Wearable Tracking Devices Market Trends

Global Wearable Tracking Devices Market Overview

Wearable Tracking Devices Market Size was valued at USD 9.38 billion in 2023. The Wearable Tracking Devices market is projected to grow from USD 10.48 Billion in 2024 to USD 23.64 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.46% during the forecast period (2024 - 2032). 

The significant increase in head-mounted display technology and Virtual reality (VR) and augmented reality (AR) developments are gaining popularity and are the key market drivers enhancing market growth.

In February 2024 Samsung Galaxy Fit 3 was released in the Indian market. A fitness tracking device, entry level for this brand, has a display of 1.6 inches, and it is AMOLED, which is 45% wider than its previous version. Encased in an aluminum frame, it comes in three colors: grey, silver and pink gold.

Other news came about Noise another big player in the wearable technology space, launching their latest NoiseFit Vortex Plus last month, January 2024. This smartwatch also allows for calls to be made through Bluetooth, making it even more useful.

In July 2023, Samsung Electronics and the National Sleep Foundation have intensified their partnership as they battle against the increasing sleep disorders with new technologies. In order to enhance its wearable innovations, the tech company will be taking advantage of NSF data.

In April 2023, QMS MAS (Medical Allied Services) introduced a wide range of products under their Q Devices portfolio. The event was held jointly with Varanium Cloud Ltd as well as announced Vyana, which is a groundbreaking medical wearble. Vyana aims to meet the growing demand for timely help from medical wearables by constantly monitoring critical parameters, sending immediate notifications and reporting emergency contacts during major fluctuations.

In April 2023 Xiaomi unveiled their Xiaomi Mi Band 8 smart wearable device. It features a Mi Band tablet-shaped dial with an AMOLED display. Both sides of the bands are attached to Mi’s Band8 unlike other models where bands wrap around them.

In March 2023, Samsung joined hands with Google and Qualcomm to make announcements on upcoming mixed-reality headsets together.

In October 2022, Google revealed its Pixel Watch valued at USD349 for the Wi-Fi-only version, while the cellular one goes for USD399. These figures are approximately $50-$100 less expensive compared to similar Apple Watch Series 8 versions.

In August 2022, Fitbit Inc. disclosed that it would be launching the Sense 2, Inspire 2 and Versa 4 models as part of its new range of watches.

Wearable Tracking Devices Market Trends

• Increase in head-mounted display technology to boost the market growth

There will likely be a big increase in head-mounted display technology. In the healthcare sector, augmented reality (AR) and virtual reality (VR) developments are also gaining popularity. Medical professionals employ virtual reality (VR) technology and VR headsets to assist surgical training and operations. This helps them reduce the likelihood of surgical errors. Digital projections are layered with actual objects in augmented, virtual, and mixed reality, providing context information and enabling users to manipulate their surroundings visually. While these technologies are accessible through various devices, including smartphones, tablets, and other devices, head-mounted displays (HMDs) have gained popularity. This has led to growth of wearable tracking devices market revenue.

Virtual reality (VR) and augmented reality (AR) are primarily experienced using immersive HMDs. Cost, availability, ergonomics, unattractive design, and other factors have all restricted consumer usage to a certain extent. The main market for AR HMDs is enterprise use, where they are employed on a personal level as hands-free tools for training and streamlining internal business processes.

Because they see the potential of AR, major gaming consoles manufacturers like Nintendo and Microsoft are leading the charge. Players can exit "their world" and play in the real world with augmented reality (AR). In Human Pac-Man, users can dress like the Pac-Man characters, put on goggles, and chase each other outside. Many players think that more than holding a mobile device is needed for AR gaming. Console devices can partially make up for that has enhanced the Wearable Tracking Devices market CAGR Globally in recent years.

Wearable Tracking Devices Market Segment Insights

Wearable Tracking Devices Types Insights

The Wearable Tracking Devices market segmentation, based on types, includes Wristwear, Fitness Bands, smartwatches, Footwear, and Others. The Wristwear segment held the majority share in 2022, contributing to the wearable tracking devices market revenue. This segment accounted for the highest revenue share of more than 49.45 percent. To boost their product sales, some smartwatch and fitness tracker manufacturers target customers like athletes, outdoor enthusiasts, and sports enthusiasts. By providing data on calorie intake, water intervals, and step monitoring, these devices offer fitness-related metrics and promote a healthy lifestyle.

Wearable Tracking Devices Application Insights

The Wearable Tracking Devices market segmentation, based on Application, includes Healthcare, Consumer electronics, and Others. The Consumer electronics segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The high share of this market can be attributed to the rise in wearable technology, such as fitness bands and AR/VR headsets. Several manufacturers, including Garmin Ltd., Apple Inc., Omron, etc., and Nemaura, focus on developing devices that deliver data, which includes both clinical and non-clinical information. In the case of diabetic patients, Nemaura's sugarbeet Wearable Technology eliminates the daily finger-prick calibration procedure by enabling frequent blood glucose monitoring implants for Wearable Tracking Devices, positively impacting the market growth.

Wearable Tracking Devices Sales Channel Insights

Sales Channel has bifurcated the Wearable Tracking Devices market data into Online and Offline. The Online segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. This is due to a wide range of products can be displayed on websites because online stores do not have space restrictions. It aids analytical buyers in purchasing and conducting thorough research. Also, saves time and effort, shopping at home is convenient, products come in a wide range and variety, decent price reductions or discounts, obtaining thorough product information, and different models and brands are comparable. These factors are likely to drive sector growth throughout the projection period.

Figure 1: Wearable Tracking Devices Market by End-Users, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wearable Tracking Devices End User Insights

Based on End Users, the Wearable Tracking Devices industry has been segmented into Sportspersons, Patients, and Others. Sportspersons held the largest segment share in 2022 due to a rise in health-concerned people, which led to the growth of the sportspersons segment.

Wearable Tracking Devices Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. North America Wearable Tracking Devices market accounted for USD 3.893 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. High technology adoption and the simplicity with which newly released products are made available have been the main growth drivers for the local market. In the area, there is a greater need for devices that support wellness, enable preventive care, and aid in managing chronic illnesses. According to the National Library of Medicine, thirty percent of Americans use wearable medical technology. 

The fastest growth rate is anticipated in the Asia-Pacific region between 2024 and 2032. With the development of smart devices, there is an increasing need for wearable technologies that are more potent and advanced. Some of the main drivers in this area are the rise in disposable income and the quick uptake and acceptance of enhanced devices. Additionally, the market is growing because of the region's strong presence of wearable vendors like Apple, Fitbit, and Garmin.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Wearable Tracking Devices Market Share By Region 2022 (%) 

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Wearable Tracking Devices market accounts for the second-largest market share. The market is expanding due to the rising rate of obesity in this region. Overweight people make up 51.6 percent of the EU population. As a result, this expands the wearable tracking device market in this area. Further, the Germany Wearable Tracking Devices market held the largest market share, and the UK Wearable Tracking Devices market was the fastest-growing market in the European region.

The Asia-Pacific Wearable Tracking Devices Market is expected to grow at the fastest CAGR from 2024 to 2032. A rise in the number of vendors offering products with competitive features has led to expectations that China will rank among the most significant nations in the Asia Pacific region market. Additionally, it is anticipated that the nation's demand for wearable technology will be fueled by the expected further decline in smartphone prices shortly. Manufacturers can lower product prices with increased production volumes due to the growing demand from various target customer groups. Moreover, China’s Wearable Tracking Devices market held the largest market share, and India’s Wearable Tracking Devices market was the fastest-growing market in the Asia-Pacific region.

Wearable Tracking Devices Key Market Players & Competitive Insights

Major market players are spending much money on R&D to increase their product lines, which will help the Wearable Tracking Devices market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Wearable Tracking Devices industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the Wearable Tracking Devices industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The Wearable Tracking Devices industry has provided medicine with some of the most significant benefits in recent years. The Wearable Tracking Devices markets major players such as Adidas (Germany), Gramin Ltd (Switzerland), Apple Inc (US), Pebble Technology Corp (US), Samsung Electronics Co Ltd (South Korea), Sony (Japan), Fitbit, Inc. (US), Google Inc. (US), Xiaomi Technology Co., Ltd. (China), Jawbone (US), Nike (US) and others are working on expanding the market demand by investing in research and development activities.

Apple Inc (US) Your eligible trade-in device's value will change depending on its condition, year, and configuration. Not all devices qualify for credit. To be eligible to trade in for credit or an Apple Gift Card, you must be at least 18 years old. The trade-in value may be added to an Apple Gift Card or used to purchase a new device that qualifies. Receiving a qualifying device that matches the description given when the estimate was made determines the actual value awarded. 

An entire new device purchase may be subject to sales tax. A valid photo ID must be presented in-store for trade-ins (local law may require saving this information). Offer might not be accessible in all stores and might differ between in-store and online trade-ins. There might be additional specifications for some stores. For any reason, Apple or its trade-in partners reserve the right to reject or restrict the quantity of any trade-in transaction.

Also, Pebble Technology Corp (US) Building experiences tailored to "you" has been a guiding principle for Pebble since the company's founding in 2013. We are a technology company that strives to create products with the ideal fusion of innovation, technology, and design. We want your time using Pebble technology to go smoothly so that you have one less thing to worry about. So far, we've done everything correctly.

Key Companies in the Wearable Tracking Devices market include

• Adidas (Germany),


• Gramin Ltd (Switzerland),


• Apple Inc (US),


• Pebble Technology Corp (US),


• Samsung Electronics Co Ltd (South Korea),


• Sony (Japan),


• Fitbit, Inc. (US),


• Google Inc. (US),


• Xiaomi Technology Co., Ltd. (China),


• Jawbone (US),


• Nike (US)

Wearable Tracking Devices Industry Developments

February 2022: Apple recently acquired AI Music, which uses artificial intelligence to produce adaptive music and unique soundtracks. AI Music created the "Infinite Music Engine" to create unique audio products for marketers, publishers, fitness experts, and creative companies.”

October 2022: The Galaxy Watch5, Galaxy Watch5 Pro, and Galaxy Watch5 Golf Edition were unveiled by Samsung. This introduction broadens their product line and helps the market growth over the projection period.

Wearable Tracking Devices Market Segmentation

Wearable Tracking Devices Types Outlook

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  Wristwear

  
  


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  Fitness Bands

  
  


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  Smartwatch

  
  


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  Footwear

  
  


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  Others

  
  

Wearable Tracking Devices Application Outlook

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  Healthcare

  
  


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  electronics electronics

  
  


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  Others

  
  

Wearable Tracking Devices Sales Channel Outlook

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  Online

  
  


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  Offline

  
  

Wearable Tracking Devices End User Outlook

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  Sportsperson

  
  


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  Patients

  
  


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  Others

  
  

Wearable Tracking Devices Regional Outlook

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
  • 
    

    India

    
    
  
  
  • 
    

    Australia

    
    
  
  
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    South Korea

    
    
  
  
  • 
    

    Australia

    
    
  
  
  • 
    

    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America