In recent years, globally rising health consciousness has propelled the demand for fitness trackers across a range of applications. Many companies have developed and rolled out an array of solutions equipped with various features. One of the major developments is the introduction of smart glasses and smart clothing.
Furthermore, the industry has registered a surging inclination toward the adoption of wearable fitness trackers. The rise is being impelled by the growing usage of new technologies such as glucose monitoring. According to Fortune Business Insights, the expoerar market size was USD 36.34 billion in 2020. The market is anticipated to hit a valuation of USD 114.36 billion by 2028, growing at a CAGR of 15.4% during 2021 to 2028.
The upsurge can be attributed to the rising awareness regarding the importance of physical activity. As cited by the Centers for Disease Control and Prevention (CDC), adults should engage in 150 minutes of moderate intensity physical activity every week combined with muscle strengthening activities for getting the most health benefits.
How Did the Coronavirus Pandemic Affect Product Demand?
The COVID-19 pandemic has led to a growing emphasis on the imposition of social distancing norms. Further, the rising importance of enhancing immunity against viruses and illness has elevated the importance of fitness trackers. The devices are a popular way of keeping track of progress and allowing wearers to effectively track calories, steps, caloric intake, and even heart rate and sleep.
Given below are some of the major trends that would influence the industry growth in the coming years:
1# Soaring Product Launches in the Asia Pacific Region
The Asia Pacific market is anticipated to register a considerable rise over the analysis period. This can be mainly attributed to the surging introduction and development of a range of products by several industry participants.
For instance, in June 2022, Garmin announced the launch of its Vivosmart 5 fitness tracker in India. The smart solution is equipped with advanced sleep tracking features comprising Garmin’s at-glance health stats for all-day stress tracking, heart rate monitoring, and more.
2# Rising Incentives in Workplaces to Surge Product Demand
Recent years have registered the growing involvement of workplaces in the maintenance of employee health. Several employers are providing incentives for encouraging employees to maintain a healthy lifestyle.
Citing an instance, Richardson Software promised the reimbursement of the cost of fitness tracker provided that the employees walked one million steps. This saw employees taking advantage of their free time to walk.
3# Growing Product Deployment for Heart Rate Tracking
The heart rate tracking segment is slated to record considerable upsurge over the forecast period. The rise can be attributed to the surging incidences of cardiovascular diseases owing to changing lifestyles.
Besides, heart rate monitors are extremely significant for a personalized fitness regimen. The devices are popular for tracking cardio activities such as running, cycling, High-intensity Interval Training (HIIT), and other activities.
Examining the Competitive Landscape: A Brief Overview
Major fitness tracker companies are depicting a keen interest in the adoption of various strategic initiatives, including mergers and acquisitions for strengthening their industry position. Additional steps include participation in research activities and trade conferences. Furthermore, several market players are focusing on the development of new products for securing a competitive edge.
For instance, in September 2020, Apple announced the launch of Apple Watch Series 6. The device was equipped with a “Blood Oxygen” feature that provided detailed information about one’s overall wellness.
List of Prominent Players
- Fitbit, Inc.
- Pebble Technology Corp
- Apple Inc.
- Samsung Electronics Co Ltd
- Google Inc.
- Garmin Ltd.
The industry has registered surging awareness for monitoring fitness activities. This is being driven by the soaring awareness for staying healthy and fit. Furthermore, rising health issues are not only pushing people toward a healthy diet but also toward fitness activities. These factors are expected to drive the market expansion over the forthcoming years.