Top 8 Stats on the Fitness Trackers market
- In 2021, the global fitness tracker market was worth a whopping 45 billion. By 2030, the market is expected to reach 192 billion at a CAGR of 17.5%.
- The fitness tracker market is divided into fitness bands, wearable devices, smart glasses, smartwatches, and even smart clothing. The smartwatch group is the biggest contributor and is projected to see significant growth at a CAGR of 16.6%
- The wearable fitness tracker markets also include software and hardware. Fitness tracker hardware is expected to grow at a CAGR of 16.9% in the forecast period 2021-30.
- Wearable fitness trackers are also segmented into Bluetooth, Wi-Fi, cellular, and others. The biggest segment is Bluetooth, which experts expect to grow at a CAGR of 17.1% between 2021 and 2030. (1)
- Key players are iOS, Android, and Windows as they comprise a significant segment of the wearable fitness trackers market. Remarkably, the Android component is the most significant contributor and is projected to see market growth at a CAGR of 16.6% until 2030.
- Distribution also plays a factor in the global wearable fitness trackers market, with the offline component expected to grow by 16.5% between 2021 and 2030. The online market is projected to hold steady.
- Wearable fitness trackers can be used for applications and health data such as cycling, running, heart rate, sleep quality, stress management, etc. Not surprisingly, the running component is the largest of the bunch and should see continued growth through 2013 at a CAGR of 16.3%. (2)
- Regional insights, North America is the most dominant player in the wearable fitness trackers market, with experts predicting a growth rate at a CAGR of 15.5.% through 2030. The Asia-Pacific region and Europe are also close behind.
Fitness Trackers Market and Demographics
With technology moving in leaps and bounds in recent years, fitness buffs have taken advantage of devices such as fitness trackers to track their healthy lifestyle. Fitness trackers are great for tracking data such as sleep monitoring, heart rate and even metrics like power output and cadence.
How many people own smartwatches and wearable fitness devices?
According to figures, less than half of all Americans (45%) own a wearable fitness tracker or smartwatch. (3)
Who wears and owns a wearable fitness tracker
Those with household incomes between $75,000 and $90,000 are 58% more likely to own a wearable fitness device than those with incomes of $35,000 or less. (4)
Fitness tracker statistics and the health insurance market
In the US, 69% of people said they would wear a fitness tracker for discounted health insurance. 46% said they’d be happy to share the data with their provider. 55% of those who don’t own a smartwatch would wear one for reduced insurance rates.
Demographics and the global fitness tracker market
Although the North Americans dominate the global market, emerging markets like South East Asia Pacific and the Middle East are seeing massive market growth. This distribution channel is both online and offline and is only expected to expand globally in the coming years.
45% of Americans own wearable fitness trackers, with Apple Watches making up 20% and Fitbit close behind at 16%.
Generations and the fitness trackers market
70% of the Gen Z’s own a fitness tracker, as well as 57% of millennials and 51% of women.
Fitness fanatics and fitness trackers market growth factors
93% of wearable fitness trackers buy them to track their health data and stress management. 88% of those users say fitness trackers were pivotal in achieving their goals. 48% reported an increase in daily steps, and 34% increased their exercise and calories burned. (5)
Fitness Trackers and Captured Health Data
Fitness trackers are not only used to track fitness data like heart rate and sleep monitoring but much of the activity tracked is now being utilized by healthcare and insurance companies. The global pandemic has brought awareness of the critical role that health plays in our general well-being, and fitness trackers are making it capturing that data much easier.
Fitness trackers and health data collected
Those who own a fitness tracker perform more regular exercise than those without one. Wearable fitness device owners exercised 4.3 days weekly, while non-owners worked out only 3 days.
Fitness trackers and rising health awareness
Fitness tracker owners report much better health, sleep quality, and stress management, with an average rating of 3.5 out of 5. Non-fitness tracker owners had a score of 3.3. Now that’s marginal gains.
Fitness trackers and types of exercise and activity
Fitness trackers are perfect for tracking various health data and activities. 30% track stress management, 27% track their exercise data, 26% track their nutrition and diet, and 24% track their daily accumulated steps. (6)
Smartwatches, doctors, and health data
Nearly 42% of fitness tracker owners have discussed their tracked health data with their local healthcare provider.
Fitness trackers, sleep quality, and stress management
The most discussed topics and data with their doctor or local healthcare providers were stress management, sleep quality, and calories burned.
The Global Fitness Trackers Market Growth
All the major players are spending millions of dollars on research and development when it comes to the fitness trackers market. Apple, Garmin ltd, Huawei, and Nike are just a few who are looking to dominate the market growth. Expect to see new players in the fitness trackers market in the coming years, especially as market growth is only expected to grow.
Global fitness tracker market lead players
The global fitness market lead players are Apple Inc, Fossil Group Inc, Garmin Ltd, Samsung Electronics, Google LLC (Alphabet Inc.), Huawei Technologies (Huawei), NIKE Inc, Sensoria Inc, TomTom N.V., and Xiaomi Corporation.
Fitness Trackers and Gallup Poll Results
A recent Gallup survey found that only 19% of American adults either own or wear a fitness tracker and have downloaded a cellphone health and fitness app.(7)
Fitness trackers, smartphones, and tablets
Approximately 34% of Americans have experimented with fitness trackers such as an Apple Smartwatch, a Garmin LTD, or a Fitbit. Furthermore, 32% have tried tracking their health and fitness by smartphone or tablet. (8)
Fitness Trackers and Funds Raised
The developers of cutting-edge technology Whoop, raised an astounding $55 million to create a fitness-tracking app that tracks data such as sleep tracking, health issues, stress management, etc. (9)
Is Garmin better than Fitbit?
Most gym-goers believe that Garmin products are much better fitness trackers when compared to Fitbit. Although Garmin is a bit pricier, its products are far superior and much more reliable than Fitbit, especially as a fitness tracker.
How long can a fitness tracker last?
A high-quality and durable wearable fitness tracker can last up to 5 years or even longer. The price and brand will also be a big factor when it comes to the durability and quality of your fitness tracker.
How much is Fitbit monthly charge?
Fitbit premium costs $9.99 per month. Not bad for a high-quality fitness tracker.
What’s the difference between a Fitbit and Garmin?
If you’re looking for a good fitness tracker, Fitbit, and Garmin are two wearable fitness devices that will meet your needs. Fitbit is a good budget option, while Garmin offers high-end fitness tracking, including cycling tracking and health tracking.
Is a Garmin fitness tracker worth buying?
There’s no denying that Garmin leads the way in the fitness tracker market. Garmin fitness trackers are incredibly accurate wearable devices and are known for their reliability and advanced features.
Which fitness tracker lasts the longest?
When it comes to fitness trackers, the Coros Apex Multisport GPS Watch can reportedly run for 24 days even when used normally. GPS typically drains batteries, but not with the Coros; the battery life will last 24 hours with the GPS on.
What is the most accurate fitness tracker and smartwatch?
There are many wearable fitness trackers in the ever-growing wearable fitness trackers market. Garmin, Wahoo, Fitbit, and Apple Watch tend to be the most popular fitness trackers in the fitness industry.
How long does a Garmin Fitness Tracker last?
Most wearable fitness trackers and smart watches typically last up to 7 years. Remember, though, GPS watches require rechargeable batteries which will need replacing sooner or later.
Why use Garmin instead of a phone?
Depending on your plan, using your cell phone to navigate around can be an expensive mistake. Although fitness trackers with GPS are expensive, they only require a one-time fee and come with zero hidden costs as many cellphone plans do.