Smart Sports Fitness Tracker Market

Smart Sports Fitness Tracker Market Outlook (2022-2032)

The global smart sports fitness tracker market is set to enjoy a valuation of US$ 2,747.4 Million in 2022 and further expand at a CAGR of 4.6% to reach US$ 4,290.6 Million by the end of 2032.

Fitness tracker as an industry accounted for less than one percent of the overall spending on fitness equipment till 2021, but recent spending trends substantiate heightened consumer spending and likely to contribute upto three percent by 2032.

Report Attributes	Details
Smart Sports Fitness Tracker Market Size (2021A)	US$ 2,628.3 Million
Estimated Market Value (2022E)	US$ 2,747.4 Million
Forecasted Market Value (2032F)	US$ 4,290.6 Million
Global Market Growth Rate (2022-2032)	4.6% CAGR
North America Market Share (2021)	~ 27.9%
East Asia Market Growth Rate (2022-2032)	~ 4.2% CAGR
United States Market Growth Rate (2022-2032)	~ 4.5% CAGR
Market Share of Top 5 Companies	~20.8%
Key Companies Profiled	Apple Inc Huawei Technologies Google LLC Xiaomi Corporation Samsung Electronic Nike Inc Bonlala MOKO Smart Starmax Garmin

Shipment Analysis of Smart Sports Fitness Tracker (2017-2021) Vs. Market Forecast Outlook (2022-2032)

A smart sports fitness tracker is a device or gadget that is wirelessly connected to computers or mobiles and tracks and monitors wellness behaviors such as heart rate, sleep quality and time, breathing, and calories burned or consumed. Additionally, it also tracks the user's walking or running distance and the number of steps. Moreover, owing to the aforementioned advantages, the demand for fitness tracking systems has surged in the health-conscious and fitness-enthusiast population.

Historically, smart sports fitness trackers were generally used by populations involved in active physical pursuits such as sports, gym, weight loss training, etc. However, the outbreak of COVID-19 has created a huge space for market growth in which continuous expansion of the digital industry helps in shifting customer preference towards digital monetarization of health.

Hence, by considering the aforementioned factors the market for smart sports fitness trackers garnered moderate progression, determining a compound annual growth rate of 4.6% in the historical period of 2017-2021.

Moreover, the market is anticipated to grow at a stationary CAGR over the forecast period. Increasing per capita disposable income, fitness awareness among the population, and penetration of smart AI-powered devices in domestic lifestyles have created opportunities for market growth. The market is forecasted to remain at a steady CAGR of 4.6% over the period of 2022-2032.

Additionally, increased interest of target audiences such as the working class population and younger adults towards technologically advanced gadgets will further propel product penetration in the global market. The smart sports fitness tracker market is projected to show a noteworthy growth of US$ 4,290.6 Million by the end of the forecast period 2032.

• Short Term (2022 Q2 to 2025): Emerging awareness about personal health care among the population along with multifunctional and advantageous product offerings from the manufacturer’s end to drive the market growth in short span of 2022-2025.
• Medium Term (2025-2028): Product launches at customer acceptable prices in emerging economies such as East Asia and the Middle East & Africa and South Asia will power the fitness tracker market in the forecast period of 2025-2028. Additionally, increase in per capita disposable income in these regions has gradually increased the equivalent spending on technology upgradation. Thus, the market is estimated to experience an absolute $ opportunity of US$ 587.5 Million during 2025-2028.
• Long Term (2028-2032): Rigorous investment in technological advancements from the creator’s end along with the introduction of advanced smart wearable fitness trackers such as smart jewelry, insoles, footwear, and clothes will further offer an opportunity-driven market growth. The product market is predicted to grow at a healthy Y-o-Y of 4.4% from 2031 to 2032.

Over 2017-2021 historical period, global smart sports fitness tracker market registered a CAGR of 4.6%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 4.6% CAGR between 2022 and 2032.

Market share analysis of smart sports fitness tracker based on product type and region is provided in a nutshell in the above image. Under the product type segment, the active tracking sub-segment dominates with 20.7% market share in 2022.

What’s Driving Demand for Smart Sports Fitness Tracker?

“Penetration of Internet and Technologically Advanced Gadgets to Impel the Market Growth.”

The utilization of technologically advanced gadgets in almost every domain has garnered opportunistic growth for the global technology market. Moreover, engagement in tech advancements for regulating personal healthcare and fitness has garnered public attention over the years. The development of fitness trackers using cutting-edge advanced artificial intelligence (AI) systems has provided consumers with virtual personal training experiences.

Furthermore, organic light-emitting diodes (OLEDs) and AMOLED are cutting-edge screens that are improving the display on fitness trackers. Moreover, the growing use of e-textiles and smart textiles in wearable fitness devices is strongly supported in shifting the customer preference towards smart connected devices. Thus, the aforementioned factors are projected to boost market growth during the forecast period.

“Increased Prevalence of Fitness Tracking Amid COVID-19 Global Pandemic to Encourage the Market Growth”

The occurrence of a global pandemic COVID-19 has driven the population’s attention to perpetuating their physical and mental health. Single-function devices such as thermal scanners, spO2 detectors, and heart pulse rate recorders have been tremendously used by the population at their levels to self-analyze and record their physical status. Moreover, the availability of all these advancements in form of easy-to-carry, wearable gadgets has provided a strong customer base. Additionally, rising awareness about the results of physical inactivity such as obesity, insomnia, melancholy, and spinal cord disorders among GenZ, the millennial generation, and desk oriented working population has propelled and pushed the market towards growth.

What Do Smart Sports Fitness Trackers Manufacturers Need to Watch Out for?

“Data Security Risk to Detain the Market Growth.”

Data collected and recorded on the fitness tracker apps or gadgets usually contain the personal information of users such as age, date of birth, pictures, current location, health status, etc. Programming bugs from the manufacturer’s end can lead to cyber data theft which can harm the individual user in many unknown manners. The user’s information can be leaked in public or can be used by unauthorized organizations.

For instance, in Afghanistan, Iraq, and Syria, servicemen were exposed to secret military outposts by using information from their fitness tracker devices. Owing to the privacy concern factor, the market may get deviated which can result in a great downfall.

Country-wise Insights

Will High Spending on Fitness Maintenance in the Europe Drive the Demand for Smart Sports Fitness Trackers?

Advancements in research and development concerning human physical health are one of the market-driving factors for the growth of Europe. Moreover, increasing government support to invest in electrical and electronic commerce will promote the growth of the fitness tracker market in Europe.

Owing to the aforementioned aspects, Europe is dominating the whole target market in terms of revenue and value share, and it is expected to garner incremental opportunities by attaining a market value of US$ 1,135.5 Million in 2032.

Why Is East Asia expected to be Highly Lucrative for the Market?

East Asia is a developing economy around the world and is anticipated to enjoy gradual market growth by accounting for a compound annual growth rate of 4.2% over the forecast period of 2022-2032.

Investments in hi-tech advances in regions like China, Japan and India have projected growth opportunities for the market players. Additionally, the growing population pool, coupled with the adoption of fitness tracking devices, the huge influx of leading market companies, the growing number of fitness enthusiasts, proliferation and investments in sports activities, and increased health consciousness, are driving market growth in East Asia.

Category-wise Insights

What Explains the High Demand for Activity Tracking Segment?

A rise in the occurrence of chronic diseases such as diabetes, cardiac arrests, and obesity has engendered awareness about physical fitness and wellness among the population. Moreover, owing to the above-mentioned factor, the population is shifting their interests toward leading a healthy disease-free life. Escalated physical sporting activity participation among the people has staged opportunistic growth for the fitness tracker market. Furthermore, the activity tracking sub-segment dominates the product type segment due to its extensive application offering such as documenting the time spent on running, walking, cycling, aerobics, yoga, and many others.

Likewise, coaches, training groups, and individual professional players employ innovative technology-based super-premium sports fitness devices to keep track of their physical routines both during training sessions and at rest.

Why Pervasiveness of Mid- Price Based Segment Embrace the Sale of Smart Sports Fitness Tracker?

The mid-price-based sub-segment in the smart sports fitness tracking market is anticipated to manifest a compound annual growth rate of 4.5% over the forecast period of 2022-2032.

It has been estimated that roughly two-thirds of the world's population earns a middle-class income. Because of the prevalence of innovations and technical breakthroughs in this demographic, there is a high demand for cost-effective wellness products. Moreover, the rise in dual disposable income has increased the per capita fitness and technological spending of the middle-class population.

Furthermore, the manufacturer's modest product range such as wearable smartwatches, which includes all of the fundamental essential tracking systems, is creating attractive chances for market expansion.

Competitive landscape

The manufacturers of smart sports fitness trackers are concentrating their efforts on the creation of technologically improved items at reasonable pricing by investing in the development of new fitness-tracking software and algorithms. Moreover, manufacturers are also relying on creative sales and marketing tactics to entice their target customers to buy their products. For instance, the leading players are partnering with active international sportsmen or healthcare awareness campaigns to mark their market presence and endorse their products.

Furthermore, the implementation of environmentally friendly manufacturing processes is one of the major strategic objectives of the leading market players towards environment conservation.

• September 2019: Apple has launched its smart watch, series 5 implementing all the advanced features such as, on board heart rate tracking, GPS etc.
• July 2021: Gramin has introduced two new fitness tracking smartwatches in the Indian market featuring advanced AMOLED touchscreen with more than 25 different sports apps.
• August 2021: Catapult has announced the arrival of their new wearable fitness tracking product Catapult One. The product will be advantageous in tracking the performances of athletes by using various in-build tools.

Segmentation of Smart Sports Fitness Tracker Industry Research

• Smart Sports Fitness Tracker Market by Product Type:

  • Activity Tracking
  • Sleep Monitoring
  • Heart Rate Monitoring
  • Augmenting Nutrition Plan
  • Coaching
  • Others

• Smart Sports Fitness Tracker Market by Distribution Channel:

  • Hypermarket/Supermarket
  • Departmental Stores
  • Online Retail
  • Sport Stores
  • Others

• Smart Sports Fitness Tracker Market by Price-based:

  • Economy
  • Mid
  • Premium
  • Super-premium

• Smart Sports Fitness Tracker Market by Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA