Industry Background:
Fitness tracker is an effective device that used to record or monitor the fitness related activities such as running, distance covered, sleep duration and heartbeat. Fitness tracker market is expected to mark significant growth over forecasted period owing to increasing consumers spending on smart gadgets enabled with technology, health awareness and wireless connectivity mode. There has been significant rise in number of people buying smart watches with figure stood up to 71 million in United States alone in 2018, the future for fitness tracker looks promising. The major companies are adding more proven technologies systematically and strategically in Asia-Pacific countries as these countries are focused on fastest-growing verticals in the interactive operating systems and high-end activity tracking system.
According to AMA, the market for Fitness Tracker Consumption is expected to register a CAGR of 19.7% during the forecast period to 2026. This growth is primarily driven by Rise in Demand of Smart Gadgets and Wireless Devices Boost the Market., Increase Health Awareness among Customer Fuelled up the Market. and Rapid Adoption of Internet of Things (IoT) Ecosystem is Propelled the Market..
Globally, a noticeable market trend is evident Rise in research and developments and cost effective product portfolio.
. The Electronic Equipment & Instruments sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Apple Inc. (United States), Fitbit (United States), Samsung (South Korea), Garmin (United States), Suunto (Finland), Jawbone (United States), Casio (Japan), Polar (Finland), Nike (United States) and Adidas (Germany) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In March 2018, Fitbit launched a Versa Lite smart watch edition which is beneficial in providing automatic activity, PurePulse 24/7 heart rate, sleep stages tracking. It’s designed to offer attractive, versatile, and easy-to-use device with core features.
Regulatory Insights:
“According to Food and Drug Administration, its provide regulations whether a product is a low risk general wellness product, the product must make only general wellness claims and the product must not present inherent risks to a user’s safety.”
Market Drivers
- Rise in Demand of Smart Gadgets and Wireless Devices Boost the Market.
- Increase Health Awareness among Customer Fuelled up the Market.
- Rapid Adoption of Internet of Things (IoT) Ecosystem is Propelled the Market.
Market Trend
- Rise in research and developments and cost effective product portfolio.
- Collaboration and Tie Up Of Leading Players
Restraints
- High Cost Associated with Devices Hampers the Fitness Tracker Market.
- Rapid Change in Technology and Product Advancements Leads to Restrain the Market.
Opportunities
Rise in fitness enthusiasts and change in lifestyle expected to boost the Market. and Upsurge Demand of Fitness Tracker Due to User Friendly in Nature.
Challenges
Limitation Due to Data Theft Risk Anticipated to Challenge the Market. and Sophisticated Programming in Fitness Tracker Threat the Global Market.
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Fitness Tracker Consumption Study Sheds Light on
The Fitness Tracker Consumption Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Fitness Tracker Consumption industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Fitness Tracker Consumption industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.