Wearable Fitness Trackers Market Overview
The global wearable fitness trackers market size is projected to grow at a CAGR of 16.5% during the forecast period. Increasing use of fitness tracking apps, rising demand for wireless and continuous health monitoring devices, raising awareness about obesity, and increase in disposable income are some of the factors driving the growth of the global market.
NORTH AMERICA WEARABLE FITNESS TRACKERS MARKET, BY DISTRIBUTION CHANNEL, $M (2013 - 2023)
On the basis of product, the wearable fitness trackers market is categorized into wrist-wear, smart garments and body sensors, leg-wear, and others. Smart garments and body sensors are expected to showcase fastest growth in demand, witnessing CAGR of 18.1% during the forecast period. This growth is mainly due to the increasing collaboration of fashion, fitness and high-tech companies.
The wearable fitness trackers are available in the market through indirect and direct distribution channels. Indirect distribution channels are estimated to hold the larger share in the wearable fitness trackers market in 2017. This larger market share of the category is mainly due to the increasing number of online stores and growing consumers preference for online shopping, globally.
Globally, North America held the largest share of the wearable fitness trackers market, owing to the presence of large number of market players such as Apple Inc., Fitbit Inc., Fossil Group Inc., increasing prevalence of chronic diseases, rising adoption of fitness trackers for health monitoring, and increasing healthcare spending in the region.
Wearable Fitness Trackers Market Dynamics
Surge in new product launches, and integration and cross compatibility of personal health and personal assistance are the key trends observed in the wearable fitness trackers market. Globally, the players in market are focusing on launching new and innovative products, mainly with the strategic aim to increase geographic presence and expand product portfolio. For instance, in January 2018, Garmin International, Inc., a unit of Garmin Ltd. introduced the Approach X10, a golf band to its wearable line-up, which is compatible with the company’s Golf app. Also, advanced integration and cross compatibility of personal health and personal assistance features in a single smartwatch product is a prominent trend observed in the wearable fitness trackers market.
DISTRIBUTION CHANNEL ANALYSIS OF WEARABLE FITNESS TRACKERS
Some of the major factors contributing to the growth of the wearable fitness trackers industry are increasing use of fitness tracking apps, rising demand for wireless and continuous health monitoring devices, raising awareness about obesity, and increase in disposable income.
The increasing use of smartphone-based fitness tracking apps is a key driver in the wearable fitness trackers market. These fitness tracking apps offer enhanced level of functionality with designs and features that can help an individual to stay fit. Due to easy accessibility and low cost, consumers are becoming more inclined towards using these apps, resulting in a rise across the dominant smartphone platform. Moreover, the fitness tracking apps are supported by all major smartphone operating systems, such as Apple, Android, and Blackberry.
Also, there has been an increase in the demand to produce wireless and continuous health monitoring devices, due to growing geriatric population and associated diseases with this age group, for instance diabetes which requires continuous health monitoring. Also, the unfavourable reimbursement policies by healthcare payers make the medical devices with latest technologies less affordable by the large pool of patients, which is expected to fuel the growth of the wearable fitness trackers market.
Additionally, many organizations are conducting physical fitness and health awareness programs among population that would reduce the costs in the health care system. For instance, Campaign to End Obesity, a non-profit organization in the U.S. conducts various programs to increase the awareness about various issues such as proper diet, and exercise, as comprehensive obesity treatment approaches. In June 2013, the American Association of Physicians of Indian Origin (AAPI), launched the Childhood Obesity Awareness program. The Obesity Action Coalition (OAC) is another organization that conducts programs to increase awareness related to the treatment as well as prevention of obesity and provides evidence-based education on obesity and its treatments. Thus, increasing awareness among population is expected to boost the demand of the wearable fitness trackers.
Tapping the hybrid watch and fashion accessories market is the major opportunity in the wearable fitness trackers market. Hybrid watch which is a fusion of traditional mechanical watch along with a smartwatch and fashion accessories such as rings, bracelets, bangles, brooch, necklace are some of the product categories that create a huge opportunity for the growth of the players in the global wearable fitness trackers market. Hybrid watch combines features of a regular smartwatch with some connected features but without a touch display and charging functionality, it is smart because of bluetooth connectivity, however resembles looks of a normal mechanical watch with added functionalities such as tracking, and calorie burn.
Wearable Fitness Trackers Market Competitive Landscape
With a number of technological advancements taking place in the wearable fitness trackers market, the players are collaborating with other major players to launch smart wearable fitness trackers. For instance, in August 2017, Samsung Electronics Co. Ltd. and Speedo International Ltd. announced their partnership to bring swim-tracking capabilities in the Gear Sport smartwatch. The Samsung Gear Sport smartwatch features the Speedo On swim-tracking app, which helps swimmers to track their activities. In July 2017, Fitbit Inc., collaborated with DexCom, Inc. to develop and market products for blood glucose monitoring. This will enable the users to track their activity and glucose level on their wrist.
Some of the other key players operating in the wearable fitness trackers market are Apple Inc., Garmin Ltd., Sony Corporation, Lumo Bodytech Inc., Xiaomi Inc., Fossil Group, Inc., Moov Inc., Sensoria Inc., TomTom International BV, and Motiv Inc.