The market is expected to progress at a CAGR of 16.5% during 2018–2023 (forecast period). These body-borne sensors and devices help in monitoring and detecting various health and fitness parameters of an individual, including the sleep cycle, heart rate, step count, and daily activities.
Based on product, the wearable fitness trackers market is mainly classified into leg-wear, wrist-wear, and smart garments and body sensors. Out of these, during the historical period (2013–2017), the wrist-wear classification dominated the market and will continue doing so throughout the forecast period. However, the smart garments and body sensors classification is predicted to witness the fastest growth at more than 18.0% CAGR. The main reason behind this is the surging collaboration of fitness, high-tech and fashion companies. OM Smart Bra and OM Smart Shirt by OMsignal are some examples of smart garments.
Manufacturers operating in the wearable fitness trackers market are continuously launching innovative products, mainly to increase their presence and expand their product portfolio across the globe. For instance, in September 2017, Apple Inc. launched the third-generation Apple Watch Series 3, which enjoys seamless cellular connectivity. These smart watches allow individuals to stay connected, track their fitness, and receive and send texts and make calls without the use of their cell phone.
Moreover, in recent years, there has been a significant rise in smartphone users, which is expected to further drive the progress of the wearable fitness trackers market. As per a report published by the National Center for Biotechnology Information (NCBI), in 2015, nearly 64.0% of the U.S. population and 82.0% of the populace aged between 18–49 years had a smartphone. It was further reported that around 15.0% of the population had a phone connected with wearable devices, such as a smartwatch or Fitbit. These factors are raising customers’ preference for the installation of smartphone fitness tracking apps.
Thus, the increasing introduction of smart devices and rising use of fitness tracker apps are anticipated to escalate the growth of the market during the forecast period.
