Global Wearable Fitness Technology Market Size, Trends & Growth Opportunity, By Product (Smartwatch, Wristband, Smartshoe, Smart Shirt, Headband, and Others), By Component (Display, Processor, Memory Chip, Power Management Components, Networking Component

Global Wearable Fitness Technology Market Size, Trends & Growth Opportunity, By Product (Smartwatch, Wristband, Smartshoe, Smart Shirt, Headband, and Others), By Component (Display, Processor, Memory Chip, Power Management Components, Networking Components, User Interface Components, Sensors, Mechanical Components, and Others), By Technology (Computing Technologies, Display Technologies, Networking Technologies, Positioning Technologies, Sensor Technologies, and Speech Recognition Technologies),By Region and Forecast till 2027.

Global Wearable Fitness Technology Market

The global Wearable Fitness Technology market was valued at USD 45 billion in 2021 and it is expected to reach at USD 162 billion in 2027 at a CAGR of 17.5 % during forecast period 2022-2027.

Wearable Fitness Technology consist electronic products that have been designed to be worn by the person so that can keep a track of its heartbeat, footsteps, so that one can keep himself fit and fine and also give a real time information about the health of the overall body. This technology is used to monitor or record fitness related activities such as calories, heart rate, sleep, steps, and others.

Market Drivers

Rise in consumer preference towards smart gadgets is the key driving factor which is expected to boost the global wearable fitness technology market growth. Furthermore, rise in demand for wearable fitness and medical devices will positively contribute the market growth. Also, rise in awareness about fitness and increasing disposable income in developing economies will fuel the market growth during this forecast period. Moreover, continuous technological advancements will drive the market growth. For instance, in May 2020, Fitbit had launched its new wearable 4G-Enabled Smartwatch for children. It has safety tracking features with video calling, and voice calling options. Additionally, increase in demand for connected devices will raise the demand for wearable fitness technology in near future.

Market Restraints

However, power consumption and limited battery life of wearable devices is the major restraining factor which is expected to hinder the global wearable fitness technology market growth. Also, high initial cost and production cost will affect the market growth.

COVID-19 Impact

Outbreak of covid-19 significantly affect the semiconductor and electronic market.Due to shutdown of industry and lockdown imposed by government the production and supply chain is disrupted which negatively impact the growth of market.

Recent Development

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Market Segmentation

Global Wearable Fitness Technology Market is segmented into product such as Smartwatch, Wristband, Smartshoe, Smart Shirt, Headband, and Others, by component such as Display, Processor, Memory Chip, Power Management Components, Networking Components, User Interface Components, Sensors, Mechanical Components, and Others, by technology such as Computing Technologies, Display Technologies, Networking Technologies, Positioning Technologies, Sensor Technologies, and Speech Recognition Technologies. Further, market is segmented into activity tracking such as Calories, Steps, Sleep, Heart Rate, and Others.

Also, Global Wearable Fitness Technology Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players

Various key players are discussed in this report such as Fitbit Inc., Apple Inc., Xiaomi Technology Co. Ltd., Garmin Ltd., Samsung Electronics Co. Ltd., Adidas AG, LG Electronics Inc., Nike Inc., Qualcomm Inc, and Sony Corp.

Market Taxonomy

By Product Smartwatch Wristband Smartshoe Smart Shirt Headband OthersBy Component Display Processor Memory Chip Power Management Components Networking Components User Interface Components Sensors Mechanical Components OthersBy Technology Computing Technologies Display Technologies Networking Technologies Positioning Technologies Sensor Technologies Speech Recognition TechnologiesBy Activity Tracking Calories Steps Sleep Heart Rate OthersBy Region North America Latin America Europe Asia Pacific Middle East & AfricaKey Questions Addressed by the Report What are the Key Opportunities in Global Wearable Fitness Technology Market? What will be the growth rate from 2022 to 2027? Which segment/region will have highest growth? What are the factors that will impact/drive the Market? What is the competitive Landscape in the Industry? What is the role of key players in the value chain? What are the strategies adopted by key players?