According to the latest report by IMARC Group, titled “Smart Band Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global smart band market reached a volume of 43.6 Million Units in 2017. Smart band, also known as an activity or fitness tracker, is a wireless device equipped with sensors which helps the wearer to track a number of physical and physiological parameters, such as heart rate, quality of sleep, step count, average speed, and distance covered while walking, jogging or cycling. It also provides access to social networking websites, such as Twitter, Facebook, etc., where the users can share their progress. The increasing number of tech-savvy consumers with greater technology awareness are majorly contributing to the growth of smart band market across the globe. Additionally, the lowering prices of smart bands and availability of innovative designs have escalated the demand for smart bands among the mass consumers.
Global Smart Band Market Trends:
Owing to sedentary lifestyles, and a consequent rise in the prevalence of non-communicable diseases, the consumers have become more focused towards their fitness and physical well-being. This has led to the uptake of devices such as fitness trackers which encourage physical activity through their game-like interface. Further, the advancements in technology and growing penetration of Internet of Things (IoT) have broadened the application areas of smart bands. For instance, these bands can be used to view notifications for incoming calls and messages on the connected smartphone. The manufacturers are also developing smart bands with improved water resistance that can be used during rains and for monitoring the pool performance of swimmers, which will drive their demand among professional athletes. In addition, collaborations between smart band and smartphone manufacturers have created a positive outlook for the market. Owing to these factors, the market is projected to reach volume of 50.8 Million Units by 2023, exhibiting a CAGR of 3.9% during 2018-2023.
Global Smart Band Market Summary:
- Based on type, the market has been segmented into with screen and without screen smart bands. Amongst these, with screen smart bands represent the most popular product type in the global smart band market.
- On the basis of distribution channels, online stores account for the majority of the smart band sales worldwide, on account of their convenience and wide range of products. Online stores are followed by specialist retailers, company outlets and others.
- Region-wise, North America is the leading smart band market, holding the largest share. The other major regions include Latin America, Asia Pacific, Europe, and Middle East and Africa.
- The competitive landscape of the market has also been examined with some of the key players being Garmin, Fitbit, Samsung Electronics, Jawbone, Xiaomi, Apple, LG, Lenovo, Razer, Nike and Sony.
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