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January 2024
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The global Fitness Trackers Market is estimated to be valued at US$ 61.5 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Fitness trackers are devices that are worn on the body, usually on the wrist, to track and monitor daily activities such as steps taken, calories burned, heart rate, etc. They provide real-time feedback about health and fitness related metrics. Fitness trackers are gaining popularity owing to their ability to make wearers more conscious about their activities and help in achieving fitness goals. Market key trends: One of the key trends driving growth of the fitness trackers market is the rising health conscious population globally. People are making active efforts towards healthy lifestyles and fitness regimens. Fitness trackers assist in monitoring activities and progress, which provides motivation to continue fitness routines. Their ability to track important metrics also helps in understanding areas of improvement in exercise and daily routines. Furthermore, continuous technology advancements have enabled fitness trackers to monitor a wider range of health parameters, thereby augmenting their demand. The introduction of advanced features is another major trend fueling adoption of fitness trackers worldwide. Porter’s Analysis Threat of new entrants: The threat of new entrants is moderate due to the presence of established players in the fitness trackers market. New entrants require significant capital investment and face high switching costs which makes entry difficult. Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have a large number of options to choose from in terms of brands and pricing, which gives them greater negotiation power. Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous component suppliers in the market and switching costs from one supplier to another are low. Threat of new substitutes: The threat of new substitutes is moderate as alternatives like smartwatches and fitness apps provide similar functionalities. Competitive rivalry: The competitive rivalry in the market is high due to the presence of major global players competing on the basis of pricing, product features and innovations. SWOT Analysis Strengths: Growing health and fitness consciousness. Advancements in technology leading to innovative product launches. Weaknesses: Limited battery life. High costs for advanced features. Opportunities: Untapped markets in developing regions. Integration of advanced technologies like AI and Big Data. Threats: Intense competition from fitness apps and smartwatches. Increased privacy and data security concerns. Key Takeaways The Global Fitness Trackers Market Demand is expected to witness high growth, exhibiting a CAGR of 19% over the forecast period, due to increasing health awareness among consumers. Rise in obesity and lifestyle diseases has propelled demand for activity trackers to monitor fitness goals. Regionally, North America dominates the global fitness trackers market holding over 30% share, followed by Europe and Asia Pacific. Increased consumer spending on tech-based wearables and presence of tech-savvy population drives the market in developed regions. However, Asia Pacific is expected to emerge as the fastest growing market, exhibiting a CAGR of around 22% owing to growing health consciousness and expanding middle-class population in countries like China and India. Key players operating in the fitness trackers market are Adidas AG, Apple Inc., Fitbit, Inc., Garmin Ltd., Jawbone, Moov Inc., Xiaomi Inc., Nike, Inc., Lumo Bodytech Inc., and Samsung Electronics Co. Ltd., among others. Major players are focusing on new product development and consolidation activities to strengthen their market position. Read More: https://www.newsanalyticspro.com/fitness-trackers-market-growth-market-size-share-analysis/
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