Wearable Fitness Devices Market

SKU: DMMD4076 | Last Updated On: Jan 10 2023 | Available Formats

>Wearable Fitness Devices Market Expected to reach a high CAGR of 17.3% By 2023-2030:

Wearable Fitness Devices Market is Segmented By Device Type (Smartwatches, Fitness Bands, Others), By Application (Pedometer, Heart rate monitor, Daily activity tracker, Sleep tracking, Others), By Distribution Channel (E-Commerce, Retail Stores), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.

Wearable Fitness Devices Market is predicted to reach at a high CAGR of 17.3% during the forecast period (2023-2030). 

A wearable fitness device is an electronic device connected via the internet or a user’s smartphone for long-term tracking of the user’s fitness data and sharing the user’s data with other fitness fanatics. Devices loaded with the blood oxygen sensor, automatic handwashing detection, and encouraging users to be more active, stay connected, & better manage their health in new ways are the best fitness tracker on the market.

Wearable Fitness Devices Market

Metrics

Details

Market CAGR

17.3%

Segments Covered

By Device Type, By Application, By Distribution Channel, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Market Dynamics

The global wearable fitness devices market growth is driven by the increasing awareness about the importance of a healthy lifestyle and demand for health monitoring devices drives the growth of the wearable fitness device. Advancements in research have led to increased innovation in recent years and have been instrumental in driving the demand for the wearable market and led to new product categories like smart fabrics and hearables, among others that incorporate high-end technology and design in daily living. The presence of high-end tracking systems makes it popular among users.

Incremental technological advancements, is expected to drive the market growth

Owing to the increasing penetration rates of urbanization, the demand for aesthetically appealing advanced featured products to better serve the consumers’ daily requirements, such as time schedules, has driven the market for wearable fitness devices globally. Moreover, the huge millennial population has been adopting smartwatches, owing to the increased spending for their regular work hours tracking and luxury standards. According to the International Council of Shopping Centers (ICSC), millennial expenditure is expected to increase across various major economies.

In addition, the use of fiber optic sensors (FOSs) has been widely accepted as a substitute for traditional sensors in smart fabrics/clothing. The reason being their small size and better metrological properties. Although the same may not be the case, companies like Lucyd focus on the ergonomics aspect in head-mounted displays. By reducing the size and weight, companies expect to increase the applications of head-mounted displays across industries. Therefore, these factors expected to fuel the wearable fitness devices market.

Data privacy risk coupled with limited battery life of wearable devices is a major restraint to the global wearable fitness devices market

The fact that many wearables store data on the local device without encryption is a real issue. There’s often no PIN or password protection, biometric security, and user authentication required to access data on a wearable. If it falls into the wrong hands, there’s a risk that sensitive data could be accessed very easily. Cisco predicts there will be more than 600 million wearable devices in use by 2020. As a result of the additional features, complexity increases, leading to a corresponding rise in power consumption. Short battery lifetimes, therefore, remain a common frustration of wearable device users.

COVID-19 Impact Analysis

The COVID-19 outbreak and the lockdown restrictions across the world have affected industrial activities across the world. The electronics industry is hit severely with a significant influence on its supply chain and production facilities. The production came to stand still in China and Taiwan during February and March, which influenced various OEMs worldwide.

Segment Analysis

The smartwatch segment is expected to hold largest share in this market segment

Wearable technology, an emerging trend, integrates electronics into daily activities and addresses the changing lifestyles with the ability to be worn on any part of the body. Wearables have gained significant traction, owing to the boom in the fitness trend across consumers. According to Cisco Systems, the number of connected wearable devices is expected to increase from 593 million in 2018 to 1,105 million in 2022. The smartwatch category is experiencing a rise, owing to additional features, like the brand that suits the everyday lifestyle. Strong brands, such as Apple and Fossil, are keeping the pricing consistent with the price bands of traditional watches to maintain their revenues. In September 2020 - Apple Inc. launched seven next-gen touchscreen smartwatches under its six brands for the tech-savvy millennials in India. The seven smartwatches are Fossil Gen 4 Smartwatch Venture HR and Explorist HR for Fossil, Skagen Falster 2 for Skagen, Michael Kors Access Runway for Michael Kors, Emporio Armani Connected for Emporio Armani, A|X Armani Exchange Connected for Armani Exchange, and Diesel Full Guard for Diesel. With Google’s WearOS, many other premium watchmakers, such as TAG and Armani, have entered the segment.

The pedometer segment is expected to hold largest share in this market segment

Pedometers are simple, easy to operate, inexpensive, and provide accurate and reliable results. They are powered by a small battery, which is designed to last for a long duration. The major advantage of a pedometer is the immediate results provided on physical activity and exercise, which motivates the wearer to set goals for daily physical activity to have a healthy body. Pedometers are small, lightweight, and almost anyone can wear them, from children to adults to older adults. The major factors driving the segment are increased healthcare issues, awareness regarding healthy lifestyles, physical exercise awareness campaigns, and technological advancement through the connection of pedometers with the digital world. According to a British Heart Foundation report, 20 million British are physically inactive, putting them at greater risk of cardiovascular diseases and cancer, back pain, diabetes, and much more. These pedometers device is a good option for all people, which will work as a motivator.

The E-Commerce segment is expected to hold largest share in this market segment

Increasing penetration of the internet and the abundant availability of smartphones is driving the e-commerce distribution channel for wearable fitness devices throughout the globe. For instance, revenue from e-commerce in the United States amounted to 431.6 billion U.S dollars in 2020. The Statista Digital Market Outlook estimates that by 2025, revenue will increase to 563.4 billion dollars. A growing trend within the e-commerce market in the United States is the increasing presence of mobile shopping. Amazon is by far the most popular e-commerce site in the United States. The company also ranks ahead of the pack in terms of U.S. e-retail sales – in 2021, it was expected to generate 386 billion dollars via retail e-commerce sales in the country. Other successful shopping websites include eBay – ranked as the most popular online marketplace by online sellers in the United States – Walmart, Target, and Apple. Various factors fueling the segment's growth are the availability of products only in brand outlets and discounts offered by specialty stores on smart devices. Consumer electronics giants Apple and Samsung are the biggest names in the industry, controlling a combined market share of over 60 percent. They suggest that over 90 million of these wearable devices are shipped around the world in 2019 with this figure rising to over 130 million by 2023.

Geographical Analysis

Asia Pacific region holds the largest market share of global wearable fitness devices market

The Asia Pacific region is expected to witness the highest growth in the wearable fitness devices market during the forecast period. The growing electronics industry and a rapid rise in disposable income in the region drive the smart wearable devices. In China, the wearables market has taken on a different shape fueled partly by the purchases of growing affluent consumers. For instance, a recent report by a government think tank in China stated that approximately 80% of the smart wearable devices in the world are manufactured in the southeastern Chinese port city and manufacturing hub. According to the China Center for Information Industry Development report, Shenzhen, the base camp of many Chinese tech giants, is the biggest R&D (research and development) and production center for smart wearables.

Moreover, increasing awareness regarding fitness, technological advancements, and the availability of high-speed Internet connectivity are the major factors propelling smart wearable market growth in the country.

Competitive Landscape

The global wearable fitness devices market is highly competitive with presence of global companies.  Some of the key players which are contributing to the growth of the market include Apple Inc.; Fitbit Inc.; Samsung Electronics; Sony Corporation; Garmin Ltd.; Fossil Group; Google Inc; Jawbone; TomTom International BV and Xiaomi Technology Co. Ltd. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the market globally. For instance, April 2021, Fitbit announced its wellness and fashion-forward fitness tracker called Fitbit Luxe. This device will help to take a more holistic approach to wellness and health. Some of the features of this device are sleek design, five days of battery, color touchscreen, and a wide range of stylish accessories.

Key Companies to Watch

Samsung Electronics

Samsung Electronics Co., Ltd. is a South Korean multinational electronics company headquartered in the Yeongtong District of Suwon. Samsung Electronics has assembly plants and sales networks in 74 countries and employs around 290,000 people. Since being established in 1969, Samsung Electronics has grown into one of the world’s leading technology companies, and become recognized as one of the top 10 global brands.

Product Portfolio: The Company’s portfolio comprised of include TVs, smartphones, wearable devices, tablets, digital appliances, network systems, medical devices, semiconductors and LED solutions.

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