The demand for high-end technology solutions is predicted to enhance the growth rate for the fitness tracker market in 2020. The consumer electronic devices reports are produced by Market Research Future, which features market options for expansion. A USD 15.88 billion income is predicted by the end of 2023 with the support of a 13.02% CAGR.
The demand for a healthy lifestyle has been steadily rising in the global population, and this factor is estimated to enhance the fitness tracker market share. The user-friendly nature of the devices is estimated to further enhance the fitness tracker market size in the upcoming period.
Eminent players profiled in the global fitness tracker market report include Apple Inc., Fitbit, Samsung, Garmin, Suunto, Jawbone, Casio, Polar, Nike, Adidas, Misfit Wearable, Inc., Xiaomi and Nokia and others.
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Rising Prevalence of Health Disorders to offer Robust Opportunities
The rising prevalence of health disorders will offer robust opportunities for the market in the forecast period. Desktop lifestyles related to contemporary living are leading to several health issues including diabetes, lack of sleep, obesity, and other diseases. Growing health issues and the frantic work timetables have urged people in commencing daily exercise for sustaining their health and avoiding numerous health conditions. Besides, the growing awareness regarding the significance of healthy living will boost the requisite for fitness activities that in turn will increase the demand for fitness monitoring products. Moreover, fitness products provide customers with better flexibility that help in preventing major health conditions.
High Cost to act as Market Restraint
The high cost of fitness tracker coupled with the chances of data theft for the use of IoT in small fitness trackers may act as market restraints over the forecast period.
Concerns about Misinterpretation of Data to act as Market Challenge
The concern regarding misinterpretation of data owing to sensitivity of devices may act as a market challenge over the forecast period.
The COVID-19 pandemic had a positive effect on the global Fitness Tracker Market Share for the increasing sales of fitness monitoring devices. The outbreak has increased the awareness about health hence boosting sales of fitness monitoring products. Leading companies like Garmin and Apple have experienced a rise in revenue by 20% in 2020 in comparison to 2019. Manufacturers are creating advanced services and products for helping customers at this time of crisis. All these are adding to the fitness tracker market share.
The global fitness tracker market is segmented based on age group, end users, sales channel, product type, wearing type, and application.
By wearing type, the global fitness tracker market is segmented into legwear, handwear, headwear, and others.
By product type, the global fitness tracker market is segmented into smart clothing, activity monitors, and smart watches.
By application, the global fitness tracker market is segmented into running, cycling tracking, tracking and sports, glucose measurement, heart rate tracking, sleep measurement tracking, and others.
By age group, the global fitness tracker market is segmented into adult fitness tracker and kids fitness tracker.
By end user, the global fitness tracker is segmented into sports, diagnosis centre and hospitals, and others.
North America to Head Fitness Tracker Market
North America will head the fitness tracker market over the forecast period chiefly on account of advanced technology with compact design. Besides, technological advances and increasing awareness about health are also adding market growth.
Fitbit has introduced a jewelry inspired fitness tracker, Fitbit Luxe. It has been designed to appear as a jewelry yet acts like a wellness and health wristband. This fitness tracker comes with a color screen, is swim-proof, and has a heart monitor.
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