The global fitness tracker market size is expected to reach USD 138.7 billion by 2028, registering a CAGR of 18.9%

Some of the factors contributing to the market growth are the rising awareness regarding health & fitness, growing adoption of smartphones, availability of the internet, and increasing consumer disposable incomes. Moreover, the rise in cases of sedentary lifestyle-related health problems and the growing prevalence of Cardiovascular Diseases (CVDs) and obesity are likely to boost the product demand.

For instance, in 2017, about 13% of the world's adult population was obese and around 39% was overweight. The growing awareness regarding health, fitness, and wellness, specifically in the younger population with higher disposable incomes, will drive the market.

Furthermore, the Covid-19 pandemic has led to an increase in awareness regarding fitness & health resulting in a rise in the adoption of fitness trackers. In addition, the market players introduced some Covid-19-specific tracking indications to capture the growing market demand and the changing consumer requirement.

For instance, Fitbit Inc. launched Sense with a SpO2 levels monitor, ECG monitor, and stress management features to meet the growing demand. Wide distribution networks and retail tie-ups of the market players enable the availability of the latest products worldwide. In addition, the growing e-commerce sector and adoption of online channels further propel the growth of the market.

Fitness Tracker Market Report Highlights

• The smartwatch segment dominated the market in 2020 as a result of high demand for these devices owing to their features and functions, such as health tracking and communication 

• On the other hand, the fitness band segment is expected to register the fastest CAGR over the forecast period due to the comparatively low cost of these devices and the availability of advanced products with features, such as stress and sleep monitoring 

• In 2020, the online distribution channel segment held the highest market share owing to the easier availability and accessibility 

• North America dominated the market in 2020 accounting for the maximum revenue share owing to constant product innovation by key manufacturers, wide usage of smartphones and the internet, and higher disposable income levels 

• Asia Pacific is expected to be the fastest-growing regional market over the forecast period owing to the rising product adoption, growing awareness regarding fitness & health, rising consumer disposable income, and growing penetration of e-commerce platforms