood at USD 9.07 billion in 2019 and is expected to account for the largest share during the forecast period. The growth in the region is attributed to the growing health issues such as chronic diseases among the general population. Europe is expected to witness a substantial growth rate during the forecast period due to the growing obesity in the region. The industry in Asia Pacific is expected to rise tremendously in the foreseeable future due to the growing adoption of tracking devices among the young population in countries such as Japan, China, and India. India accounts for 60% of the young people in Asia Pacific.