Global Wearable Fitness Technology Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The Global Wearable Fitness Technology Market is estimated to be USD 12.8 Bn in 2023 and is expected to reach USD 25 Bn by 2028 growing at a CAGR of 14.32%.

Market Dynamics

The major growth drivers for the wearable fitness technology market are consumer preference for smart gadgets, increasing popularity of wearable fitness and medical devices, raising awareness about fitness, and a growing disposable income in developing economies. The rising popularity of these devices among recreational fitness enthusiasts and professional athletes is anticipated to drive the demand for wellness and fitness products during the forecast timeframe. However, factors such as data privacy concerns, high power consumption, and low battery life could also pose a threat to market growth. To maintain a competitive edge in this market, companies continuously invest in introducing new products, expanding their operations, or entering into strategic mergers and acquisitions, creating a unique opportunity for this market. However, Failure to achieve long-term engagement and Unaddressed regulatory issues create challenges for the market.

Market Segmentation

• The Global Wearable Fitness Technology Market is segmented further based on Product Category, Product Type, Component, Technology, and Geography.
• By Product Category, the market is classified into Hand-wear, Torso-wear, Legwear, Headwear, and Others
• By Product Type, the market is classified into the Smart Watch, Smart Glasses, Smart Clothing, and Others.
• By Component, the market is classified as Hardware, Software, and Services.
• By Technology, the market is classified as Computing Technologies (Wearable Computers), Display Technologies (HUD, HMD, Amoled, and Augmented Reality), Networking Technologies (Bluetooth, NFC, AND+, and Wi-Fi), Positioning Technologies (GPS and Digital Compass), Sensor Technologies (Accelerometers and MEMS), and Speech Recognition Technologies.
• By Geography, North America is to lead the market.

Recent Developments

1. Apple reveals Apple Watch Series 7, featuring a larger, more advanced display - 14th September 2021
2. Google acquired Fitbit, the company best known for its fitness bands and smartwatches. - 14th January 2021

Company Profiles

Some of the companies covered in this report are Fitbit Inc., Oura, Whoop, Withings, Polar, Samsung Electronics Co., Ltd., Sensoria Inc., Xiaomi Technology Co. Ltd, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Wearable Fitness Technology Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains the competitive analysis using Positioning Quadrants, the Proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market