May 24, 2024

Fitness Trackers Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

Fitness trackers are wearable electronic devices that monitor and track fitness-related metrics such as distance walked or run, heart rate, quality of sleep, steps taken, and calories burned, to name a few. Fitness trackers offer easy access to real-time health statistics and allow users to stay motivated towards fitness goals. They come equipped with features like step counters, sleep monitors, heart rate trackers, and GPS, among others. The increasing health awareness among millennials regarding the importance of staying fit is driving the demand for these fitness trackers.

The global Fitness Trackers Market is estimated to be valued at US$ 4,112.4 Mn in 2023 and is expected to exhibit a CAGR of 47% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/fitness-trackers-market-5797

Market key trends:

One of the major trends gaining traction in the fitness trackers market is the emergence of advanced features in these wearable devices. Manufacturers are focusing on integrating advanced functionality to generate more user engagement. For instance, features like stress tracking, blood pressure monitoring, ECG, and blood oxygen saturation measurement are being integrated. Advanced biosensors allow continuous monitoring of these vitals. Furthermore, innovations facilitating advanced activity tracking like advanced sleep pattern analysis, swim tracking, workout detection, and customized health goals are enabling users to gain deeper insights into their health statistics. Integration of eSim technology is also allowing independent cellular connectivity without requiring pairing with a smartphone. This is expected to further increase the adoption of advanced fitness trackers.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the Fitness Trackers market is low. This is because of the existing major players having strong hold in the market and high capital requirements for R&D.

Bargaining power of buyers: The bargaining power of buyers in the Fitness Trackers market is high. This is due to the availability of variety of products from different brands in the market.

Bargaining power of suppliers: The bargaining power of suppliers in the Fitness Trackers market is low. This is because of presence of many suppliers for raw materials in the market.

Threat of new substitutes: The threat of new substitutes in the Fitness Trackers market is moderate. This is as better substitutes can emerge.

Competitive rivalry: The competitive rivalry in the Fitness Trackers market is high due to presence of key global players.

Key Takeaways

The global Fitness Trackers market is expected to witness high growth. The global Fitness Trackers Market is estimated to be valued at US$ 4,112.4 Mn in 2023 and is expected to exhibit a CAGR of 47% over the forecast period 2023 to 2030.

The North America region is expected to dominate the Fitness Trackers market during the forecast period. This is attributed to growing obese population and increasing inclination towards healthy lifestyle in countries like US and Canada.

Key players related content comprises Key players related content

Key players operating in the Fitness Trackers market are Pfizer Inc., Fibrogen Inc., BioMarin, Santhera Pharmaceuticals, PTC Therapeutics, NS Pharma Inc., Nobelpharma Co. Ltd., Bristol-Myers Squibb, Sarepta Therapeutics, and Eli Lilly and Company. The major players are focusing on new product launches and geographical expansion to increase their market share

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it