The global fitness trackers market size was valued at $17,907 million in 2016, and is expected to reach $62,128 million by 2023, registering a CAGR [compound annual growth rate] of 19.6% through 2023, according to new data from Research and Markets (www.ResearchandMarkets.com).
Fitness trackers are devices used to track and monitor fitness-related data such as calorie consumption, distance covered, heartbeat rate, sleep duration, sweat rate, and body temperature. These devices are wirelessly synced with a smartphone or a computer. They are incorporated with software and sensors to enhance the connectivity to share and exchange data. They’re widely used in sports and fitness centers to monitor fitness and health-related parameters.
The global fitness trackers market is currently growing at a significant rate, owing to increase in use of fitness trackers among the young population. In addition, upsurge in disposable income and increase in expenditure on wearable technology propel the growth of the fitness trackers market. Moreover, advancements in technology, increase in health consciousness among consumers, and rise in demand for fitness trackers from fitness centers are some key factors driving the overall market growth, according to Research and Markets.