GITNUX MARKETDATA REPORT 2024

Fitness Tracker Industry Statistics

The fitness tracker industry is projected to grow steadily, with increasing adoption rates among consumers looking to monitor their health and activity levels.

Last Updated: June 22, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we explore the dynamic landscape of the fitness tracker industry, backed by a comprehensive array of statistics and projections. From the staggering growth of the global market size to the changing demographics of users, each statistic paints a vivid picture of the evolving trends shaping this sector. Let’s dive into the numbers that define the present and future of fitness trackers.

Statistic 1

"By 2023, the global fitness tracker market size is projected to reach $62.128 billion, from $17.86 billion in 2016."

Statistic 2

"North America has dominated the fitness tracker market with a revenue share of over 45% in 2020."

Statistic 3

"Demand for fitness trackers with heart-rate monitors is expected to grow at a CAGR of 17% from 2021 to 2028."

Statistic 4

"About 1 in 5 Americans use a fitness tracker or a smartwatch regularly."

Statistic 5

"The Asia Pacific fitness tracker market is expected to grow at the highest CAGR of over 20% during 2022-2026."

Statistic 6

"The estimated number of connected wearable devices worldwide in 2021 is 722 million, which includes fitness trackers."

Statistic 7

"Garmin is the third biggest player in the global fitness tracker market, with a share of 7% in 2020."

Statistic 8

"The offline sales channel dominated the fitness tracker market with over 70% revenue share in 2019."

Statistic 9

"Fitness trackers are most popular among consumers aged 25-34, comprising 29% of the user base in 2020."

Statistic 10

"The usage of fitness trackers among people older than 55 has increased by 15% since 2019."

Statistic 11

"Women are slightly more likely to use fitness trackers. In 2020, 25% of women and 18% of men reported using these devices."

Statistic 12

"Fitbit, a major player in the fitness tracker industry, sold 16 million devices in 2020."

Statistic 13

"The overall smart wearable band shipments grew 24% annually in Q3 2020."

Statistic 14

"The market for sleep-tracking functions in fitness trackers is expected to grow at a CAGR of over 20% during 2018 - 2023."

Statistic 15

"Fitness trackers with integrated AI are expected to grow at a CAGR of 30% during 2021-2026."

Statistic 16

"Almost half of fitness tracker users, or 48%, stopped using them within six months of starting."

Statistic 17

"More than half of fitness tracker users feel that the data they get from their devices are very or somewhat useful in managing their health."

Statistic 18

"In 2017, over 33% of fitness tracker users reported potentially problematic levels of self-monitoring."

In conclusion, the fitness tracker industry is experiencing significant growth and innovation, with key trends such as the increasing demand for heart-rate monitoring features, the rise of connected wearable devices globally, and the expanding market for advanced functions like sleep-tracking and integrated AI. While North America has been a dominant player in the market, the Asia Pacific region is poised for rapid growth. Despite high initial adoption rates, a substantial portion of users discontinue their fitness tracker usage within six months. However, for those who continue to utilize these devices, the majority find the data provided useful in managing their health. As the industry continues to evolve and cater to diverse consumer needs, companies like Fitbit and Garmin are likely to play crucial roles in driving further innovation and market expansion.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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