The global wearable fitness tracker market is anticipated to reach a valuation of US$ 30,922.1 million in 2024, driven by incorporation of AI and ML. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 15.7% between 2024 and 2034, and reaching a total valuation of approximately US$ 133,218.4 million by 2034.
One of the major factors contributing to the growth of the market is the subscription based models, which are adopted by some companies, where users pay for advanced features, premium content, or extended services within the fitness tracker ecosystem.
The establishment of regulatory standards for health and fitness wearables can provide a level of assurance for consumers regarding the accuracy and reliability of these devices. Regulatory support can also drive innovation and market growth by creating a more stable and trustworthy environment.
There is a growing interest in integrating continuous blood glucose monitoring into wearable fitness trackers. The feature can be particularly valuable for individuals with diabetes or those looking to monitor their glucose levels for overall health and fitness management.
Wearable fitness trackers with enhanced sleep tracking features are gaining popularity. Devices that not only monitor sleep patterns but also provide insights and suggestions for improving sleep quality are becoming more prevalent.
The integration of wearable fitness trackers with virtual assistants, such as Siri, Google Assistant, or Alexa, allows users to access information, set reminders, and control other smart devices using their fitness tracker. The trend adds a layer of convenience and functionality.
The rise of telehealth services presents an opportunity for wearable fitness trackers to integrate seamlessly with virtual healthcare platforms. The integration can enable users to share their health data with healthcare professionals for remote consultations and monitoring.
Key Takeaways from the Market Study
- Global wearable fitness tracker market was valued at US$ 26,787.8 million by 2023-end.
- From 2019 to 2023, the market demand expanded at a CAGR of 14.6%.
- The market in India is expected to expand at a CAGR of 16.7% through 2034.
- By product type, the wrist wear segment to account for a share of 43.4% in 2024.
- From 2024 to 2034, wearable fitness tracker market is expected to flourish at a CAGR of 15.7%.
- By 2034, the market value of wearable fitness tracker is expected to reach US$ 133,218.4 million.
Some manufacturers are exploring modular designs that allow users to upgrade specific components of their fitness trackers, such as sensors or display modules. The approach promotes longevity and reduces electronic waste, remarks an FMI analyst.
Competitive Landscape
Prominent players in the 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., among others.
Recent Developments
- In 2023, Huawei announced the launch of its new Huawei Watch GT 3 Pro, which features a new 30 day battery life and a new ECG app for detecting atrial fibrillation.
- In 2022, Apple announced the launch of its new Apple Watch Series 7, which features a new larger display and a new fast charging feature.
- In 2022, Samsung announced the launch of its new Galaxy Watch 4, which features a new Wear OS operating system and a new body composition analysis feature.
In the same year, Fitbit announced the launch of its new Fitbit Charge 5, which features a new stress management score and a new ECG app for detecting atrial fibrillation.
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