by Market Overview:
Fitness trackers are devices or application that help users monitor and track fitness-related metrics such as distance walked or run, calories burned, heart rate, quality of sleep, etc. They are available in various form factors such as wrist bands, smart watches, clips, and others. Fitness trackers provide real-time data tracking which enables users to lead a healthy lifestyle and monitor progress towards wellness goals. They allow users to set fitness goals, measure activities, monitor sleep patterns, calculate calories burned, and record other crucial health data. Fitness trackers can also connect to smartphones and sync data to trackers and health/fitness applications.
Market key trends:
One of the key trends in fitness trackers market is increasing adoption of smart wearable technology. Factors such as growing health consciousness among consumers and increasing focus on physical fitness are driving the adoption of smart wearable devices for activity and health monitoring. Rapid digitalization across various industries including healthcare and fitness is also promoting the use of digitized fitness solutions. This is boosting the demand for intelligent fitness trackers with advanced features. Moreover, integration of innovative technologies including AI and ML in fitness trackers is enabling users to gain deeper insights into their health and track progress more efficiently. This is expected to significantly augment the popularity and sales of smart fitness trackers during the forecast period.
Porter’s Analysis
Threat of new entrants: Low-end wearables can be easily manufactured and sold, however developing an integrated platform and ecosystem takes significant investments and expertise. This poses medium threat to existing players.
Bargaining power of buyers: There is a wide range of fitness trackers available at varying price points allowing buyers to choose as per their needs and budget. Thus bargaining power of buyers is high.
Bargaining power of suppliers: Key components like sensors, displays, and batteries used in fitness trackers have few specialized suppliers globally. This gives them substantial bargaining power over fitness tracker manufacturers.
Threat of new substitutes: Apps on smartphones can track fitness parameters without requiring separate trackers.Smartwatches also offer multi-functional capabilities along with fitness tracking. This poses medium threat from substitutes.
Competitive rivalry: The fitness trackers market is dominated by tech giants like Apple, Samsung, and Xiaomi. Intense competition exists on the basis of features, design, and after-sales support.
Key Takeaways
The Global Fitness Trackers Market Demand is expected to witness high growth, exhibiting CAGR of 19% over the forecast period, due to increasing health awareness. Demand for high-end smartwatches and wearables is growing significantly.
North America dominated the fitness trackers market in 2023 accounting for around 35% share.However, Asia Pacific is expected to witness the fastest growth during the forecast period supported by growing health and fitness consciousness in China, India, and other developing countries.
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. Major players are focusing on integrating new technologies like artificial intelligence, GPS, and advanced sensors to differentiate their products.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
