Market Challenges And Opportunities

However, factors such as high cost of fitness trackers and risk of data theft is expected to hamper growth of the global fitness trackers market.

Global Fitness Trackers Market Drivers:

Rise in burden of cardiovascular diseases and obesity to drive market growth

One of the key factors expected to augment the growth of the global fitness trackers market during the forecast period is the rising prevalence of cardiovascular diseases and obesity. Several studies have shown that obesity results in cardiovascular risk factors such as dyslipidemia, hypertension, type 2 diabetes, and sleep disturbances, thereby resulting in a higher prevalence of cardiovascular disease and deaths across the globe. As per the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death taking an estimated 17.9 million lives each year. This in turn is driving the growth of the market.

Increasing awareness about health and fitness to underpin market growth

Another factor which is driving the growth of the global fitness trackers market is the increasing awareness about health and fitness. With the increasing awareness among people about health and fitness, the use or adoption of fitness trackers is also increasing. According to the World Economic Forum, worldwide, health and fitness application downloads grew by around 46% between Q1 and Q2 2020. India saw the highest increase in downloads, rising by 156% (over 58 million new active users). The Middle East and North Africa (MENA) saw the second highest growth downloads, at a 55% increase, followed by Asia-Pacific with a 47% increase.

Global Fitness Trackers Market Opportunities:

The outbreak of COVID-19 (global pandemic) is expected to offer significant growth opportunities for players in the global fitness trackers market. For instance, the demand for fitness trackers was on the rise during the pandemic due to the high consumption and use of these devices to monitor heart rate and oxygen levels. In August 2020, Fitbit Inc. announced the launch of Sense, the most advanced health Smartwatch, bringing innovative sensor and software technology with the world’s first electrodermal activity sensor on a watch to help manage stress, along with advanced heart rate tracking technology, new ECG app, and skin temperature sensor.

Increasing adoption or use of fitness trackers is expected to offer significant growth opportunities for players in the global fitness trackers market. For instance, with the increasing awareness among people about health and fitness and the benefits of fitness trackers, the adoption or usage of fitness trackers is also increasing with the rapid pace. In September 2022, Fitbit expanded its Smartwatch lineup in India with the launch of three new fitness trackers. The company launched Fitbit Versa 4, Fitbit Sense 2 fitness watches, and Fitbit Inspire 4 fitness tracker. The wearables come equipped with a heart rate sensor, SpO2 monitor, stress monitor, and more.

Global Fitness Trackers Market Restraints:

High cost of the device to hinder market growth

One of the key factors expected to hamper growth of the global fitness trackers market is the high cost of fitness trackers or smartwatches. Fitness trackers include multiple sensors and other chipset components to capture data accurately. There is an increasing demand for water-, dust-, and shock-resistant fitness trackers, and thus, manufacturers are focusing more on providing premium quality devices to meet customer requirements. Thus, manufacturers not only need to invest considerable in R&D but also need to invest heavily to market and promote these products. This in turn increase the cost of the product, restraining the growth of the market.

Risk of data theft to hamper the market growth

Another factor which is hampering the growth of the global fitness trackers market is the risk of data theft. Some the fitness trackers are vulnerable in terms of data security and connectivity. The connection of these trackers can be tampered by hackers to get the consumer location and other vital information generated by these trackers. These fitness trackers, with low data security, store the data unencrypted in the synchronized device, which increases the risk of data theft. The risk of data theft and risk of misuse restrain the market growth.