Fitness Tracker Demand to Surge with Growing Popularity of Smart Watches
Fitness trackers are increasingly in demand across a variety of applications as a result of an increase in health consciousness on a global scale. Several businesses have created and released a variety of solutions with different features. Smart glasses and apparel have been introduced, which is one of the significant developments.
Also, the market has seen a surge in interest in the use of wearable fitness trackers. The increase is being driven by an increase in the use of modern technology, such glucose monitoring. According to Fortune Business Insights, the fitness tracker 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 increase can be ascribed to people’s growing understanding of the value of physical activity. Adults should perform 150 minutes of moderate-intensity physical activity each week, along with muscle-building exercises, according to the Centers for Disease Control and Prevention (CDC).
How Did the Coronavirus Pandemic Affect Product Demand?
The imposition of social distance rules is becoming more important as a result of the COVID-19 pandemic. The significance of fitness trackers has also increased due to the growing need to improve immunity to viruses and disease. The gadgets are a common tool to monitor progress and give users the ability to accurately track calories, steps, calorie intake, heart rate, and even sleep.
Some of the key themes that will affect the industry’s growth in the upcoming years are listed below:
1# Soaring Product Launches in the Asia Pacific Region
Throughout the course of the analysis period, the Asia Pacific market is predicted to experience significant growth. The rapid introduction and development of a variety of products by various industry actors can be largely blamed for this.
For instance, Garmin announced the introduction of its Vivo smart 5 fitness tracker in India in June 2022. The smart solution comes with sophisticated sleep tracking features, including heart rate monitoring, at-a-glance health stats from Garmin for measuring stress during the day, and more.
2# Increasing Workplace Incentives to Increase Product Demand
The maintenance of employee health is an area in which employers are becoming more and more involved in recent years. Numerous organisations offer rewards to motivate staff to keep up a healthy lifestyle.
To give an example, Richardson Software guaranteed to pay back the cost of the fitness tracker if the staff reached one million steps.
3# Increasing Heart Rate Monitoring Product Deployment
Employees were seen walking during their downtime in this situation.
Over the projection period, the heart rate tracking segment is expected to have significant growth.
Moreover, heart rate monitors are crucial for a customised workout plan. The gadgets are widely used for keeping track of cardio exercises including cycling, running, and High-intensity Interval Training (HIIT), among others.
Examining the Competitive Landscape: A Brief Overview
Leading fitness tracker firms are showing a significant interest in adopting a variety of strategic actions, including mergers and acquisitions, to boost their competitive position in the market. Participating in research projects and industry conferences are additional measures. In addition, a number of market participants are concentrating on the creation of new products in order to gain a competitive advantage.
For instance, Apple announced the arrival of Apple Watch Series 6 in September 2020. A “Blood Oxygen” feature on the device offered comprehensive data regarding a person’s general wellbeing.
List of Prominent Players
- Fitbit, Inc.
- Pebble Technology Corp
- Apple Inc.
- Samsung Electronics Co Ltd
- Google Inc.
- Garmin Ltd.
The sector has seen a sharp increase in interest in tracking exercise activities. The growing awareness of the importance of remaining fit and healthy is what is driving this. Also, people are being pushed towards physical activities and a nutritious diet by the prevalence of health problems.
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