Market Trends of Global Fitness Tracker Industry
This section covers the major market trends shaping the Fitness Tracker Market according to our research experts:
Smart Watches Segment is Expected to Witness Growth Over the Forecast Period
Wearable fitness tracking gadgets such as smartwatches have swiftly established themselves as an important part of consumer electronics. The most advantageous component of the smartwatch has been health monitoring. It helps the fitness enthusiast by providing important health parameters and provides information related to the diseases. As people are anxious about their health, it has thereby increased the shipments of fitness trackers. Because every smartwatch has a fitness tracker, its popularity is skyrocketing.
Moreover, there is a huge adoption of smartwatches among people these days and mobile chipset companies are also investing in these devices. For instance, Qualcomm, a mobile chipset company, is heavily investing in Smartwatches and powering smartwatches for children, seniors, and adults. This data also helps doctors by rendering some sophisticated and important information related to patients. This data assists medical experts in solving challenges such as determining the influence of a new drug or continuously monitoring the recovery state of an operated patient, among other things.
Smartwatch accelerometers could be used to detect convulsions and tremors, which could be useful for those with illnesses like epilepsy. When epileptic seizures occur, prompt and effective treatment is critical to reducing the risk of long-term physical harm. Smartwatches can be used to notify friends, family, and healthcare professionals about seizures that could result in hospitalization. Due to the versatile benefits of these smartwatches, there is a huge adoption of smartwatches. For instance, In July 2021, Garmin launched two health-focused smartwatches in India. These two smartwatches are Venu 2S and Venu 2 with features such as an AMOLED touchscreen with Gorilla Glass 3 protection, a health snapshot feature, and a boast of more than twenty-five built-in sports apps. Hence, such developments are expected to further accelerate the market growth in this segment.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
Increased attention on developing new products with the latest technologies in branded companies and expanding device popularity through digital marketing is expected to be reasons for North America to hold a significant share.
The United States contributes a significant share due to increased awareness about health and higher adoption of fitness trackers in the United States. The market is also expected to be driven by rising cases of health disorders associated with sedentary lifestyles, an increase in disposable incomes, the introduction of novel products by leading industry players, and the growing prevalence of smartphones and the internet in the United States.
For instance, In January 2020, According to Pew Research Center, estimated that almost one-in-five adults (21%) in the United States utilize a smartwatch or wearable, fitness tracker on the daily basis. The same source also stated that around three-in-ten Americans (31%) have household earnings of USD 75,000 or more and they regularly use a smartwatch or fitness tracker daily, compared to only 12% of those whose yearly family income is less than USD 30,000. This indicates that an increase in disposable incomes is also contributing to the growth of the fitness trackers market in the United States.
Higher adoption of fitness trackers by the United States due to the health disorders associated with sedentary lifestyles and higher disposable incomes has contributed to a higher regional share of the fitness trackers market.
