Smartwatches Is Fastest Growing Segment Fueling The Growth Of The Global Fitness Trackers Market
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| Fitness Trackers Market |
The
global Fitness Trackers Market is estimated to be valued at US$ 61.5 Bn in 2023 and is expected to
exhibit a CAGR of 19% over the
forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fitness trackers are wearable devices that monitor and track fitness-related
metrics such as distance covered, heart rate, calories burned and others. They
offer convenience and various health benefits to users by tracking important
parameters.
Market key trends:
One of the major trends in the fitness trackers market is integration of
advanced connectivity features. Many new fitness trackers are integrating capabilities
like advanced syncing, notifications and messaging. This allows users to stay
connected without needing to use their smartphones. Devices are being equipped
with Bluetooth, Wi-Fi and even LTE connectivity for advanced syncing of data to
apps and receiving calls/texts on the tracker screen. This trend is expected to
drive further adoption of smart and connected fitness trackers.
Segment Analysis
The global fitness trackers market is segmented by device type, application,
component, sales channel and region. Based on device type, the wrist wear
segment dominated the market in 2022 and is expected to continue its dominance
over the forecast period. Wrist wear devices such as smartwatches and wrist
bands have become increasingly popular among fitness enthusiasts and
health-conscious individuals due to their compact size and easy accessibility.
Key Takeaways
The Global
Fitness Trackers Market Demand is expected to witness high growth,
exhibiting a CAGR of 19% over the forecast period, due to increasing health
awareness among individuals and growing adoption of wearable devices.
Regional analysis
Regionally, North America dominated the global fitness trackers market in 2022
and is expected to continue its dominance during the forecast period. The
region has witnessed increased focus towards preventive healthcare and growing
adoption of technology-enabled healthcare devices. Asia Pacific is expected to
witness the fastest growth over the forecast period, growing at a CAGR of
21.5%, due to rising health expenditures and growing middle-class population
with substantial disposable incomes in countries such as China and India.
Key players operating in the fitness trackers market are Adidas AG, Apple Inc.,
Fitbit, Inc., Garmin Ltd., Jawbone, Moov Inc., Xiaomi Inc., Nike, Inc., Lumo
Bodytech Inc., and Samsung Electronics Co. Ltd., among others. Fitbit accounted
for the largest market share in 2022, owing to its wide range of
technologically advanced fitness trackers such as Charge and Versa. Apple also
captures a major share of the market through its diverse portfolio of devices
including Apple Watch.
Read
More:
https://www.marketwebjournal.com/fitness-trackers-market-trends-size-and-share-analysis/
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