Fitness Tracker Market Statistics 2024: Industry Size & Growth

The fitness tracker market has exploded in recent years, taking the health and wellness industry by storm. These wearable smart devices have gone mainstream with consumer adoption at an all time high. They’re a hugely popular way to monitor physical well-being and track daily wellness activities, so just how big is this market and what does the future hold?

In this article – we outline the latest fitness tracker market statistics, from size and growth to top trends and user demographics.

We’ve spent 15+ years working in the fitness industry, from leading gym chains to global equipment manufacturers, so know the market inside-out. We proactively study the ever-changing landscape, highlight new trends, and analyse the big players, so that you don’t have to. For the last 5 years, we’ve shared this expertise with the wider industry through our articles and Research Reports which are available to purchase.

2024 Fitness Industry Market Report

Fitness Tracker Market Statistics

The fitness wearables and tracker industry is on an impressive trajectory, with exponential growth in recent years…

• The fitness tracker market is worth $55.5bn in 2024 and growing at an incredible rate of 15-20% each year.
• The market is forecast to exceed $94bn in revenue by 2027.
• Wearables was the #1 fitness trend in 2024, 2023, 2022, and 2020.

This rapid growth is being driven by a heightened awareness of health and fitness, an increasingly tech-savvy consumer base, and innovations in wearable technology.

Types of Fitness Wearables

The fitness wearables market consists of several product segments, which each cater to specific exercise and health monitoring needs. The biggest segments are…

• Smartwatches
• Fitness trackers
• Heart rate monitors
• Smart clothing

Smartwatches are hugely popular due to their multi-functionality, where as fitness trackers are focused on simplicity and efficiency. Heart rate monitors are the longest-established segment but smart clothing could be the next big thing in the fitness industry…

Wearables have transcended mere tracking devices – they’re now valuable tools for monitoring broader aspects of health. In addition to measuring physical activity, these products monitor heart health, sleep patterns, and even stress levels.

Trackers and wearables are also playing an increasingly significant role in medical contexts. They’re supporting remote patient monitoring and providing valuable data to healthcare professionals.

Wearables Market Trends

Top trends in the fitness wearables market include holistic health, medical tracking, smartphone integration, and fashion-forward design…

• Holistic health – wearables are integrating features that prioritize holistic health from advanced sleep tracking to meditation reminders.
• Medical tracking – wearables are evolving into comprehensive health companions with accuracy From ECG and SpO2 monitoring to glucose monitoring.
• Smartphone integration – they are increasingly focusing on seamless integration with smartphones.
• Fashionable aesthetics – adopting fashion-forward designs to meet evolving consumer preferences.

You might also like… Top trends in fitness or the latest health and wellness trends for this year.

Fitness Tracker Demographics

Understanding the demographics of fitness wearables users is crucial for manufacturers and marketers alike. Here are a few interesting facts about users of fitness trackers…

• Consumers span a wide age range, from tech-savvy millennials to health-conscious baby boomers.
• These devices also appeal to both genders, with a balanced representation.
• Location demographics play a role too, as urban dwellers value convenience, while rural users appreciate outdoor-friendly designs.

2024 Fitness Industry Market Report

Future Outlook

The future of fitness wearables is teeming with innovation. Looking ahead, technologies like augmented reality (AR) and virtual reality (VR) have potential to revolutionize how users engage with their fitness routines. Advanced artificial intelligence (AI) will enable more personalized and adaptable health monitoring.

But like any technology, fitness wearables face challenges and concerns. These include data privacy issues, questions about accuracy, and ensuring user adherence.

The industry is responding by enhancing data encryption and building trust through transparency. Innovations in accuracy and user-friendly interfaces continue to drive improvements.

Wearables are poised to play a central role in promoting healthier lifestyles. From tracking steps to monitoring heart health, they offer valuable insights and motivation. As the market continues to grow and evolve, these intelligent devices have the potential to encourage healthier lives.

Fitness Market Research Report

This is the most comprehensive and up-to-date industry research report available. Unlike others, you get extended access to the 2024 edition, including any updates that are made as new market data becomes available. Ideal for business planning, the 90-page report includes;

• Fitness industry revenue & growth by market segment
• Data on fitness tracker, app & equipment segments
• Gym market size, growth & membership statistics
• Online & virtual fitness market developments
• Financial information for the largest club operators globally
• Biggest & fastest growing fitness franchises
• Insights into the boutique fitness studio & personal training segments
• Latest industry trends & how to capitalise on them
• Growth markets, segments & audiences including Millennials
• Outlook & evidence-based predictions for the future of the industry
• 14-day money-back guarantee, no questions or hassle.

2024 Fitness Industry Market Report