Valley Cottage, NY -- (SBWire) -- 03/16/2019 --Wearable Fitness Trackers Market: About the report

Wearable fitness trackers, as considered within the scope of this report, are technology-based products that provide a variety of fitness tracking and health monitoring options to individuals who are health conscious. Besides this, the availability of technology-based smart wearable devices for keeping track on the fitness activities is a critical factor encouraging the growth of the global wearable fitness tracker market in terms of value.

Wearable Fitness Trackers Market: Overview

Wearable fitness trackers are offered in the form of wrist wear, leg wear, eye wear, ear wear and others. The wearable fitness tracker products are available as bands, watches, straps, rings, pendants, bracelets, clip-ons, clothes and others. The global wearable fitness tracker market is estimated to be valued at US$ 18,709.2 Mn by the end of 2016, and is expected to grow at a CAGR of 15.8% in terms of value over the forecast period. The global wearable fitness tracker market is expected to represent a high incremental opportunity between 2017 and 2027. This growth in the wearable fitness tracker market can be attributed to an increase in the number of corporate players in the market. The market is also increasing due to the adoption of new technologies such as Constant Glucose Monitoring (CGM), which is encouraging customers to adopt wearable fitness trackers.

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Wearable Fitness Trackers Market: Key Product Types

On the basis of product type, the global wearable fitness tracker market can be segmented into wrist wear, leg wear, smart garments and others. The wrist wear segment is expected to account for a sizable share of the overall wearable fitness tracker market by the end of the forecast period. Increasing demand for wearable fitness trackers that have features similar to smartwatches is fuelling the demand for wrist wearable fitness trackers. Increasing awareness about wearable fitness trackers in sports and their rising adoption by sportspersons is also boosting the overall wearable fitness tracker market. Owing to this, the leg wear sub-segment of the product type segment in the global wearable fitness tracker market is expected to witness a considerable CAGR during the forecast period.

Wearable Fitness Trackers Market: Key Applications

On the basis of application, the wearable fitness tracker market is categorised on the basis of pedometer, heart rate monitor, daily activity tracker, call text & calendar, sleep tracking, GPS tracking and others. The pedometer segment in the wearable fitness tracker market is expected to grow at the highest CAGR of 20% during the forecast period. On the basis of distribution channel, the wearable fitness tracker market is segmented as e-commerce and retail store. Increasing penetration of the Internet and the abundant availability of smartphones is driving the e-commerce distribution channel for the wearable fitness trackers throughout the globe. On the basis of age group, the wearable fitness tracker market is segmented as 0-5 years, 6-18 years, 19-24 years, 25-44 years, 45-60 years and 60+ years. With reference to the end-user age-group, the wearable fitness tracker market is dominated by the age-group 25-44 years owing to higher affordability and growth in disposable income, which is increasing continuously in the past few years, thus impacting the overall wearable fitness tracker market.

Wearable Fitness Trackers Market: Dynamics

The growth of the wearable fitness trackers market is predominantly driven by the adoption of advanced technologies, transitioning consumer spending behaviour and the economic growth of the developing economies of South East Asia & Others of APAC, Middle East & Africa and China. However, high cost associated with wearable fitness trackers is a major factor challenging the growth of the wearable fitness tracker market in terms of value.

Wearable Fitness Trackers Market: Regional Overview

The North America wearable fitness tracker market holds a major value share in the global wearable fitness tracker market and is likely to maintain its dominance in the global wearable fitness tracker market over the forecast period. The wearable fitness tracker market in the region is projected to represent a significant incremental opportunity between 2017 and 2027. Increase in the disposable income of the population, rising concerns regarding health and increasing involvement in sports activities is expected to facilitate the growth of the North America wearable fitness tracker market during the forecast period. Health issues, such as obesity, diabetes, cancer, blood pressure and other ailments such as body ache, asthma and the like, are increasing rapidly in developed countries such as the U.S., Canada in the North America region. Wearable fitness trackers enable end users to track their fitness parameters and analyse & record their activities, calories burned, heart rate, etc., which is driving the demand for wearable fitness trackers in North America. With continuous innovations in technology, wearable fitness trackers are offering a diversified range of features, such as pedometers, accelerometers, gyroscope, heart rate, GPS, barometers and others, to end users. Moreover, nowadays, consumers prefer modern ways of fitness tracking as "guesstimating" is not accurate enough to keep track of fitness data. Hence, the availability of technology-based smart wearable devices for keeping track on the fitness activities is driving the wearable fitness trackers market over the forecast period.

Thus, owing to the advantages associated with wearable fitness trackers and the demand for an enhanced and healthy living experience, the wearable fitness tracker market is expected to gain traction during the forecast period in developed as well as developing countries. The APEJ region is expected to present attractive opportunities for the manufacturers of wearable fitness trackers. The wearable fitness tracker market in North America is estimated to expand at a significant CAGR in terms of value over the forecast period. The sales of wearable fitness trackers in Western Europe market is projected to represent a total incremental opportunity of US$ 14,628 Mn.

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Wearable Fitness Trackers Market: Competition Landscape

Vendors in the wearable fitness tracker market are now focusing on introducing advanced innovative features and functionalities, as well as on expanding their sales channels across the globe. Some of the vendors in the wearable fitness tracker market vendors included in this study of the global wearable fitness tracker market are Apple Inc.; Fitbit Inc.; Samsung Electronics; Sony Corporation; Xiaomi; Garmin Ltd.; Fossil Group; Jawbone; TomTom International BV and Huawei Technologies Co., Ltd.

Vendors are continuously innovating their wearable fitness tracker products to penetrate the technology-influenced global market. For instance, in May 2017, Apple Inc. partnered with Nokia, a provider of information & communication technology. As per the partnership agreement, Nokia provides certain network infrastructure products and services to Apple. In June 2017, Fitbit Inc. partnered with the Minnesota Timberwolves, a Minnesota-based American professional basketball team. Under this partnership, Fitbit is an "Official Wearable" and "Official Sleep Tracker" for the players of Minnesota Timberwolves. In March 2017, Samsung partnered with Under Armour, one of the leading manufacturers of sports, casual apparels, shoes, etc., to support the "Under Armour Connected Fitness suite," which includes various fitness applications.