Wearable Fitness Trackers Market Size to Achieve USD 124.32 Billion by 2028, Fueled by a CAGR of 17.30%: Says Allied Market Research

Allied Market Research, titled, “Wearable Fitness Trackers Market by Device Type, Component, Connectivity, Operating System, Distribution Channel, and Application: Global Opportunity Analysis and Industry Forecast, 2020–2028,” the global wearable fitness trackers industry size was valued at $38.68 billion in 2020, and is projected to reach $124.32 billion by 2028, registering a CAGR of 17.30%.

A wearable fitness tracker is a type of electronic device that helps to monitor human activities such as running, walking, heart rate, and sleep quality. It can be a smartwatch or any other device, which is generally linked to smartphones. These trackers can calculate the number of steps somebody walks as well as their heart rate and other indicators. A significant number of these wearable gadgets can port information straightforwardly to a smartphone or PC. These devices have a lot of potential to transform the ways that people monitor their health & fitness. They also help with conditions such as obesity and sleep apnea.

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What are the factors deriving the Wearable Fitness Trackers Market?

Also, the fitness watch market share plays a key role in the global wearable fitness tracker industry. In addition, the high growth of the fitness tracker market leads to global market development. Devices that are loaded with blood oxygen sensors, automatic handwashing detection, and encourage users to be more active, stay connected, & better manage their health in new ways are the best fitness trackers on the market.

The global wearable fitness trackers market share is anticipated to witness significant growth during the forecast period. Factors, such as increasing awareness about the importance of a healthy lifestyle and demand for health monitoring devices, drive the wearable fitness trackers market growth. The presence of high-end tracking systems makes it popular among users. However, data privacy risk is a major restraint to the global market. In addition, the rise in the trend of building an IoT ecosystem is expected to create opportunities for the wearable fitness tracker industry.

Moreover, developing nations tend to witness high penetration of wearable fitness tracker products, especially in the healthcare and consumer electronics sectors. Factors, such as an increase in health awareness among users and a rise in technological advancements, accelerate the demand for wearable fitness trackers.

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Competitive Analysis:

The Wearable Fitness Trackers industry’s key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Top Wearable Fitness Trackers Companies:

• Google LLC (Alphabet Inc.)
• Apple Inc.
• Fossil Group, Inc.
• Garmin Ltd.
• Huawei Technologies Co., Ltd. (Huawei)
• Sensoria Inc.
• Samsung Electronics
• Xiaomi Corporation
• NIKE, Inc.
• TomTom N.V.

Wearable Fitness Trackers Market Segmentation: –

The global wearable fitness trackers market share is segmented into device type, component, connectivity, operating system, distribution channel, application, and region. By device type, the market is divided into smartwatches, fitness bands, smart glasses, smart clothing, and others. By component, it is bifurcated into hardware and software. Based on connectivity, the market is classified into Bluetooth, Wi-Fi, cellular, NFC, and others. By operating system, is fragmented into Android, iOS, Windows, and Tizen. Based on distribution channels, it is segregated into online and offline. Depending on the application, it is separated into running, cycling, heart rate tracking, stress management, and others.

Region-wise, the wearable fitness trackers market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed the maximum revenue in 2020. However, between 2020 and 2028, the wearable fitness tracker market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to an increase in demand from emerging economic countries such as India, China, Japan, and South Korea. The overall wearable fitness trackers market analysis is determined to understand the profitable trends to gain a stronger foothold

Covid-19 Impact Analysis

The outbreak of COVID-19 has significantly affected the electronic and semiconductor sectors. Business and manufacturing units across various countries were closed, owing to an increase in several COVID-19 cases, and are estimated to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted the global supply chain, posing challenges for manufacturers to reach customers. The overall production process has been adversely affected, but the surge in sales of healthcare products is expected to boost the overall wearable fitness trackers market growth globally.

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Key Findings of The Study

• Heart rate tracking is projected to be the major application during the forecast period, followed by stress management. The rising demand for wearable devices to monitor personal health information, such as body temperature and heart rate, is anticipated to surge the product demand in the future.
• Asia-Pacific and North America collectively accounted for more than 60% of the wearable fitness trackers market share in 2020.
• India is anticipated to witness the highest growth rate during the forecast period.
• U.S. was the major shareholder in the North America wearable fitness trackers market revenue, accounting for approximately 53% share in 2020.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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