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Fitness Tracker Market Size, Share & Trends Analysis Report By Distribution Channel (Online, and Offline), By Type (Smart Watches, Smart Bands, and Others), By Application, By Regional Outlook and Forecast, 2023 - 2030

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    Report

  • 333 Pages
  • February 2024
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5943407
The Global Fitness Tracker Market size is expected to reach $157.7 billion by 2030, rising at a market growth of 17.5% CAGR during the forecast period. In the year 2022, the market attained a volume of 5,45,182.4 thousand units, experiencing a growth of 20.7% (2019-2022).

The global interest in cycling as a form of exercise and recreational activity has surged. Therefore, the cycling tracking segment captured $6,498.8 million revenue in the market in 2022. As more people adopt cycling as a fitness routine, there is an increased demand for fitness trackers that specifically cater to the unique metrics and data associated with cycling. The growing awareness of health and wellness has led to an increased focus on monitoring and improving physical activity.



The major strategies followed by the market participants are Partnerships, Collaborations & Agreements as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2023, Garmin Ltd. came into a partnership with Aparito Limited. Under this partnership, the Garmin smartwatches were incorporated into the Atom5 clinical trial platform of Aparito. Additionally, In May, 2023, Nike, Inc. entered into a partnership with Strava, Inc., an American internet service for tracking physical exercise. Under this partnership, the companies offered the members access to track their activity across both platforms.

Cardinal Matrix - Market Competition Analysis

Based on the Analysis presented in the Cardinal Matrix; Apple Inc. is the forerunner in the market. Companies such as Google LLC (Alphabet Inc.), Samsung Electronics Co., Ltd. (Samsung Group), Nike, Inc. are some of the key innovators in the market. In October, 2023, Nike, Inc. formed a partnership with Dimension 6 Fitness Corporation, a global leader in the sporting goods industry. Under this partnership, Nike offered its Nike Strength equipment to satisfy the requirements of the athletes.



Market Growth Factors

Consumers are becoming more health-conscious, realizing the importance of regular physical activity, proper sleep, and overall well-being. There is a growing trend toward preventive healthcare, where individuals proactively take measures to maintain good health and prevent potential health issues. Hence, these aspects will assist in the growth of the market.

GPS tracking capabilities enable users to accurately measure the distance travelled during outdoor activities such as running, cycling, or hiking. Some high-end models and smartwatches incorporate ECG capabilities, allowing users to record and analyze their heart's electrical activity. Therefore, these aspects will boost the expansion of the market.

Market Restraining Factors

With many fitness trackers offering similar basic features, the market has become highly competitive. Companies struggle to differentiate their products solely based on these common functionalities, leading to price wars and reduced profit margins. As consumers become more tech-savvy and health-conscious, a growing demand for advanced features and a comprehensive health tracking experience is growing. Hence, these factors can lead to a downturn in their demand in the coming years.



The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.

By Distribution Channel Analysis

Based on distribution channel, the market is divided into offline and online. In 2022, the online segment witnessed 66.1% revenue share in the market. The overall surge in e-commerce has played a pivotal role in the rising dominance of the online mode segment in the market. Consumers increasingly prefer the convenience of shopping online, where a wide range of options is available at their fingertips. Online platforms provide unparalleled convenience and accessibility for purchasing fitness trackers.

By Type Analysis

Based on type, the market is segmented into smart watches, smart bands, and others. In 2022, the smart bands segment garnered 35.9% revenue share in the market. Smart bands often offer streamlined features, focusing primarily on health and activity tracking. This simplicity appeals to users who prioritize core functionalities such as step counting, calorie tracking, and sleep monitoring without the additional features of more complex smart watches. Therefore, the segment will grow rapidly in the coming years.



By Application Analysis

On the basis of application, the market is divided into running, sports, cycling tracking, glucose monitoring, heart rate tracking, sleep monitoring, and others. The running segment recorded 32.2% revenue share in the market in 2022. The global trend towards healthier lifestyles and increased awareness of the importance of physical activity has fueled their demand. Running is a popular form of exercise, and models tailored for runners are in demand among health-conscious individuals.

By Regional Analysis

By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe segment acquired 28.68% revenue share in the market. Fitness trackers are increasingly integrated into broader healthcare systems in Europe. Collaborations between fitness tracker manufacturers and healthcare institutions contribute to the growing acceptance of these devices in the healthcare ecosystem. Thus, these factors will contribute to the growth of the segment.

Recent Strategies Deployed in the Market

  • Oct-2023: Nike, Inc. formed a partnership with Dimension 6 Fitness Corporation, a global leader in the sporting goods industry. Under this partnership, Nike offered its Nike Strength equipment to satisfy the requirements of the athletes.
  • Sep-2023: Garmin Ltd. completed the acquisition of JL Audio, Inc., an American manufacturer of consumer audio products. Through this acquisition, the companies provided improved audio experiences for customers across the world.
  • Sep-2023: Garmin Ltd. came into a partnership with Aparito Limited, a health technology company. Under this partnership, the Garmin smartwatches were incorporated into the Atom5 clinical trial platform of Aparito. Additionally, the collaboration captured real-world data and converted it into digital endpoints.
  • Sep-2023: Apple Inc. launched the Apple Watch Series 9. The new product has the features of S9 SiP to provide improved performance and a brighter display. Additionally, the new product assists in operating the watchOS 10, which offers redesigned apps and several tools to support mental health.
  • Sep-2023: Huawei Technologies Co., Ltd. unveiled the Watch GT 4 to enhance its Watch GT series product portfolio. The new product has health and fitness functionalities for improving the heart rate sensing technology. Additionally, the new product assists in predicting menstrual cycles.

List of Key Companies Profiled

  • Adidas AG
  • Apple Inc.
  • Nike, Inc.
  • Samsung Electronics Co., Ltd. (Samsung Group)
  • Google LLC (Alphabet Inc.)
  • Garmin Ltd.
  • Xiaomi Corporation
  • Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
  • Fossil Group, Inc.
  • Sony Corporation

Market Report Segmentation

By Distribution Channel (Volume, Thousand Units, USD Billion, 2019-2030)
  • Online
  • Offline
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
  • Smart Watches
  • Smart Bands
  • Others
By Application
  • Running
  • Sports
  • Cycling Tracking
  • Glucose Monitoring
  • Heart Rate Tracking
  • Sleep Monitoring
  • Others
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Fitness Tracker Market, by Distribution Channel
1.4.2 Global Fitness Tracker Market, by Type
1.4.3 Global Fitness Tracker Market, by Application
1.4.4 Global Fitness Tracker Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
4.1 Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.3 Market Share Analysis, 2022
4.4 Top Winning Strategies
4.4.1 Key Leading Strategies: Percentage Distribution (2019-2023)
4.4.2 Key Strategic Move: (Partnerships, Collaborations & Agreements : 2022, Sep - 2023, Oct) Leading Players
4.5 Porter’s Five Forces Analysis
Chapter 5. Global Fitness Tracker Market by Distribution Channel
5.1 Global Online Market by Region
5.2 Global Offline Market by Region
Chapter 6. Global Fitness Tracker Market by Type
6.1 Global Smart Watches Market by Region
6.2 Global Smart Bands Market by Region
6.3 Global Others Market by Region
Chapter 7. Global Fitness Tracker Market by Application
7.1 Global Running Market by Region
7.2 Global Sports Market by Region
7.3 Global Cycling Tracking Market by Region
7.4 Global Glucose Monitoring Market by Region
7.5 Global Heart Rate Tracking Market by Region
7.6 Global Sleep Monitoring Market by Region
7.7 Global Others Market by Region
Chapter 8. Global Fitness Tracker Market by Region
8.1 North America Fitness Tracker Market
8.1.1 North America Fitness Tracker Market by Distribution Channel
8.1.1.1 North America Online Market by Region
8.1.1.2 North America Offline Market by Region
8.1.2 North America Fitness Tracker Market by Type
8.1.2.1 North America Smart Watches Market by Country
8.1.2.2 North America Smart Bands Market by Country
8.1.2.3 North America Others Market by Country
8.1.3 North America Fitness Tracker Market by Application
8.1.3.1 North America Running Market by Country
8.1.3.2 North America Sports Market by Country
8.1.3.3 North America Cycling Tracking Market by Country
8.1.3.4 North America Glucose Monitoring Market by Country
8.1.3.5 North America Heart Rate Tracking Market by Country
8.1.3.6 North America Sleep Monitoring Market by Country
8.1.3.7 North America Others Market by Country
8.1.4 North America Fitness Tracker Market by Country
8.1.4.1 US Fitness Tracker Market
8.1.4.1.1 US Fitness Tracker Market by Distribution Channel
8.1.4.1.2 US Fitness Tracker Market by Type
8.1.4.1.3 US Fitness Tracker Market by Application
8.1.4.2 Canada Fitness Tracker Market
8.1.4.2.1 Canada Fitness Tracker Market by Distribution Channel
8.1.4.2.2 Canada Fitness Tracker Market by Type
8.1.4.2.3 Canada Fitness Tracker Market by Application
8.1.4.3 Mexico Fitness Tracker Market
8.1.4.3.1 Mexico Fitness Tracker Market by Distribution Channel
8.1.4.3.2 Mexico Fitness Tracker Market by Type
8.1.4.3.3 Mexico Fitness Tracker Market by Application
8.1.4.4 Rest of North America Fitness Tracker Market
8.1.4.4.1 Rest of North America Fitness Tracker Market by Distribution Channel
8.1.4.4.2 Rest of North America Fitness Tracker Market by Type
8.1.4.4.3 Rest of North America Fitness Tracker Market by Application
8.2 Europe Fitness Tracker Market
8.2.1 Europe Fitness Tracker Market by Distribution Channel
8.2.1.1 Europe Online Market by Country
8.2.1.2 Europe Offline Market by Country
8.2.2 Europe Fitness Tracker Market by Type
8.2.2.1 Europe Smart Watches Market by Country
8.2.2.2 Europe Smart Bands Market by Country
8.2.2.3 Europe Others Market by Country
8.2.3 Europe Fitness Tracker Market by Application
8.2.3.1 Europe Running Market by Country
8.2.3.2 Europe Sports Market by Country
8.2.3.3 Europe Cycling Tracking Market by Country
8.2.3.4 Europe Glucose Monitoring Market by Country
8.2.3.5 Europe Heart Rate Tracking Market by Country
8.2.3.6 Europe Sleep Monitoring Market by Country
8.2.3.7 Europe Others Market by Country
8.2.4 Europe Fitness Tracker Market by Country
8.2.4.1 Germany Fitness Tracker Market
8.2.4.1.1 Germany Fitness Tracker Market by Distribution Channel
8.2.4.1.2 Germany Fitness Tracker Market by Type
8.2.4.1.3 Germany Fitness Tracker Market by Application
8.2.4.2 UK Fitness Tracker Market
8.2.4.2.1 UK Fitness Tracker Market by Distribution Channel
8.2.4.2.2 UK Fitness Tracker Market by Type
8.2.4.2.3 UK Fitness Tracker Market by Application
8.2.4.3 France Fitness Tracker Market
8.2.4.3.1 France Fitness Tracker Market by Distribution Channel
8.2.4.3.2 France Fitness Tracker Market by Type
8.2.4.3.3 France Fitness Tracker Market by Application
8.2.4.4 Russia Fitness Tracker Market
8.2.4.4.1 Russia Fitness Tracker Market by Distribution Channel
8.2.4.4.2 Russia Fitness Tracker Market by Type
8.2.4.4.3 Russia Fitness Tracker Market by Application
8.2.4.5 Spain Fitness Tracker Market
8.2.4.5.1 Spain Fitness Tracker Market by Distribution Channel
8.2.4.5.2 Spain Fitness Tracker Market by Type
8.2.4.5.3 Spain Fitness Tracker Market by Application
8.2.4.6 Italy Fitness Tracker Market
8.2.4.6.1 Italy Fitness Tracker Market by Distribution Channel
8.2.4.6.2 Italy Fitness Tracker Market by Type
8.2.4.6.3 Italy Fitness Tracker Market by Application
8.2.4.7 Rest of Europe Fitness Tracker Market
8.2.4.7.1 Rest of Europe Fitness Tracker Market by Distribution Channel
8.2.4.7.2 Rest of Europe Fitness Tracker Market by Type
8.2.4.7.3 Rest of Europe Fitness Tracker Market by Application
8.3 Asia Pacific Fitness Tracker Market
8.3.1 Asia Pacific Fitness Tracker Market by Distribution Channel
8.3.1.1 Asia Pacific Online Market by Country
8.3.1.2 Asia Pacific Offline Market by Country
8.3.2 Asia Pacific Fitness Tracker Market by Type
8.3.2.1 Asia Pacific Smart Watches Market by Country
8.3.2.2 Asia Pacific Smart Bands Market by Country
8.3.2.3 Asia Pacific Others Market by Country
8.3.3 Asia Pacific Fitness Tracker Market by Application
8.3.3.1 Asia Pacific Running Market by Country
8.3.3.2 Asia Pacific Sports Market by Country
8.3.3.3 Asia Pacific Cycling Tracking Market by Country
8.3.3.4 Asia Pacific Glucose Monitoring Market by Country
8.3.3.5 Asia Pacific Heart Rate Tracking Market by Country
8.3.3.6 Asia Pacific Sleep Monitoring Market by Country
8.3.3.7 Asia Pacific Others Market by Country
8.3.4 Asia Pacific Fitness Tracker Market by Country
8.3.4.1 China Fitness Tracker Market
8.3.4.1.1 China Fitness Tracker Market by Distribution Channel
8.3.4.1.2 China Fitness Tracker Market by Type
8.3.4.1.3 China Fitness Tracker Market by Application
8.3.4.2 Japan Fitness Tracker Market
8.3.4.2.1 Japan Fitness Tracker Market by Distribution Channel
8.3.4.2.2 Japan Fitness Tracker Market by Type
8.3.4.2.3 Japan Fitness Tracker Market by Application
8.3.4.3 India Fitness Tracker Market
8.3.4.3.1 India Fitness Tracker Market by Distribution Channel
8.3.4.3.2 India Fitness Tracker Market by Type
8.3.4.3.3 India Fitness Tracker Market by Application
8.3.4.4 South Korea Fitness Tracker Market
8.3.4.4.1 South Korea Fitness Tracker Market by Distribution Channel
8.3.4.4.2 South Korea Fitness Tracker Market by Type
8.3.4.4.3 South Korea Fitness Tracker Market by Application
8.3.4.5 Singapore Fitness Tracker Market
8.3.4.5.1 Singapore Fitness Tracker Market by Distribution Channel
8.3.4.5.2 Singapore Fitness Tracker Market by Type
8.3.4.5.3 Singapore Fitness Tracker Market by Application
8.3.4.6 Malaysia Fitness Tracker Market
8.3.4.6.1 Malaysia Fitness Tracker Market by Distribution Channel
8.3.4.6.2 Malaysia Fitness Tracker Market by Type
8.3.4.6.3 Malaysia Fitness Tracker Market by Application
8.3.4.7 Rest of Asia Pacific Fitness Tracker Market
8.3.4.7.1 Rest of Asia Pacific Fitness Tracker Market by Distribution Channel
8.3.4.7.2 Rest of Asia Pacific Fitness Tracker Market by Type
8.3.4.7.3 Rest of Asia Pacific Fitness Tracker Market by Application
8.4 LAMEA Fitness Tracker Market
8.4.1 LAMEA Fitness Tracker Market by Distribution Channel
8.4.1.1 LAMEA Online Market by Country
8.4.1.2 LAMEA Offline Market by Country
8.4.2 LAMEA Fitness Tracker Market by Type
8.4.2.1 LAMEA Smart Watches Market by Country
8.4.2.2 LAMEA Smart Bands Market by Country
8.4.2.3 LAMEA Others Market by Country
8.4.3 LAMEA Fitness Tracker Market by Application
8.4.3.1 LAMEA Running Market by Country
8.4.3.2 LAMEA Sports Market by Country
8.4.3.3 LAMEA Cycling Tracking Market by Country
8.4.3.4 LAMEA Glucose Monitoring Market by Country
8.4.3.5 LAMEA Heart Rate Tracking Market by Country
8.4.3.6 LAMEA Sleep Monitoring Market by Country
8.4.3.7 LAMEA Others Market by Country
8.4.4 LAMEA Fitness Tracker Market by Country
8.4.4.1 Brazil Fitness Tracker Market
8.4.4.1.1 Brazil Fitness Tracker Market by Distribution Channel
8.4.4.1.2 Brazil Fitness Tracker Market by Type
8.4.4.1.3 Brazil Fitness Tracker Market by Application
8.4.4.2 Argentina Fitness Tracker Market
8.4.4.2.1 Argentina Fitness Tracker Market by Distribution Channel
8.4.4.2.2 Argentina Fitness Tracker Market by Type
8.4.4.2.3 Argentina Fitness Tracker Market by Application
8.4.4.3 UAE Fitness Tracker Market
8.4.4.3.1 UAE Fitness Tracker Market by Distribution Channel
8.4.4.3.2 UAE Fitness Tracker Market by Type
8.4.4.3.3 UAE Fitness Tracker Market by Application
8.4.4.4 Saudi Arabia Fitness Tracker Market
8.4.4.4.1 Saudi Arabia Fitness Tracker Market by Distribution Channel
8.4.4.4.2 Saudi Arabia Fitness Tracker Market by Type
8.4.4.4.3 Saudi Arabia Fitness Tracker Market by Application
8.4.4.5 South Africa Fitness Tracker Market
8.4.4.5.1 South Africa Fitness Tracker Market by Distribution Channel
8.4.4.5.2 South Africa Fitness Tracker Market by Type
8.4.4.5.3 South Africa Fitness Tracker Market by Application
8.4.4.6 Nigeria Fitness Tracker Market
8.4.4.6.1 Nigeria Fitness Tracker Market by Distribution Channel
8.4.4.6.2 Nigeria Fitness Tracker Market by Type
8.4.4.6.3 Nigeria Fitness Tracker Market by Application
8.4.4.7 Rest of LAMEA Fitness Tracker Market
8.4.4.7.1 Rest of LAMEA Fitness Tracker Market by Distribution Channel
8.4.4.7.2 Rest of LAMEA Fitness Tracker Market by Type
8.4.4.7.3 Rest of LAMEA Fitness Tracker Market by Application
Chapter 9. Company Profiles
9.1 Adidas AG
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Regional Analysis
9.1.4 Research & Development Expense
9.1.5 Recent strategies and developments:
9.1.5.1 Partnerships, Collaborations, and Agreements:
9.1.6 SWOT Analysis
9.2 Apple, Inc.
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Regional Analysis
9.2.4 Research & Development Expense
9.2.5 Recent strategies and developments:
9.2.5.1 Product Launches and Product Expansions:
9.2.6 SWOT Analysis
9.3 Nike, Inc.
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Segmental Analysis
9.3.4 Recent strategies and developments:
9.3.4.1 Partnerships, Collaborations, and Agreements:
9.3.4.2 Acquisition and Mergers:
9.3.5 SWOT Analysis
9.4 Samsung Electronics Co., Ltd. (Samsung Group)
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Segmental and Regional Analysis
9.4.4 Recent strategies and developments:
9.4.4.1 Partnerships, Collaborations, and Agreements:
9.4.4.2 Product Launches and Product Expansions:
9.4.5 SWOT Analysis
9.5 Google LLC (Alphabet Inc.)
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Segmental and Regional Analysis
9.5.4 Research & Development Expense
9.5.5 Recent strategies and developments:
9.5.5.1 Partnerships, Collaborations, and Agreements:
9.5.6 SWOT Analysis
9.6 Garmin Ltd.
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Segmental and Regional Analysis
9.6.4 Research & Development Expenses
9.6.5 Recent strategies and developments:
9.6.5.1 Partnerships, Collaborations, and Agreements:
9.6.5.2 Product Launches and Product Expansions:
9.6.5.3 Acquisition and Mergers:
9.6.6 SWOT Analysis
9.7 Xiaomi Corporation
9.7.1 Company Overview
9.7.2 Financial Analysis
9.7.3 Segmental and Regional Analysis
9.7.4 Research & Development Expense
9.7.5 SWOT Analysis
9.8 Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Segmental and Regional Analysis
9.8.4 Research & Development Expense
9.8.5 Recent strategies and developments:
9.8.5.1 Product Launches and Product Expansions:
9.8.6 SWOT Analysis
9.9 Fossil Group, Inc.
9.9.1 Company Overview
9.9.2 Financial Analysis
9.9.3 Segmental and Regional Analysis
9.9.4 Research & Development Expense
9.9.5 SWOT Analysis
9.10. Sony Corporation
9.10.1 Company Overview
9.10.2 Financial Analysis
9.10.3 Segmental and Regional Analysis
9.10.4 Research & Development Expenses
9.10.5 Recent strategies and developments:
9.10.5.1 Partnerships, Collaborations, and Agreements:
9.10.5.2 Product Launches and Product Expansions:
9.10.6 SWOT Analysis
Chapter 10. Winning Imperatives of Fitness Tracker Market

Companies Mentioned

  • Adidas AG
  • Apple Inc.
  • Nike, Inc.
  • Samsung Electronics Co., Ltd. (Samsung Group)
  • Google LLC (Alphabet Inc.)
  • Garmin Ltd.
  • Xiaomi Corporation
  • Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
  • Fossil Group, Inc.
  • Sony Corporation

Methodology

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