Kenneth Research, in its repository of market research reports, have recently added a report on Fitness Trackers Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Fitness Trackers Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
Global Fitness Trackers Market was valued at USD 21.20 Billion in the year 2017. Global Fitness Trackers Market is further estimated to grow at a CAGR of 19.2% from 2019 to reach USD 86.52 Billion by the year 2025.
Major market players in the Fitness Trackers Market are Apple Inc., Adidas AG, Garmin Ltd., Fitbit Inc., Jawbone, Abc, Nike Inc., Lumo Bodytech Inc., Xiaomi Inc., Samsung Electronics Co. Ltd., and brief overview of 10 more companies is also provided in the report. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
In the Global Fitness Tracker Market by region, Asia Pacific region holds the highest Market share in 2017 and is considered as the fastest growing Market in the forecasted period due to strongly growing awareness and rising youth population. At a country level, Japan and China are projected to grow strongly in the coming years.
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SWOT Analysis of Fitness Trackers Market:
Strength:
Growing trend in the youth population
Increasing disposable income.
Weakness:
Risk related to data security
High initial & production cost
Opportunities:
Technological development
Increase in fitness enthusiasts
Threats:
Unaddressed Regulatory Issues
The segmentation is done on the basis of Device Type, by Display Type, by Sales Channel, and by region. On the basis of device type, the global Fitness Trackers Market is sub-segmented as Fitness band, Smartwatches, and Others of which the Smartwatches segment is expected to hold the highest CAGR during the forecast period.
Fitness Trackers Market Segmentation:
By Display Type
*Monochrome display
*Colored display
By Sales Channel
*Online
*Offline
By Device Type
*Fitness band
*Smartwatches
*Others
By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
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