Fitness Tracker is majorly used to monitor and record fitness-associated physical activities, for example, distance walked, steps taken, heartbeat monitoring, sleep duration, and many others. The wireless connectivity medium is engaged for the connection of these devices with computers or smartphones. The innovations in technologies and innovation are predicted to boost market growth in the forthcoming period. In September 2019, Apple unveiled the apple watch series 5, with several advanced features such as onboard tracking of GPS and heart rate with high accurateness.
According to the report analysis, ‘Fitness Tracker Market: Current Analysis and Forecast (2021-2027)’ states that the requirement for the Fitness Tracker market is augmenting on account of the growing trend of wearable technology amongst young youth, augment in awareness of health consciousness, growth in IoT trend, great preference in old age individuals. Moreover, the growing disposable income leads to high buying power which boosts the market growth. Nowadays, Gym-goers are more concerned to know more about their physical advancement, for instance, body fat percentage to sleep quality, apart from only simple information such as their weight. For Instance, during 2018, Apple remodeled and included an electrocardiogram (ECG) feature on the Apple Watch Series 4, which allows for a more thorough analysis of its users’ heart health. The intersection of Wearable fitness technology with healthcare and digital technologies is predicted to boost market growth.
Based on Distribution, the market is classified into Online and Offline. The Online segment registered the market during 2020 and is projected to develop at lucrative throughout the forecasted period. The augmenting penetration of the internet and smartphones all over the world is propelling the segment growth. In addition, the growing popularity of e-commerce platforms due to speedy service and high convenience offered by them strengthens the market growth.
Based on Application, the market is categorized into Heart Rate Tracking, Sleep Monitoring, Glucose Monitoring, Sports, Running, and Cycling Tracking. The Running sector dominated the market in 2020 and is estimated to develop at lucrative during the forecasted duration owing to growing competition and consumer preference. Few Fitness tracker devices such as Nurvv run by Nurrv and Forerunner by Garmin are majorly designed for several sports applications, proposing various features such as Hill Splitter, lap counter, and goal setting.
Some of the foremost players functioning in the market include Adidas AG, Apple Inc., Fitbit Inc., Garmin Ltd, Google Inc, Jawbone Inc, LG Electronics Inc, Nike Inc, Pebble Technology Corp, and Qualcomm Inc. Several M&As along with partnerships have been undertaken by such players to boost their presence in dissimilar regions.
For a better understanding of the market implementation of Fitness Tracker, the market is analyzed based on its worldwide existence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will register the Fitness Tracker market on account of the due to the augmenting awareness and implementation of fitness trackers. Furthermore, the augmenting incidents of health issues connected to sedentary lifestyles, the augmenting the penetration of smartphones and the internet, and the advent of innovative products by foremost market players in the North American region will propel the market growth.
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