Overview:

The global wearable fitness technology market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. The electronic devices that are worn by individual and are used to measure health data such as heartbeat, footsteps, calorie count, and to monitor other general body stats are called wearable fitness products.

Market Dynamics:

Rising preference for smart gadgets such as smartwatches and fitness trackers among young population is a key factor driving growth of the global wearable fitness technology market. Also, growing number of people focusing on their fitness coupled with increased disposable income are other factors propelling demand for wearable fitness products. This is another factor expected to drive growth of the global market to significant extent during the forecast period.

In addition, rising concerns related to chronic diseases, obesity, etc. among individuals across the globe have led to increased demand for fitness wearable, which is another factor fueling growth of the global market.

However, high cost of devices is one of the key factors hampering growth of the global wearable fitness technology market to a certain extent. Nevertheless, advancement in battery technology used in the wearable device is expected to offer lucrative revenue opportunities for key players over the forecast period.

Key trend:

Rising focus on product launches by major players in order to enhance the product portfolio is a key trend observed in the global market. In September 2020, Garmin International, Inc. launched D2 Air smartwatch under its D2 Aviator series.

Regional Analysis:

For detailed understanding of market dynamics, the global Wearable Fitness Technology Market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is accounted for highest share in terms of revenue in 2019. This dominance can be attributed to early adoption of wearable technology and presence of key manufacturers in the region. The Asia Pacific region is expected to witness fastest growth in the target market over the forecast period. Rising popularity of wearable technology and increased focus on healthy lifestyle are key factors expected to drive the growth of the target market in Asia Pacific region.

Scope of the Report:

Detailed Segmentation:

Global Wearable Fitness Technology Market, By Product:

• Smartwatch
• Wristband
• Smartshoe
• Smart Shirt/ Jacket
• Headband/ Smartcap
• Others

Global Wearable Fitness Technology Market, By Product Category:

• Handwear
• Torsowear
• Legwear
• Headwear
• Others

Global Wearable Fitness Technology Market, By Distribution Channel:

• Online
• Offline

Key Players Covered:

Key players operating in the market includes, Adidas AG, Fitbit, Inc., Garmin Ltd., Apple Inc., Nike, Inc., Samsung Group, Alphabet Inc., Sony Corporation, Xiaomi Corporation, and Huawei Device Co., Ltd.

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- Global Wearable Fitness Technology Market by product, product category, distribution channel, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global wearable fitness technology market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.