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Wearable Fitness Trackers Market Set for Prosperity in Future

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Pramod Kumar
Wearable Fitness Trackers Market Set for Prosperity in Future

The global wearable fitness trackers market is projected to attain a revenue of $48.2 billion by 2023, progressing at a 16.5% CAGR during the forecast period (2018–2023), according to a study conducted by P&S Intelligence. The market is witnessing growth due to the increasing demand for wireless and continuous health monitoring devices, rising utilization of fitness tracking apps, growing disposable income, and surging awareness regarding obesity. On the basis of product, the market is divided into leg-wear, smart garments and body sensors, wrist-wear, and others.

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Smart garments and body sensors are projected to register the highest CAGR during the forecast period, owing to the rising collaboration of fitness, fashion, and high-tech companies. The wearable fitness trackers market is bifurcated into direct and indirect in terms of distribution channel. Between the two, the indirect category is expected to hold the larger share of the market during the forecast period, owing to the rising preference of customers for online shopping and growing number of online stores across the globe.

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Geographically, North America dominated the wearable fitness trackers market in the past, due to a large number of established players, rising spending in the healthcare sector, growing adoption of fitness trackers for health monitoring, and surging prevalence of chronic diseases. The Asia-Pacific region is projected to register the fastest growth during the forecast period. This is because of the presence of various companies in the region that are offering fitness tracker devices at low costs and rising number of internet users and online shoppers.

The rising utilization of smartphone-based fitness tracking apps is a major driving factor of the wearable fitness trackers market. Such fitness tracking applications provide an improved level of functionality, along with features and designs, which can aid individuals to stay fit. In addition to this, customers are extensively opting for these solutions due to their low cost and easy accessibility. Blackberry, Apple, and Android are the major operating systems supporting the fitness tracking apps. 

 

 

 

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Pramod Kumar
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