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(Health-NewsWire.Net, October 02, 2021 )
Market Overview
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.
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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 wearables, 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 are expected to fuel the wearable fitness devices market.
Segment Analysis
By Device Type
• Smartwatches
• Fitness Bands
By Application
• Pedometer
• Heart rate monitor
• Daily activity tracker
By Distribution Channel
• E-Commerce
• Retail Stores
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Geographical Analysis
Asia Pacific region holds the largest market share of the 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 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.
Competitive Landscape
The global wearable fitness devices market is highly competitive with the 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, in 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.
Related Topic's
Wearable Medical Devices Market, Hearable Electronic Devices Market, Diabetes Devices Market, Portable X-ray Devices Market, Breast Feeding Devices Market
DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
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