Wearable Fitness Trackers Market and its Growth Prospect in the Near Future

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.

The growing installation of fitness tracking apps, increasing demand for continuous and wireless health monitoring, rising awareness on obesity, and surging disposable income are some of the primary reasons behind the growth of the wearable fitness trackers market.

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.

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On the basis of distribution channel, the wearable fitness trackers market is bifurcated into direct and indirect. Of these, during the 2013–2017 period, indirect distribution channels led the market in terms of revenue, and these are anticipated to maintain their dominance during the 2018–2023 period. This is attributed to the rising number of online stores and increasing consumer shift toward online shopping. This is why this bifurcation is expected to grow the fastest during the forecast period as well.

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.

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