Smart Sports Fitness Tracker Market
Smart Sports Fitness Tracker Market Analysis By Product Type (Smart Watches, Smart Bands), By Application (Activity Tracking, Sleep Monitoring, Heart Rate Monitoring, Augmenting Nutrition Plan, Coaching), By Distribution Channel (Hypermarkets/Supermarkets, Departmental Stores, Online Retail, Sports Stores), By Price (Economy, Mid, Premium, Super-premium) & By Region - Global Market Insights 2023 to 2033
Analysis of Smart Sports Fitness Tracker Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Smart Sports Fitness Tracker Market Outlook (2023 to 2033)
The global smart sports fitness tracker market is valued at US$ 2.88 billion in 2023 and is projected to reach US$ 4.52 billion by 2033-end, expanding at a CAGR of 4.6%.
A smart sports fitness tracker is a device or gadget worn on the hand that is wirelessly connected to computers or smartphones and monitors the wellness parameters of individuals such as heart rate, sleep quality and time, breathing, and calories burned or consumed. Fitness trackers monitor the user's walking or running distance and the number of steps. Moreover, owing to the aforementioned advantages, the demand for fitness tracking systems is increasing among health-conscious consumers.
Smart sports fitness trackers were initially used by people involved in active physical pursuits such as sports, gym, weight loss training, etc. However, the rising awareness of weight management and increasing prevalence of health-related disorders is shifting customer’s preference towards the adoption of digital technologies for healthcare. Smart sports fitness trackers are widely used during activities such as swimming, cycling, running, hiking, and more.
Rising per capita disposable income, growing fitness consciousness among the public, and the integration of intelligent AI-powered devices into everyday life are poised to generate lucrative prospects for manufacturers of smart sports fitness trackers. Additionally, the strong interest exhibited by key consumer demographics, including the working-class population and younger adults, in cutting-edge technological gadgets is projected to significantly bolster the sales of smart sports fitness tracker products over the next decade.
Smart watches and smart bands are some of the types of smart sports fitness trackers. Sales of smartwatches are increasing at a healthy pace due to their user-friendly usability and effective activity-tracking features.
Smartwatches, also referred to as wearable fitness tracking devices, are rapidly becoming an integral part of consumer electronics. Their most beneficial feature lies in health monitoring, offering fitness enthusiasts crucial health metrics and disease-related information. Additionally, mobile chipset companies’ heavy investments in smartwatch devices are boosting their adoption rates.
- Qualcomm, a mobile chipset company is making substantial investments in the production of smartwatches, catering to a diverse demographic that includes children, seniors, and adults.
- In July 2021, Garmin introduced a pair of health-oriented smartwatches in the Indian market. These two smartwatches, namely the Venu 2S and Venu 2, are equipped with impressive features such as an AMOLED touchscreen protected by Gorilla Glass 3, a health snapshot function, and a selection of over twenty-five pre-installed sports applications.
|Smart Sports Fitness Tracker Market Size (2023E)||US$ 2.88 Billion|
|Forecasted Market Value (2033F)||US$ 4.52 Billion|
|Global Market Growth Rate (2023 to 2033)||4.6% CAGR|
|East Asia Market Growth Rate (2023 to 2033)||4.2% CAGR|
|United States Market Growth Rate (2023 to 2033)||4.5% CAGR|
|Key Companies Profiled||
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Demand Growth Forecasts for Smart Sports Fitness Trackers (2023 to 2033)
- Short Term (2023 to 2026): Rising awareness about personal healthcare along with multifunctional product offerings from manufacturers are expected to drive substantial demand for smart fitness trackers from 2023 to 2026.
- Medium Term (2026 to 2029): The market is expected to exhibit substantial growth from 2026 to 2029 due to the introduction of products at price points that are acceptable to customers in emerging economies like East Asia, the Middle East, Africa, and South Asia. Furthermore, the increasing per capita disposable income in these regions is anticipated to lead to higher expenditures on technology upgrades, further boosting the market.
- Long Term (2029 to 2033): Substantial investments in technological innovations, including smart jewelry, insoles, footwear, and clothing, are expected to present additional opportunities for market growth driven by these advancements.
What is Driving the Demand for Smart Sports Fitness Trackers?
“Emphasis on Integration of AI into Fitness Tracking Systems”
Utilization of advanced technology devices across various sectors is fueling growth opportunities for the market. Furthermore, the focus on technological advancements in managing personal healthcare and fitness is capturing public interest. Creation of fitness trackers incorporating state-of-the-art artificial intelligence (AI) systems is offering consumers virtual personal training experiences by delivering real-time data on their physical activities.
Organic light-emitting diodes (OLEDs) and active-matrix organic light-emitting diodes (AMOLEDs) are enhancing the displays of fitness trackers. Increasing adoption of e-textiles and smart textiles in wearable fitness devices is significantly influencing customer preferences in favor of clothing-connected smart devices. Consequently, these factors are anticipated to drive the sales of smart sports fitness trackers over the next decade.
“Rising Prevalence of Lifestyle Disorders and Infectious Diseases”
Increasing prevalence of contagious diseases, intensified by the recent global pandemic COVID-19, has prompted people to focus on maintaining their physical and mental well-being. Single-function devices like thermal scanners, SpO2 detectors, and heart rate recorders have seen widespread use as people self-monitor and document their physical conditions.
Availability of these advancements in the form of portable wearable gadgets has garnered a strong customer base. Furthermore, growing awareness of the consequences of physical inactivity, including issues like obesity, insomnia, depression, and spinal disorders, among Generation Z, millennials, and desk-bound professionals has led to greater adoption of smart sports fitness trackers for daily use.
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What Issues Do Smart Sports Fitness Tracker Manufacturers Face?
“Privacy and Data Security Concerns Associated with Smart Sports Fitness Trackers”
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 user in many unknown ways. The user’s information can be leaked in public or can be used by unauthorized organizations.
In Afghanistan, Iraq, and Syria, fitness tracker devices used by servicemen were used to identify the locations of their covert military bases. Due to privacy concerns, this issue has the potential to significantly disrupt the market and lead to a substantial decline.
What Strategies are Expected to Empower New Companies in the Market?
“Focus on Investments in Innovations and e-Commerce Platforms”
The smart sports fitness tracker business is a dynamic arena for both established players and newcomers. New entrants often face the challenge of breaking into a competitive landscape dominated by well-established brands. However, strategic approaches help newcomers to carve out their niche and earn more.
New smart sports fitness tracker companies should observe the market gaps and unmet consumer needs. Instead of trying to outdo established players in every aspect, newcomers should focus on niche features or unique selling points that set them apart. Newcomers can differentiate themselves by investing in cutting-edge technologies such as advanced sensors, AI algorithms, and long-lasting battery life. These features can attract tech-savvy consumers seeking the latest advancements.
Rise of e-commerce platforms is providing a cost-effective means for newcomers to reach a global audience. Online marketplaces enable direct-to-consumer sales, reducing the need for extensive physical retail presence. Collaborating with established retailers or e-commerce platforms can help newcomers expand their reach and tap into existing customer bases.
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Sales of smart sports fitness trackers in the United States, Germany, and Japan are rising due to a combination of health, economic, and technological factors. Fact.MR elaborates on the unique drivers in each of these markets for businesses looking to expand and succeed in these regions.
How is Demand for Smart Sports Fitness Trackers Evolving in the United States?
“Shift towards Healthier Lifestyles and Rising Investments in Corporate Wellness Programs”
Demand for smart sports fitness tracker technologies is estimated to rise at a CAGR of 4.5% in the United States during the next 10 years. The United States is witnessing a significant shift towards healthier lifestyles. Fitness trackers provide a convenient way to monitor and track fitness goals for health-conscious individuals.
Many companies in the United States are investing in employee wellness programs, which often include fitness trackers. Corporate adoption of fitness trackers is driving market growth, as employers encourage their workforce to maintain a healthy lifestyle.
Why Do Producers of Smart Sports Fitness Trackers Have an Advantage in Germany?
“Cultural Focus on Health and Quality Engineering”
Germany is known for its health-conscious culture, physical fitness values, and well-being. This cultural inclination is driving demand for fitness trackers as German consumers are focused on monitoring and improving their health.
Germany is also well-known for its innovations and consumers' growing preference for high-quality, reliable fitness products is boosting the adoption of smart fitness trackers. Fitness trackers with robust engineering and precision monitoring sensors are well-produced in this market.
Why are Profits of Suppliers of Smart Sports Fitness Trackers Rising in Japan?
“Innovation in Fitness Trackers with Improved Sensors and Health Monitoring Capabilities”
In Japan, there is a strong cultural emphasis on health and longevity. Fitness trackers align with this cultural value, as they enable users to monitor their health and stay active.
Japan has a large aging population. Seniors in Japan are widely using fitness trackers to track their vital signs and other health-related aspects. Consumers appreciate cutting-edge technology. Constant innovation in fitness trackers, such as improved sensors and health monitoring capabilities, is attracting tech-savvy consumers.
Activity tracking, sleep monitoring, heart rate monitoring, augmenting nutrition plan, and coaching are all applications of smart sports fitness trackers. Smart fitness trackers are widely utilized for monitoring and tracking daily physical activities. Fact.MR, a market research and competitive intelligence provider, mentions that smart trackers find equal importance in various other applications, serving specific purposes.
What Explains the High Demand for Activity Tracking Smart Fitness Devices?
“Increased Participation in Physical Sports Activities”
Rising prevalence of chronic conditions like diabetes, cardiac arrests, and obesity is leading to increased awareness about physical fitness and wellness among the population. As a result, people are increasingly shifting their focus toward leading healthier, disease-free lives.
Individual’s growing participation in physical sports activities is creating favorable opportunities for manufacturers of smart sports fitness trackers. These activity-tracking devices are in high demand due to their broad range of applications, including tracking time spent on activities such as running, walking, cycling, aerobics, yoga, and more.
Coaches, training groups, and individual professional athletes are utilizing innovative, technology-based, premium sports fitness devices to monitor their physical routines both during training sessions and during periods of rest.
Manufacturers of smart sports fitness trackers are focusing on the creation of technologically improved items at reasonable prices by investing in the development of innovative 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.
Leading players are also partnering with renowned sportspersons 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 Inc. launched its Series 5 smartwatch implementing all the advanced features such as onboard heart rate tracking and GPS.
- August 2021: Catapult announced the arrival of its new wearable fitness tracking product called Catapult One. The product is advantageous in tracking the performances of athletes by using various in-built tools.
Key Segments of Smart Sports Fitness Tracker Industry Research
By Product Type :
- Smart Watches
- Smart Bands
By Application :
- Activity Tracking
- Sleep Monitoring
- Heart Rate Monitoring
- Augmenting Nutrition Plan
By Distribution Channel :
- Departmental Stores
- Online Retail
- Sports Stores
By Price :
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
The global smart sports fitness tracker market stands at US$ 2.88 billion in 2023.
Sales of smart sports fitness tracker devices are projected to reach US$ 4.52 billion by 2033.
Sales of smart sports fitness tracker products are forecasted to increase at a CAGR of 4.6% from 2023 to 2033.
The United States market is foreseen to advance at a CAGR of 4.5% through 2033.
With more than 146 million smart wearables shipped to date, Apple Holds a significant position in the global market for smart sports fitness trackers.
Combination of AI and ML is expected to lead to more personalized and accurate smart sports fitness trackers.