Between 2017 and 2027, the market for wearable fitness trackers is anticipated to grow at a CAGR of 15.8%, with North America, Western Europe, Japan, and China accounting for the majority of global value shares.
In its study titled “Wearable Fitness Trackers Market: Worldwide Industry Examination 2012 – 2016 and Opportunity Evaluation 2017 – 2027,” Future Market Experiences provides crucial information on the global wearable fitness trackers market. The global wearable fitness tracker market is anticipated to grow steadily at a CAGR of 15.8% in terms of value between 2017 and 2027, therefore growth in market value will remain appealing.
The worldwide yearly income from the wearable fitness tracker market was esteemed at US$ 21,661.3 Million toward the finish of 2017, as would be considered normal to develop at a consistent speed throughout the next few years.
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The overwhelming locales, i.e., North America, Western Europe, Japan, China and Ocean and Other of APAC, are supposed to by and large record for a greater part portion of the worldwide wearable fitness tracker market.
The North America wearable fitness tracker market, Western Europe wearable fitness tracker market and APEJ wearable fitness tracker market are probably going to rule the worldwide market over the estimate period.
Wearable Fitness Trackers Market: Factors Boosting Adoption
Since last few years, the adoption of wearable fitness trackers has been increasing considerably, especially in the 25-44 years category. Development in the imaging technologies of wearable fitness trackers and continuously emerging new features in the products are boosting the adoption of wearable fitness trackers in the consumer segment.
Nowadays, consumers prefer modern ways of fitness tracking as “guesstimating” is not accurate to keep track of fitness data. Hence, the availability of technology-based smart wearable devices for keeping track of fitness activities is driving the wearable fitness trackers market.
Disposable income and rising concerns regarding a healthy lifestyle are also driving the wearable fitness trackers market across major economies of the world. Continuous technological developments intended to reduce the overall cost of various components of wearable fitness trackers are facilitating a decrease in the overall cost of wearable fitness trackers, which is making it more affordable for the middle-income population.
At present, wearable fitness trackers are largely being used by the high-income population for an enhanced end-user experience with reference to fitness and health aspects.
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Wearable Fitness Trackers Market: Segmental & Regional Analysis
On the basis of FMI analysis, the wrist wear sub-segment of the product type segment is expected to dominate the wearable fitness tracker market since wrist wear is easy to use and increases the focus of users towards fitness.
On the basis of application, the pedometer segment is expected to be a dominating segment in the global wearable fitness tracker market. The development and integration of healthcare processes with technology and the evolution of new functions/features are some of the major factors driving the adoption of wearable fitness trackers.
The North America wearable fitness tracker market is expected to dominate the global wearable fitness tracker market due to high growth in the overall revenues generated from the wrist wear segment, high disposable income as well as the high standard of living in the region.
The wearable fitness tracker market in Western Europe has high potential owing to the increasing adoption of wearable fitness trackers as one of the solutions for living a healthy life. The APEJ wearable fitness tracker market will be a target market for market participants owing to the high growth opportunities in countries such as India and China.
Wearable Fitness Trackers Market: Competition Landscape
Vendors in the wearable fitness tracker market are now focusing on introducing advanced innovative features and functionalities, as well as on expanding their sales channels across the globe. Some of the vendors in the wearable fitness tracker market vendors included in this study of the global wearable fitness tracker market are Apple Inc.; Fitbit Inc.; Samsung Electronics; Sony Corporation; Xiaomi; Garmin Ltd.; Fossil Group; Jawbone; TomTom International BV and Huawei Technologies Co., Ltd.
Vendors are continuously innovating their wearable fitness tracker products to penetrate the technology-influenced global market. For instance,
- In May 2017, Apple Inc. partnered with Nokia, a provider of information & communication technology. As per the partnership agreement, Nokia provides certain network infrastructure products and services to Apple.
- In June 2017, Fitbit Inc. partnered with the Minnesota Timberwolves, a Minnesota-based American professional basketball team.
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Key Segments Covered
Product Type:
- Wrist wear
- Leg wear
- Smart garments
- Others
Application:
- Pedometer
- Heart rate monitor
- Daily activity tracker
- Call text & calendar
- Sleep tracking
- GPS tracking
- Others
Distribution Channel:
- E-Commerce
- Retail Stores
Age-Group:
- 0-5 Years
- 6-18 Years
- 19-24 Years
- 25-44 Years
- 45-60 Years
- 60+ Years
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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